2014

Emerging-Markets Debt Issuance Declines

CORPORATE FINANCING NEWS   By Gordon Platt   The volume of emerging-markets corporate debt offerings declined 6.2% in 2013 from a year earlier, even as global high-yield debt issuance set new records, according to Thomson Reuters. Issuers in just three countries ...

Slashing Saudi Oil Reliance

COUNTRY REPORT   By Gordon Platt   The coming year could be crucial for Saudi Arabia, as the Middle Eastern powerhouse deals with a changing global landscape in terms of both its primary economic driver—oil—and its key international partnerships.   Three ...

Bullish US Investors In China Shop

CORPORATE FINANCING NEWS By Gordon Platt As exchanges in London, Hong Kong and New York compete for the opportunity to host an expected $15 billion initial public offering by China’s e-commerce leader Alibaba, US investors are once again warming ...

Foreign Exchange: Dollar Days

CORPORATE FINANCING NEWS By Gordon Platt Despite the euro’s surprisingly strong showing in 2013, analysts expect the dollar to advance against most major currencies this year. The euro won’t be allowed to continue to appreciate, or it will ...

World’s Best Foreign Exchange Providers

ANNUAL SURVEY — STABILITY AMID CHANGE By Gordon Platt A global investigation into trading irregularities has not hampered growth or innovation in one of the world’s largest and most volatile markets—foreign exchange. The $5.3 trillion-a-day foreign exchange market ...

Bonds: The Sell-Off Is On

CORPORATE FINANCING NEWS By Gordon Platt A rebound in global manufacturing, as well as rising confidence in the sector, is forcing bond yields higher, with emerging markets bonds feeling the brunt of the sell-off. However, analysts do not expect a ...

Kuwait: Reshaping The Welfare State

COUNTRY REPORT By Gordon Platt Oil-rich Kuwait is finally making progress on implementing its multibillion-dollar development program and improving its business operating environment. Despite its aim to become a world-class financial and commercial center, the Arab Gulf country remains dependent ...

M&A: Steady As She Goes

CORPORATE FINANCING NEWS By Gordon Platt The outlook for mergers and acquisitions in 2014 is generally positive in light of expectations for modest global economic growth, but a return to pre-crisis levels of M&A activity is not likely, analysts ...

2013

Corporate Debt Hits The Heights

CORPORATE FINANCE FOCUS   By Gordon Platt   Apple’s $17 billion corporate bond offering in April was the largest in history at the time, but it was dwarfed by Verizon’s $49 billion bond offering in September. Investment-grade US corporations sold ...

Equity: Coming Out Party

CORPORATE FINANCING NEWS By Gordon Platt Led by growth companies in the technology and healthcare sectors, investor returns on initial public offerings were exceptionally strong in the third quarter, particularly in the US markets. Analysts expect the fourth quarter to ...

Foreign Exchange 2013: Who’s Who

Global Finance’s annual list of the most important players in forex.   By Gordon Platt   BMO Capital Markets CJ Gavsie Managing director and global head of foreign exchange products and China capital markets Gavsie is responsible for BMO’s global ...

M&A: China And The Good Earth

CORPORATE FINANCING NEWS By Gordon Platt From a supergiant oil field in Kazakhstan to the world’s largest producer of potash fertilizer in Russia to an African iron mine, China has scooped up stakes in major resource and agricultural companies ...

Foreign Exchange 2013: Measuring Up

The foreign exchange market, the largest asset class in the world, is continuing to grow and evolve. Globally, FX trading averaged $5.3 trillion a day in April 2013, up from $4 trillion per day in April 2010 and $3 ...

Cover Story: World’s Best Banks 2013

TECHNOLOGY IS THE TRUMP CARD By Jonathan Gregson, Antonio Guerrero, Anita Hawser, Gordon Platt and Michael Shari Global Finance unveils its annual list of the best banks globally, regionally and by country. The winners have all demonstrated dedication to satisfying ...

BRICS: Currency Fund A Big Step

MILESTONES By Gordon Platt The emerging-markets currency crisis, spurred by the Federal Reserve’s plan to begin winding down its economic stimulus, is prompting the BRICS countries—Brazil, Russia, India, China and South Africa—to move forward with the creation ...

