Faced with a mass of regulatory reform and the ill-effects of the sovereign debt crisis, transaction banking is set for more change. And despite the emergence of new competitors, the competitive landscape is contracting thanks to global consolidation. The Banker speaks to some of the world's leading transaction bankers about their strategies for the coming year and beyond.
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Equity businesses prepare for a bloody 2012
February 1, 2012With a miserable reporting session at the start of 2012, equity bankers are expected to bear the brunt of it with widespread bloodletting predicted in the business. However, some senior figures argue that consolidation in the equity sector is long overdue, with overcrowding pushing down margins to unsustainable levels.
Eurozone problems weigh heavily on equity capital markets
February 1, 2012As the eurozone crisis rattles equity capital markets, equity bankers and investors are being forced to anticipate the actions of politicians. But with a host of deals carried over from the fourth quarter of 2011, there may still be scope for an increase in activity in 2012.
Consumer and infrastructure issuers push Brazil's equity market
February 1, 2012Despite volatility in equity capital markets the world over, Brazil continues to make a compelling investment case. And in 2012, twice as many new names are expected to debut on Bovespa than did in 2011, driven by the consumer and infrastructure sectors. For international banks wanting to win mandates competition will be tougher than ever, as Brazilian players continue to dominate the equity market.
Can Hong Kong adapt as China opens up?
February 1, 2012Hong Kong's economic success looks set to continue for some time yet, but challenges lie ahead for its exchange. How will it cope with declines in listing growth, and ultimately all out competition with its peers on the mainland?
Itaú BBA leads Brazil's international charge
February 1, 2012Itaú BBA International has outlined a new strategy that leverages both its global presence and its Latin American expertise. Its head of corporate banking for North America, Europe and Asia, Renato Lulia-Jacob, explains why in an increasingly globalised and competitive market, the bank has chosen to position itself in this way.
CBA makes it third time lucky for Australian covered bond issuance
February 1, 2012Commonwealth Bank of Australia's €1.5bn five-year issue was the third and comfortably the most successful Australian transaction since the country passed supportive legislation for covered bonds in late 2011. Joint bookrunner on the deal, BNP Paribas, put its success down to timing and the choice of currency.
LSE builds on foreign interest amid global shift
February 1, 2012International listings are a huge part of the London Stock Exchange's business, but emerging market exchanges are becoming a genuine source of competition. However, the LSE's reputation and prestige look set to keep the bourse's global standing high in the short to medium term at the very least.
Eiffarie motors on with APRR bond issue
January 3, 2012When the Macquarie and Eiffage consortium, Eiffarie, won a controlling stake in APRR, the highly leveraged French motorway company, Eiffarie knew it needed to gain quick access to the market to refinance APRR's loans. Eiffarie's team established a €6bn euro medium term note programme, and then in mid-November 2011 decided to return to the market with a €500m four-year deal to help repay its outstanding acquisition loan. The result defied even the most optimistic expectations.
ICBC bond issue helps BarCap strengthen its Asia ambitions
January 3, 2012When China's biggest bank, ICBC, launched its first dollar bond issue, it offered investors a rare opportunity of direct exposure to the mainland banking system. There was no shortage of interest. Along with UBS and ICBC's own investment arm, Barclays Capital landed the role of global co-ordinator, helping BarCap cement its Asian standing.