Hybrid capital hits the target

February 3, 2004

ABN AMRO’s Ronan Donohue charts the progress of hybrid capital and the ever-increasing appeal around the world of this once revolutionary product.

Covered bonds’ global expansion

February 3, 2004

ABN AMRO’s Christoph Anhamm explores the reasons behind the growth of covered bonds and considers future market drivers.

How secure is the future?

February 3, 2004

Has securitisation had its day? Though the markets may change, William Ross of ABN AMRO says the story is far from over.

Opposites attract?

February 3, 2004

ABN AMRO’s Niels Slikker illustrates the covered bond versus securitisation debate with a case study.

Hybrid growth

February 3, 2004

The split that formed DEPFA Bank also halved its capital base. It turned to the hybrid capital market in the search for new opportunities, hiring ABN AMRO to joint-lead manage a E300m deal that demonstrated a groundswell of retail demand.
By the mid-1990s, it was clear that the framework of the German Mortgage Bank Act had become too restrictive for the ongoing development of DEPFA’s public finance and property activities. A proposal was tabled in 2001 to split the group into two specialist banks, a public finance bank headquartered in Dublin (DEPFA Bank) and Aareal Bank, a German-based property bank. DEPFA Bank is today a leading global provider of financial services to public sector clients, from budget-related financing to the funding of infrastructure projects and investment banking solutions for public sector authorities.

Cédulas success

February 3, 2004

Spanish bank la Caixa has established a full curve of covered bonds. Jules Stewart reports on ABN AMRO’s role as joint bookrunner on some of la Caixa’s benchmark issues.

Late entrants take the lead

February 3, 2004

Jules Stewart reports on Banca Nazionale del Lavoro’s arrival on the securitisation scene and how it has become Italy’s frontrunner for RMBS.
Banca Nazionale del Lavoro (BNL) was something of a latecomer to the securitisation market. It only started planning its first transaction in 2002, however, it has since powered into a leading market position among Italian issuers.

Equity is the real thing

February 3, 2004

Although the amount of capital that European banks raised last year was small compared with their market capitalisation, the market was more active than superficial statistics suggest. Charles Lucas, global head of financial institutions at ABM AMRO Rothschild, reports on banks’ equity capital markets activities in 2003.

The right direction

February 3, 2004

Sam Zavatti, global head of financial institutions at ABN AMRO, says the bank’s breadth of operations and product offerings make it well-placed to offer advice on adapting to Basel II requirements.

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