Latest articles from Markets

Emerging markets shine again

December 2, 2003

Emerging market credit derivatives are experiencing a resurgence after
turbulent times. Current activity is led by sovereign names and
investors looking for yield pick-up, but corporate names and liability
management are in the wings. Natasha de Teran reports.

The roadshow must go on, says BRI

December 2, 2003

The JW Marriott Hotel in Jakarta may not be the obvious place to stage
a roadshow: only weeks before, a car bomb exploded nearby, killing 14
people, injuring 150 and destroying the lobby. But that was the
location chosen by Bank Rakyat Indonesia to spread the message about
its recent IPO when 40.5% of the state-owned bank was floated on the
Jakarta Stock Exchange.

Banks keep trading in the family

December 2, 2003

Investors calling their investment banks to place an equities’ order
should not be surprised if the call is not returned. After
Spitzer, the equities’ brokerage business is looking patently
lacklustre. The great research engines that the banks built just cannot
be kept firing on meagre broking commissions. Without the allure
of corporate finance, they are looking distinctly expensive
propositions.

An asset class in its own right

November 4, 2003

FX stands up as an asset class because it is liquid and transparent, and it has trends, volatility and big user numbers. William Essex looks at the likelihood of this enduring.

Sterling proves a valuable survivor

November 4, 2003

Since the introduction of the euro and the accompanying demise of the
tradable currencies it replaced, sterling has become increasingly
attractive. Andy Webb looks at the long-term trends.

Charlie Berman

November 3, 2003

Managing director, co-head European credit markets, global fixed income credit markets, Citigroup
Charlie Berman tells Geraldine Lambe that Citigroup is perfectly positioned to capitalise on a European shift to a capital markets-based corporate funding.

Spot the difference

November 3, 2003

Europe’s leveraged finance market is following in the US’s footsteps. However, inherent differences in the bank lending culture, investor base and legal landscapes mean that Europe still lacks the rational pricing of the US market. Joanna Hickey reports.

They shoot… they score

November 3, 2003

CSFB’s cancellation bond for Fifa last month proved that the capital markets are increasingly willing, and more than able, to absorb risk traditionally taken by the insurance sector. Geraldine Lambe reports on this idiosyncratic issue.

New-fangled tool breaks into the market

November 3, 2003

The trend for cross-asset trading has spawned a new product, equity default swaps. Supporters are championing their advantages but, says Natasha de Teran, it is likely that EDSs will have to jump through a few more hoops before take-up is widespread.
For some banks the fall in equity prices and the demise of the dot.com-fuelled equity investing culture happily coincided with an increased focus on credit risk management and the fast development of the credit markets. Those that managed to gain a lead in the rapidly growing credit sphere have reaped the rewards.

Investors’ row looks set to run and run

November 3, 2003

European bond investors are on the attack. They have not so far manned the barricades but they are distinctly edgy, maintaining that they are suffering from mushroom syndrome: people keep them in the dark and feed them bullshit. So they are fighting back. Their main bone of contention is that a company can be restructured with a negative impact on existing bonds and with little in the way of financial disclosure.

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