Latest articles from Markets

Not at home

June 2, 2004

Many banks have left behind private equity and its volatile earnings but a core remain committed to in-house funds. However, Basel II’s proposed increase in the regulatory capital could deal a crippling blow to their investment ability. By Joanna Hickey.

Epic issue proves to be groundbreaking deal

June 2, 2004

In the world of banking, as with most other fields, it is not often that a first can be said to have been achieved. However, says Geraldine Lambe, the E300m AFD 10-year bond issue was, for many reasons, exactly that.

Restructuring edges ABB towards black

June 2, 2004

An ambitious restructuring plan has brought the Swedish-Swiss engineering group a more positive credit rating, which in turn is translating into a healthier order book. However, unsettled asbestos claims remain a large blot on the landscape, says Geraldine Lambe.

Climbing the securitisation yield curve

June 2, 2004

Natasha de Teran explores Europe’s rocketing corporate credit spreads and the resulting surge for asset-backed securities.

Is Google its own worst enemy?

June 2, 2004

No-one should be surprised that the internet visionaries of Google are capital markets’ dinosaurs. While on the one hand they are offering to break the investment banks’ grip on the IPO process when the internet search engine comes to market (an act that may or may not be as progressive as it is billed), on the other they have come up with a shareholding structure that exhibits all the worst features of the most backward models still found in some emerging markets.

Market-maker Barton Biggs returns

June 2, 2004

Barton Biggs is back, or maybe he never went away. Morgan Stanley’s famously outspoken chief strategist who retired in January is heading up Traxis Partners, a hedge fund that already has $2bn under management.

Arrington Mixon

May 3, 2004

Following a decision by Bank of America to build a European presence, Arrington Mixon talks to Geraldine Lambe about the reasons behind the decision and how the bank approached putting together its European team.

What will shape the new face of the US equity markets?

May 3, 2004

Wall Street’s equity markets have come through some tough times but now firms are eager for a fresh start. Sophie Roell reports from New York on their potential for a new image.
The word ‘crisis’, in Chinese, combines the character for danger with the one for opportunity. For Wall Street’s equity business, the last three years have certainly had an element of danger: a paltry number of IPOs and the erosion of commissions on the brokerage side to virtually unsustainable levels. And that’s not to mention a regulatory investigation that brought into question the value of sell-side research, and is now causing further alarm by focusing on the ‘soft’ money brokers get for services rendered to institutional clients.

Relationships help to clinch the deals

May 3, 2004

Dresdner Kleinwort Wasserstein’s M&A team has pulled itself up from sixth largest in Germany last year to the top of the pile with a series of deals in which its network of relationships proved vital. Michael Marray reports.
The members of the M&A team at Dresdner Kleinwort Wasserstein (DrKW) in Frankfurt had plenty to celebrate in April, when the Dealogic first-quarter figures for completed deals in the German M&A market had them perched on the top of the league table.

Auto earnings shift up a gear

May 3, 2004

First quarter results have brought good news for General Motors and Ford but an interest rate rise in the US could put a different spin on these companies’ prospects.

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