The truth about Asian investment banking
The money network:

The money network:

Why crowdfunding threatens traditional bank lending

Inside JPMorgan's $2 billion loss-making CIO division

Inside JPMorgan's $2 billion loss-making CIO division

May 2012

As JPMorgan's losses in credit derivatives are revealed, Euromoney columnist Jon Macaskill reveals just how the CIO division worked and the positions it took - and warns that other houses on Wall Street could try to make their rivals' losses worse.



Capital markets

Asian Development Bank annual meeting: a post mortem

May 2012

The eurozone crisis, global bank deleveraging risks and the need for a financial safety net: Asian policymakers and financiers had much to mull over at the Asian Development Bank annual meeting last week

Poland's economic resilience, in a word

May 2012

Poland's debt-management official waxes lyrical in an interview with Euromoney about how the country is riding out the eurozone storm, and the sovereign's debt issuance plans

JPMorgan’s CIO: Black jeans and the black art of hedging

May 2012

Media coverage of the staff in JPMorgan’s chief investment office turned up nuggets that ranged from the banal (credit derivatives trader Bruno Iksil has a penchant for wearing black jeans) to the comical (London head Achilles Macris had a picture of a missile on his apartment wall, in brave defiance of stereotypical assumptions about dealers).

Against the tide: Goodbye to QE and all that

May 2012

The end of QE support means that markets must face up to a repricing of assets on the basis of economic reality.

Regulation: Bankers enraged by Jobs Act IPO rules

May 2012

Research rules resurrect conflicts of interest; Cost savings ‘compromise safety’

China: Dim sum bond is offered first on London’s menu

May 2012

HSBC launch demonstrates UK appeal; Deal criticized as PR exercise

North Africa: Tunisia limps on, a year after Arab Spring

May 2012

Ennahda government hit by new protests; Qatar lends $500 million via bond issuance

Middle East: Dubai private equity firm seals key restructuring

May 2012

CEO claims “no pressure” to sell assets; Dubai Group next in line

ECM outlook dims as volatility returns

May 2012

Banks enjoyed a good end to the first quarter in equity capital markets, but the benign conditions that prompted deals might have come to an end.

Haitong IPO is a bellwether for Asian ECM

May 2012

With primary Asian equity markets quiescent so far this year, ECM bankers are hopeful that the well-supported IPO expected from Haitong Securities will spark off an issuance revival.

Ratings: Uruguay joins IG club, Argentina goes other way

May 2012

Upgrade will have limited impact; Argentine YPF coup is troubling move

Asian equities: Haitong proves a false dawn

May 2012

Chinese broker’s Hong Kong listing fails to revitalize the market.

Markets hail Asian governments bond plan

May 2012

Finance executives cheered plans by Beijing, Tokyo and Seoul to buy each other’s bonds as another possible step towards internationalizing China’s currency

Hopes rise for Asia regional bond market

May 2012

Bulgaria struggles with Europe’s problem

May 2012

According to one foreign survey, Bulgaria has the most business-friendly environment on the continent. However, it is burdened by stagnant capital markets and a reliance on the debilitated economies of western Europe.

Emerging Europe: Slovenia battles to regain CEE safe-haven status

May 2012

Government promises fiscal consolidation; Recapitalization of NLB looms

IPO: BTG undertakes exemplary listing

May 2012

BTG Pactual’s IPO offered lessons to other Brazilian issuers about pricing discipline, and to other partnership banks about ownership structures.

Brazil: BTG demonstrates path to IPO success

May 2012

Bank becomes Brazil’s 16th-largest company; Problems persist with smaller deals

Oaktree, Carlyle test appetite for private equity

May 2012

Oaktree struggles in aftermarket; Valuation a challenge in volatile environment

Brazil prints R$3 billion bond for liability exercise

May 2012

Deal part of liability management exercise; Pemex pioneers LatAm Aussie dollar market

No room for complacency on CEE debt

May 2012

Central and eastern European governments have exploited the flattering contrast between their headline debt numbers and those of western Europe to achieve ever lower funding costs. But there is still much work to be done to ensure the sustainability of debt levels.

Inside investment: Courage, mon brave

May 2012

With a socialist at the gates of the Élysée Palace and the eurozone limping along, there has never been a better time to buy cheap European equities.

Latin America high-yield: Bond outflows are a blip

May 2012

Hungary confident about regaining stability

May 2012

Poland presses on with privatization

May 2012

Restructuring: Eircom ‘pre-pack’ seals subordinated wipeout

May 2012

Last-minute Blackstone bid fails; Senior lenders to take control

South Africa: Bond market gets WGBI fillip

May 2012

Inclusion might trigger $8.8 billion inflows; Becomes first sub-Saharan entry

China’s CIC-BlackRock tie-up: a new normal in China’s outbound strategy

April 2012

The prospective development shines a light on the growing role for third-party western asset managers to oversee a slice of China’s foreign exchange reserves

Spain’s triple blow: downgrade, unemployment figures and mortgage-default fears

April 2012

Rising unemployment – even from a high base – and growing mortgage default fears have added to market concerns over Spanish solvency.

Keeping the faith in frontier markets

April 2012

Despite the eurozone volatility, frontier market bonds could outperform emerging market sovereign credit in hard currency, Exotix, a frontier market boutique, has argued.

LTRO collateral haircuts push encumbered eurozone banks to further boost sovereign exposure

May 2012

Substituting sovereign collateral for loans relieves encumbrance concerns; Bundesbank and Oesterreichische Nationalbank push back against programme collateral

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