Latest articles from Markets

Small players take initiative in China

December 1, 2004

Insisting on majority control, it took Nestlé most of the 1980s to negotiate its first direct investment in China. At that time, even one of the world’s largest and best capitalised multinationals was nervous about doing such a deal.

New bond exchange to rouse derivatives market

December 1, 2004

The JSE Securities Exchange in South Africa aims to give a boost to a lifeless exchange-traded derivatives market by trading the underlying cash instruments and derivatives side by side. Edward Russell-Walling reports.
The South African bond market – at least, the government bond market – is one of the most liquid in the world. So it is hardly in need of competition to pep it up. Yet competition is what it is about to get – not because of any shortcomings in the bond trade itself, rather as an attempt to waken a lifeless exchange-traded derivatives market.

Fine tuning pays off

December 1, 2004

Credit Suisse First Boston, in its role as joint lead manager, worked to overcome Russia’s challenging economic conditions to strike Rosbank’s first international capital markets deal. Geraldine Lambe meets its pioneering team.

Rick Leaman

December 1, 2004

After growing through acquisition, Europe’s UBS Investment Bank decided that to make its mark in the tough US market, it had to beef up its M&A practice. Rick Leaman, co-head of global M&A, talks to Sophie Roell about the strategy that UBS used to compete successfully with the global giants.

Playing with fire

December 1, 2004

Leading investment banks’ lucrative relationships with hedge funds have multiplied across a number of business silos. But their exposure to risk has grown too. Could their overlapping business lines spell trouble in difficult markets?

Spot the flaw

November 4, 2004

One of the more unusual economic theories of late holds that the financing of the US trade deficit by Asian central banks is not a cause for concern but a natural outcome of a successful development strategy in emerging markets.

What’s on the menu for Asian banks?

November 4, 2004

Once again, the future of the world economy hinges on whether Asian central banks will retain their appetite for US treasury bonds and allow the US to continue running a current account deficit.

No sleep ’til Basel III

November 4, 2004

After Basel II comes Basel III. Andrew Crockett, former general manager of the Bank of International Settlements (BIS) and now president of JP Morgan Chase International, admits that his former colleagues at the BIS become a little tetchy when he talks about Basel III.

Compliancy brings arbitrage benefits

November 4, 2004

Banks are feeling weighed down by the strain of complying with Basel II. Yet it is becoming clear that the compliant bank could be a very smart player indeed.

GMAC revs up the bond market

November 4, 2004

The US car maker’s over-subscribed bond issue was a triumph of diversifying fund sources, writes Edward Russell-Walling.
It is not often that General Motors Acceptance Corporation (GMAC) sets the corporate bond market alight. But as dealers trooped back to their desks after the summer holidays, it managed to do exactly that, in a display of well-judged opportunism.
Its two-tranche e2bn jumbo bond attracted bids worth an extraordinary e9bn in one day, even though the GM finance subsidiary had been put on negative outlook by Standard & Poor’s and a downgrade was expected by many. Such was the demand for the paper that lead managers Barclays Capital, Commerzbank and Deutsche Bank could price both tranches a whole 7bp within price guidance.

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