Latest articles from Markets

Investors shouldn’t count on covered bond standardisation

April 5, 2004

Investors hoping for a blanket European definition and law for covered bonds shouldn’t hold their breath. Michael Marray reports on the market which is growing across the continent.

Piero Overmars

March 3, 2004

Since ABN AMRO announced structural changes, it has posted good figures and is climbing the league tables. The bank’s global head of Financial Markets tells Geraldine Lambe that the two developments are closely related.

Is M&A emerging from

March 3, 2004

Does new acquisition activity signal a revival of M&A? Some bankers believe so but others are cautious. Joanna Hickey reports.

Leap of faith opens up a new market

March 3, 2004

With hindsight, Deutsche’s foray into the unknown – a joint venture with Fannie Mae to market an inflation-linked bond to institutional investors – seems as if it could not have failed. But it did not always look that way. Sophie Roell reports.
When Jeanmarie Genirs, managing director for US agency trading at Deutsche Bank Securities in New York, left for work on the morning of February 4, she did something she never does: she asked her husband to wish her luck. “I need good luck, because today is either going to be a really good day or a really bad one,” she told him.

Cingular wins bid for AT&T Wireless

March 3, 2004

UK’s Vodafone loses out to American competitor in a mega mobile phone deal that should represent a ‘clean, one-stage transaction’ – it also pleased the markets and the unions. Geraldine Lambe explains.

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.

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