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In pursuit of a single market

April 4, 2005

Mortgages are regarded as key to unlocking the benefits of an integrated single market for financial services. Philip Williamson, president of the European Mortgage Federation, looks at market developments and how covered bonds, once the preserve of housing finance, are emerging as one of Europe’s major funding instruments.

Market integration

April 4, 2005

Gertrude Tumpel-Gugerell, of the European Central Bank, discusses the implications of fragmented capital markets in the EU and why integration is crucial. Market segmentation is still strong in retail and the mortgage market, in particular, needs urgent attention.

International bestsellers

April 4, 2005

Covered bonds are hot property across the world from Europe to Asia. But pending legislation and regulator concern mean demand is fast outstripping supply. Michael Marray reports.

Fairwell investment bank, hello boutique

April 4, 2005

Still in his mid-40s, fixed income doyen TJ Lim decided he was too young to retire, but he was definitely through with big investment bank politics and bloody mergers.

Cautious mandates miss out on benefits

April 4, 2005

Then there’s the pension schemes. What is to be done about them? Asset managers complain that it’s an uphill struggle persuading trustees and consultants to take a more dynamic approach. Often mandates are constrained by numerous restrictions, such as not going short in the equity markets and by not investing in bonds below a certain credit rating.

Happy accidents waiting to happen

April 4, 2005

The coming crisis will be one of wrecked government finances followed by a painfully slow restructuring. The idea that somehow, far-sighted technocrats have managed away booms and busts and that benign economic conditions will always prevail is patently absurd.

Barcap strengthens reputation with pioneering VTB deal

April 4, 2005

Barclays Capital confirms its presence in Russia’s bond markets with its role as joint bookrunner in the country’s first ever public issue of subordinated debt.
Edward Russell-Walling reports.

Private equity provides an escape from regulatory woes

April 4, 2005

Private equity looks like providing an escape for overburdened listed companies. Karina Robinson examines the pros and cons of going private.
Who would be the CEO of a listed company these days? The downsides loom ever larger. The weight of regulation would put Atlas to the test. The expense, far from negligible, is increasing and the press and non-governmental organisations (NGOs) subject the company to a scrutiny that is often negative.

Euro banks put up a fight for ECM deals

April 4, 2005

With block trades now commonplace and the pace of deals accelerating, the battle for European equity capital markets is getting tough. European banks will need smarts and stamina to survive. By Carol Dean.
What a difference a few years can make in equity capital markets (ECM). Gone are the days of heavily oversubscribed deals and heady aftermarket trading witnessed in the late 1990s. The going is tough for European ECM players and only the biggest and strongest among the banks are expected to survive.

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