Middle East: Iraqi Oil Pressures OPEC

EMERGING MARKETS ROUNDUP By Gordon Platt Rising Iraqi output could well represent the largest increase to global oil supplies over the coming years, easily outstripping projected gains from US shale oil, according to a report by National Bank of Kuwait ...

Central Banker Report Cards 2013

‘A’ FOR EFFORT, ‘B-’ FOR RESULTS By Antonio Guerrero, Anita Hawser and Gordon Platt Global Finance presents its annual report on the performance of the world’s central bank governors. There are a lot of new faces among the world ...

Equity: US JOBS Act Stimulates IPO Activity

CORPORATE FINANCING NEWS By Gordon Platt A new US law that makes it easier for smaller companies to raise equity capital is boosting initial public offerings, analysts say. The Jumpstart Our Business Startups, or JOBS Act, was largely responsible for ...

M&A: Brazil, Latin America In Slump

CORPORATE FINANCING NEWS By Gordon Platt Fears that the Federal Reserve would cut back on its bond-buying program, as well as the collapse of Brazilian billionaire Eike Batista’s commodities empire, triggered a sharp decline in mergers and acquisitions in ...

Corporate Debt: Emerging Markets Default Risk Rises

CORPORATE FINANCING NEWS By Gordon Platt The recent sharp decline in emerging markets currencies to multiyear lows will make it more costly for corporations in these countries to repay their dollar-denominated debt. Analysts say this could lead to a further ...

FX: Recovery In Europe No Threat To Dollar

CORPORATE FINANCING NEWS By Gordon Platt A cyclical economic recovery is under way in the UK and the eurozone, but it won’t be strong enough to boost the euro against the dollar, analysts say. They expect the dollar to ...

Equity: IPO Markets Gain Momentum

CORPORATE FINANCING NEWS By Gordon Platt The global market for initial public offerings continued at a quick pace in early August, led by the US and the Asia-Pacific region, according to Renaissance Capital. Sprouts Farmers Market, which operates more than ...

US: Recovery Slow Despite GDP Revisions

MILESTONES By Gordon Platt Rewriting economic history going back to 1929, the Commerce department’s Bureau of Economic Analysis (BEA) increased the size of the US economy by $560 billion. That is the equivalent of the output of the state ...

GCC: Oil Prices And Regional Stability

REGIONAL SUPERSECTION — SHALE OIL BOOM RATTLES GCC ECONOMIES By Gordon Platt As US shale oil and gas production continues to grow, it could have an impact on GCC economies over both the short and long term. The supply shock to ...

FX: Analysts Still Bullish On Dollar

CORPORATE FINANCING NEWS By Gordon Platt The Federal Reserve is expected to gradually cut back on its bond purchases, becoming the first of the major central banks to do so. The divergence in US monetary policy from those of Europe ...

M&A: Telecoms, Media Deals Rise In Down Market

CORPORATE FINANCING NEWS By Gordon Platt Technology, media and telecoms—the TMT sector—is enjoying a surge in deal activity this year, even as the value of worldwide mergers and acquisitions is slumping, particularly in Europe. The first half of ...

Awards: World’s Best Subcustodians 2013

SAFETY FIRST


By Gordon Platt

Safeguarding client assets has never been more important in this era of global economic uncertainty —and even subcustodians are finding themselves increasingly in the spotlight as a result of sovereign and commercial pressures.

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With the ...

M&A: US, China M&A Activity Heating Up

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS


By Gordon Platt

Shanghui International, China’s biggest pork producer, agreed to pay $4.7 billion to acquire Virginia-based Smithfield Foods, the world’s largest pork producer.

If the deal succeeds, it should be the ...

World’s Best Subcustodians 2013: Regional Winners

By Gordon Platt

NORTH AMERICA

Citi

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Lee Waite: The rules of the game are not static

Citi is the largest subcustodian in the US, the world’s biggest subcustody market. The bank also has the largest proprietary network in the ...