Latest articles from Edward Russell-Walling

GMAC revs up the bond market

November 4, 2004

The US car maker’s over-subscribed bond issue was a triumph of diversifying fund sources, writes Edward Russell-Walling.
It is not often that General Motors Acceptance Corporation (GMAC) sets the corporate bond market alight. But as dealers trooped back to their desks after the summer holidays, it managed to do exactly that, in a display of well-judged opportunism.
Its two-tranche e2bn jumbo bond attracted bids worth an extraordinary e9bn in one day, even though the GM finance subsidiary had been put on negative outlook by Standard & Poor’s and a downgrade was expected by many. Such was the demand for the paper that lead managers Barclays Capital, Commerzbank and Deutsche Bank could price both tranches a whole 7bp within price guidance.

Banks go big game hunting

October 4, 2004

As electronic trading has cemented the commoditisation and wafer-thin margins for FX, banks have created specialist teams to advise, structure and pull down the more sophisticated and lucrative high-margin bespoke deals. Edward Russell-Walling reports.

Citigroup SIV enters uncharted space

October 4, 2004

Citigroup Alternative Investments last month launched a pioneering structured investment vehicle. It boosts leverage to the subordinated noteholder without really increasing the risk and will widen the potential investor base. Edward Russell-Walling talks to the team.

Emerging from the shadow of the dollar

September 2, 2004

Despite being dismissed by forex traders when it was launched five years ago, last year the euro became the dominant currency in bond issuance, says Edward Russell-Walling.

Research renaissance

July 2, 2004

After a heady rise to prominence, research fell from grace just as quickly. Now it is making a recovery – although, as Edward Russell-Walling reports, banks are ensuring that this time there are firm barriers between research and their other functions, such as sales.

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