2004

Corporate Finance : Global IPO Issuance Heaviest in Four Years

The issuance of new stock issues has picked up sharply worldwide in the past few months, raising hope among investment bankers that the equity side of their business is warming up. For the first time since 2000, the annual global ...

Newsmakers : Ngos Boycott Ifc Policy Review

UNITED KINGDOM The IFC refutes claims that its review of environmental and social safeguard policies constitutes a watering down of current standards and that the consultation process is “deeply flawed.” In an effort to make its current safeguard policies, which ...

Corporate Finance : Dollar Continues to Sink On Good News and Bad

The dollar fell to an all-time low against the euro in November, even as the US employment picture improved and the stock market rebounded. Dealers and analysts say sentiment has turned extremely sour on the greenback amid increasing concern about ...

Features : Best Banks In 2004

Global Finance selects the winners from among the leading banks that create and implement financing plans for major projects around the world. Private finance initiatives, or PFIs, in Europe, big petrochemical plants in Asia and power-sector restructurings in the United ...

Corporate Finance : Braskem Raises $423 Million In Global Stock Offering

Global Depositary Receipts AMERICAS Brazil-based Braskem, the largest petrochemical company in Latin America, has raised $423 million in an initial global public offering of class-A preferred shares and American depositary shares. The company increased the number of shares offered to ...

Corporate Finance : European Issuers Flocking To Us Private Placements

CORPORATE FINANCE THE AMERICAS/EUROPE European issuers are making an increasing number of private placements in the US debt market to take advantage of low interest rates and to diversify their sources of funds, according to market participants. The private placement ...

Milestones : Us Consumer Remains A Beacon Of Hope In A Gloomy World

UNITED STATES High oil prices and weak job creation are creating worries about a potential slowing in US and global economic growth, but don’t count out the American consumer. Consumer spending ac-counts for two-thirds of the US economy and there ...

Corporate Finance : Dollar Getting Stuck In Economic Soft Patch

FOREIGN EXCHANGE Weaker-than-expected US payroll data triggered a sell-off in the dollar last month, and analysts say the outlook for the greenback has deteriorated. The dollar slumped to the lower end of its months-long trading range against the euro and ...

Cover Story : World’s Best Banks

THE WORLD’S BEST GLOBAL BANKS A growing global economy made it some-what easier to be a banker in the past 12 months, as credit risks generally de-clined and de-mand for bank-ing services was brisk. The skills of the world’s bankers ...

Corporate Finance :Foreign Exchange The Americas

Strong-Dollar Policy May Survive Election The official currency policy of the US administration in the years ahead will continue to be that a strong dollar is in the best interests of the country, no matter who wins next month’s presidential ...

Corporate Finance : Corporate Bonds The Americas

Rainbow National Offering Clears Way for Spin-Off Rainbow National Services, the programming subsidiary of Bethpage, New York-based Cablevision Systems, sold $800 million of notes in a two-part offering in the private-placement market. Cablevision, which began as a cable television operator ...

Newsmakers : An Adman's Dream Of World Domination Finally Comes True

United Kingdom Diminutive Sir Martin Sorrell, chairman and chief executive of London-based WPP, has thrown his weight around and emerged at the top of the advertising and media-services world. Sir Martin realized his lifelong dream of dominating the global advertising ...

Milestones : Foreign Central Banks Balk At Treasury Auction

United States Some who saw the announcement were so shocked by the number that they thought it was a misprint when the US treasury reported the results of indirect bidding at a $9 billion auction of reopened 10-year government bonds ...

Corporate Finance : Global Depositary Receipts Europe

Royal Bank of Scotland Issues Preference Shares Royal Bank of Scotland, the second-largest bank in the UK, issued $925 million of preference shares in the form of American Depositary Receipts. A portion of the proceeds may be used to help ...

Corporate Finance : Mergers & Acquisitions

ASIA Bidding War Erupts For Japanese Bank Sumitomo Mitsui Financial made a $29 billion hostile bid for UFJ Holdings, which already had plans to merge with Mitsubishi Tokyo Financial. Either suitor’s pairing with UFJ would create the world’s largest bank ...

Corporate Finance :Mergers & Acquisitions

ASIA Bidding War Erupts For Japanese Bank Sumitomo Mitsui Financial made a $29 billion hostile bid for UFJ Holdings, which already had plans to merge with Mitsubishi Tokyo Financial. Either suitor’s pairing with UFJ would create the world’s largest bank ...

Corporate Finance : Yen Tracking Nikkei’s Moves

Asia If weakness in the Japanese stock market continues, this could be troublesome for the yen’s prospects, says Bilal Hafeez, head of foreign exchange strategy at Deutsche Bank in London. The yen’s moves against the dollar have been highly correlated ...

Corporate Finance : Accounting Proposal Hits ‘coco’ Bonds

The Americas Proposed new accounting rules have put the damper on the issuance of a popular type of convertible corporate bond in the US market. The Financial Accounting Standards Board wants companies to treat so-called contingent convertible bonds, known as ...

Newsmakers : Going Middle-market In The Heartland

UNITED STATES Miillllerr:Diidn’’tt miissss aa ssttep Heidi Miller, the new CEO of JPMorgan Chase Treasury & Security Services, says her area of responsibility will be the nerve center of the number-two US bank following its merger with Chicagobased Bank One. ...

