Latest articles from Markets

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.

Greg Fleming

February 3, 2004

The president of Merrill Lynch’s global markets and investment banking division tells Suzanne Miller about Merrill’s new regime of profitability as it focuses on rebuilding business following the brutal bear market years.

Borrowers are still in the driving seat of loan pricing

February 3, 2004

Amid a dearth of alternative investment grade lending opportunities, banks continue to provide their relationship clients with aggressively-priced syndicated loans. Unless M&A activity increases this year, bankers fear loan pricing could fall even further. Joanna Hickey reports.

Smooth sailing for linkers deal

February 3, 2004

Goldman Sachs drew on its expertise in inflation-linked bonds in an innovative 15-year issue for Agence France Trésor. Geraldine Lambe reports on how it suggested the move and helped make the deal.

Adecco results delayed by ‘accounting issues’

February 3, 2004

Employment giant Adecco has been hit by a raft of problems at its North American arm, resulting in a stock slide, rating downgrade and official investigations in New York. Geraldine Lambe reports.

Search for safety feeds inflation derivatives market

February 3, 2004

Inflation is once again being discussed and inflation-linked instruments have stepped back into the spotlight. Natasha De Teran finds that derivatives have as much of a role to play as inflation-protected securities.

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