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Looking in the wrong direction

May 2, 2005

When US Attorney General Eliot Spitzer gave his tirade against the research done by investment banks, he almost certainly missed the point. The research may be conflicted but a far more serious charge is that the major part of it is irrelevant.

Deutsche rides on wave of euro deals

May 2, 2005

Deutsche Bank’s successful euro issuance for Brazil helped the dollar market to rally, setting the stage for it to do subsequent dollar and euro deals for a diverse range of issuers. Sophie Roell reports.
The Greeks may have won Euro 2004 but the Germans are firmly in the lead when it comes to euro issuance out of Latin America.

Leave them wanting more

May 2, 2005

Edward Russell-Walling reports on what is likely to be Sampo Bank’s last conventional bond issue before it enters the covered bond market.
It was a case of April showers in the bond markets, as the General Motors downgrade dampened investor enthusiasm for non-government issues.
Finland’s Sampo Bank stayed out of the wet, however, with a nicely judged €500m offering that was nearly twice oversubscribed.

Cost-efficiency

May 2, 2005

Another active issuer this year has been Rabobank, whose offerings include a €1.25bn five-year benchmark deal in January, which generated solid demand in Asia.
“We do some benchmark issues in dollars but, over the past 18 months, we’ve generally found it more cost effective to issue in euros,” says Patrick Mitchell, head of funding at Rabobank in Singapore. “The amount of our euro-denominated paper placed in Asia has increased over the past 12 months, and 20% of a euro benchmark trade would now typically be sold in Asia.”

European bond issuers hit the sweet spot

May 2, 2005

Although Asian investors still favour dollar-denominated bonds, their interest in euro deals is growing, stimulating European issuers to work on building up their Asian investment base. Michael Marray reports.
European bond issuers are devoting an increasing amount of their time to the Asian investor base, tapping into the fast-growing demand for fixed income assets from central banks and private accounts.

Exotic options

May 2, 2005

Whereas us and European retail investors are used to investing in more traditional investment products such as mutual funds, Asian investors demand something rather more exciting. This has led to great innovation in exotic options and UBS is one bank creating innovative new structures to be sold direct to investors or wholesale through private banks.

Asia hails arrival of the hybrids

May 2, 2005

As new frameworks such as Basel II are implemented by Asia’s regulators, the region’s banks will have to adopt innovative new ways of raising debt and capital.Brian Caplen explains.
In the grim days following the Asian financial crisis, efficient capital management was not a concept much in vogue with the region’s banks.
Staying alive in any shape or form was the focus, not fussing about different forms of capital. But now the onward march of regulation in Asia and new demands from shareholders are concentrating the minds of bank management.

Harold Bogle

May 2, 2005

CSFB’s global head of financial sponsor coverage tells Geraldine Lambe how the sector is growing in leaps and bounds and how his team has gone from ‘three guys’ to an 80-strong global business.

Open for trade

May 2, 2005

A decade in the making, Turkey’s derivatives exchange aims to reduce risk in foreign currency, commodities and share trading. 

Spain covers up

April 4, 2005

Michael Marray examines the Spanish covered bond market and reasons behind the recent boom in both issuance and investor appetite.

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