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Exchanges open up to credit

March 3, 2004

Credit contracts are about to be listed for the first time as exchanges compete for potentially lucrative licensing deals, reports Natasha de Teran.

Trouble brewing for leveraged firms

March 3, 2004

In the “it all ends happily ever after” view of capital markets, companies have spent a couple of productive years lowering debt levels and restructuring, and are now ready to grow, issue and acquire. Hence there is lots of work for everybody and mega bonuses are back.
Nice scenario but one that is not completely true if you believe Barclays Capital’s research team, who, being detached eggheads, think they will stay in a job whether the European corporate bond market’s golden 2003 continues into 2004 or not.

Accountancy rules set to spoil party

March 3, 2004

Still being negative, and with big deal plays like Comcast/Disney and Cingular/AT&TW dominating the headlines, few investment bankers or analysts may have noticed or even care about a tiny accounting detail that could undermine their work. While IAS32 (International Accounting Standard), IAS39 and the vexed question of marking derivative positions to market are firmly on the radar, who is worrying about changes to IAS 36 (impairment of assets) and ZAS38 (intangible assets), and the proposals on business combinations, Exposure Draft 3, due to be formalised at the end of this quarter.

Seamless electronic Swaps trading

March 3, 2004

Swaps have not proved the easiest sector of the market to take electronic. Vast as the market is, the main counterparties are a handful of international banks who know each other well and are used to dealing with each other by phone. But this has not stopped players such as independent trading platform Swapstream attacking the market.
But will they be successful? The danger is that Swapstream wins the war but loses the peace – that is the market converts but not by using a third-party provider.

Basel II brings banking evolution

February 3, 2004

Spiro Pappas of ABN AMRO and Charles Lucas of ABN AMRO Rothschild talk to Jules Stewart about the future of capital management post-Basel II and how preparation for the Accord’s implementation has changed the thinking of financial institutions.
Basel II may be just round the corner or it may be three years down the road, depending which commentators you listen to. Nevertheless, the final draft is on the table and financial institutions worldwide are being forced to think in a different way.

Let’s get to work

February 3, 2004

Tom de Swaan, chief financial officer at ABN AMRO, tells Jules Stewart what Basel II and IAS will bring to the finance industry and why it’s time to get moving on implementation.

Hybrid capital hits the target

February 3, 2004

ABN AMRO’s Ronan Donohue charts the progress of hybrid capital and the ever-increasing appeal around the world of this once revolutionary product.

Covered bonds’ global expansion

February 3, 2004

ABN AMRO’s Christoph Anhamm explores the reasons behind the growth of covered bonds and considers future market drivers.

How secure is the future?

February 3, 2004

Has securitisation had its day? Though the markets may change, William Ross of ABN AMRO says the story is far from over.

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