Latest articles from World

Turkey deserves recognition for hard-won success

January 5, 2004

Turkey has come a long way in achieving stability in the past year, a fact that recent events threaten to overshadow.

Past lessons learnt, hope for the future

January 5, 2004

Henrique de Campos Meirelles assesses the achievements of the Lula administration in leading Brazil out of crisis.
Brazil is living through a time of hope, in which it is re-discussing its past and its present in order to create a new future. Today, it is clear that this new future may be quite different and much better than the one envisaged at the beginning of 2003.

China expands foreign access to local markets

January 5, 2004

China’s top banking regulator played Santa Claus to foreign banks weeks before Christmas last year, announcing measures that gave them greater access to the local market.

Stronger companies give Spain hope of busy 2004

January 5, 2004

Investment bankers in Spain are looking forward to an active 2004 as Spanish companies lift their heads above the parapet with repaired balance sheets and more positive stockmarket sentiment. This follows two years, 2001 and 2002, which Antonio Rodriguez-Pina, president of Credit Suisse First Boston (Espana) calls “the worst and most difficult of the last 20 years”.

Crumbling away behind a facade of optimism

January 5, 2004

Social unrest and a government that turns a blind eye to problems means Argentina’s future looks bleak, reports Karina Robinson from Buenos Aires.

Making a splash with cedulas

January 5, 2004

A boom in Spanish covered bond issuance has been good news for the savings banks. Head of capital markets at Caja Madrid Carlos Stilianopoulos tells The Banker about dealing with commercial banks, cooperation with smaller cajas and plans to extend the market abroad.
“By definition, a triple-A market is relatively boring,” according to Carlos Stilianopoulos, head of capital markets at Spain’s Caja Madrid. But if he is right that Spanish covered bond issuance has grown by 90% in the past year, then a little excitement is surely justified – especially for Caja Madrid, which is at the heart of it.

Boomtime for covered bonds

January 5, 2004

Anthony O’Connor reports on why covered bonds are becoming a favourite funding tool for banks.
Although the legislation has been in place for Spanish banks and financial institutions to issue cedulas or covered bonds since the early 1980s, it is really only in the past couple of years that issuance has boomed. According to market data compiled by savings bank La Caixa, at mid-December 2003, nearly -60bn of cedulas hipotecarias – covered bonds backed by residential mortgages – are outstanding from nine issuers, with 32 transactions to date. Equally striking are figures for the end of 2003, which show that cedulas hipotecarias will account for about 13% of all mortgage funding, almost double that of 18 months ago. But opinion is split about why cedulas are becoming a favourite funding tool.

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