Corporate Finance : Ecb May Join Rate-hike Derby

Europe A horse race could be emerging between the Federal Reserve and the European Central Bank on the interest-rate front, says John Normand, global fixedincome and foreign exchange strategist at JPMorgan Chase in London. The dollar’s rate disadvantage versus the ...

Corporate Finance : Bank Mergers Announced On Both Sides of Atlantic

Europe/US Major acquisitions in the banking industry are continuing to keep investment bankers busy, with sizable transactions announced in Europe as well as the US. Santander Central Hispano, Spain’s biggest bank, agreed on July 26 to buy UK-based Abbey for ...

Corporate Finance : Citigroup Launches Indexes Focused On Liquid Drs

The Americas Citigroup introduced four regional indexes that track the world’s most-liquid depositary receipts. Known as the Citigroup Liquid DR Indices, they include only those companies that have US exchange-listed American depositary receipts or London-traded global depositary receipts that are ...

Newsmakers : S&p’s Puccia Says Risk Management Rates Highly

UNITED STATES Puccia: “We don’t want to get ahead of the industry” When analysts at New York-based ratings agency Standard & Poor’s sit down with a company’s management team, they want to know how well the executives understand and manage ...

Newsmakers : China Sets Course For A Gentle Touchdown

CHINA It looks like China might be able to pull off a feat that even the United States was unable to achieve after the stock market boom of the late 1990s. According to Stanley O’Neal, chairman and chief executive of ...

Features : Investment Banks Cash In On Hedge Fund Boom

Focus: Hedge Fund Services The hedge funds industry is growing rapidly, attracting both new investors and companies looking to service this dynamic market. As investments into hedge funds reach record levels of around $1 trillion worldwide, interest is growing in ...

Corporate Finance : Many Issuers Withdraw From High-Yield Market

CORPORATE BONDS Numerous companies with below investment-grade ratings have canceled or delayed proposed debt sales in recent weeks, as borrowing costs have increased. Other issuers, in the US as well as in Europe, have been forced to offer more-attractive terms ...

Milestones : What Keeps Cfos Awake At Night?

UNITED STATES Chief financial officers from US companies in a broad range of industries say the biggest risk to the US economy is domestic terrorism, not rising interest rates. According to North Carolina-based Duke University’s latest CFO Outlook Survey, conducted ...

Corporate Finance : Corporate Bonds

GLOBAL High-Yield Issuance Setting Fast Pace The improving global economy is spurring an increase in debt issues by lesser-rated companies, as the risk of default declines, analysts say. Worldwide issuance of high-yield corporate bonds is running well ahead of last ...

Corporate Finance : Global Depositary Receipts

THE AMERICAS Bank of New York Automates Conversion of ADRs, Shares Bank of New York has introduced a system that enables institutional investors to electronically trade ordinary shares in foreign markets and to automatically convert those shares to American depositary ...

Features : Best Investment Banks

Citigroup scored a remarkable triumph for a commercial and retail bank by outperforming the cream of the crop in the first annual Global Finance Investment Banks Awards. In a triumph that evokes images of a ‘blue-collar’ horse like Funny Cide ...

Corporate Finance : Foreign Exchange

THE AMERICAS Dollar Continues to Rally On Prospect of Rate Rise The US dollar was off to the races in May, climbing to its highest level in more than eight months against the Japanese yen and rising against the euro ...

Newsmakers : China Fever Sparks Interest In Index

UNITED STATES/CHINA Tim Halter Chinese companies that trade on US stock markets offer some comfort to investors seeking to catch a ride on the China boom without taking too much risk, says Tim Halter, founder and managing director of USX ...

Corporate Finance : Floating-Rate Issues Becoming Popular

THE AMERICAS When Calpine Generating, a subsidiary of California-based power producer Calpine, came to market in late February with a $2.3 billion offering of high-yield bonds and term loans, it met resistance from investors who already held large amounts of ...

Newsmakers : Fed Chief Finds He Can Move Markets Once Again

UNITED STATES Alan Greenspan No matter how careful he is with his words, Federal Reserve chairman Alan Greenspan is going to have a tough time shifting to a rising-interest-rate environment without messing things up. Segue is simply not in his ...

Features : The Best Emerging Market Banks 2004

Emerging markets are poised to post their strongest growth in 20 years. Global Finance has picked the banks in 73 emerging market countries and four regions that have best been able to help their clients benefit from the upturn. All ...

Milestones : Banking Associations Of The World Unite

GLOBAL The American Bankers Association and the European Banking Federation have joined with their counterparts in Canada and Australia to form the International Banking Federation, or IBFed. Although the leaders of the associations have met informally for a number of ...

Newsmakers : Booming Bolsa Bodes Well For Mexican Economy

MEXICO Guillermo Prieto Treviño, president of the Mexican Stock Exchange, picked a good time to come to New York to promote investment in Mexico, with the bolsa hitting record highs. He says the rising market reflects a “stability premium” as ...

Corporate Finance : Chinese Companies Lead Parade Of Asian Issuers

ASIA Semiconductor Manufacturing International, or SMIC, China’s biggest memory-chip maker, launched a sponsored American depositary receipt program in conjunction with its $1.8 billion global initial public offering.The ADRs are traded on the New York Stock Exchange. A host of Asian ...