2005

Emerging Markets : Argentina’s Bonds Attract Investors

News Nencioni: Peso is stable Argentina’s inflation-linked bonds have caught the eye of global investors seeking high returns, triggering a flood of foreign capital into the country and forcing the central bank to mop up huge inflows of cash to ...

Milestones : Will America’s China Bashers Harm the US Economy?

United States/China When China’s CNOOC withdrew its $18.5 billion all-cash offer to buy US oil company Unocal in early August, it cited “the political environment in the US” as the reason for not sweetening its bid to top a rival ...

Corporate Finance : Foreign Exchange

China’s Revaluation: Baby Step or Great Leap? China’s modest revaluation of slightly more than 2% in the value of the yuan against the dollar was either a baby step or a giant leap forward, analysts say. The adjustment in the ...

Corporate Finance : Corporate Debt

SunGard Sells $3 Billion In Biggest Deal in Years Software provider SunGard Data Systems sold $3 billion in notes on July 27 in a three-part offering that was the largest issue in the high-yield debt market in more than six ...

Corporate Finance : Corporate Financing Focus - Mergers & Acquisitions

Big Cross-Border Mergers May Remain Rare Occurrences In Europe’s Financial Sector When Abbey National, then the sixth-largest bank in the UK, agreed in July 2004 to a takeover bid of about $15.5 billion from Banco Santander, Spain’s biggest bank, analysts ...

Features : Terrorism Insurance / Holes in the Safety Net

Despite the lessons learned in recent terror attacks, companies are still unprotected against the catastrophic losses they could face in the event of another attack. Four years after the terrorist attacks on the World Trade Center in New York and ...

Newsmakers : US Company Sues European Central Bank Over Euro Notes

United States/European Union Pat White Just when currency traders thought the euro was about to get over its recent woes, the beleaguered single currency has fund itself in another crisis. This time, however, it’s an identity crisis. In a lawsuit ...

Emerging Markets : Company to Watch: Teva Pharmaceuticals/Israel

A Penny Saved is a Shekel Earned Jerusalem-based Teva Pharmaceutical Industries signed a definitive agreement on July 25 to acquire Miami, Florida-based IVAX for about $7.4 billion, creating the world’s largest generic-drug company. Assuming that the transaction is completed, Teva ...

Corporate Finance : Global Equity/DRs

Global IPO Volume Stronger Than Last Year The volume of initial public offerings worldwide this year is running ahead of last year’s pace, with Credit Suisse First Boston climbing to the top of the global IPO league tables, according to ...

Corporate Finance : Deal Helps Bank Austria Take Clear Lead In CEE

Mergers & Acquisitions Erich Hampel, CEO of Bank Austria Creditanstalt, writing in the bank’s 2004 annual report, said, “In Central and Eastern Europe, our goal is to become market leader.” Hampel and Bank Austria are on the verge of realizing ...

Emerging Markets : Fund Focuses On India’s Yuppies

NEWS S.V. Prasad Mumbai-based Birla Mutual Fund is launching the Birla India GenNext Fund, which will invest in equities of companies that are expected to gain from the free-spending habits of India’s young urban professionals, or Yuppies. The company says ...

Emerging Markets : Company To Watch: Hyundai Motor/south Korea

Shifting to Overdrive South Korea’s Hyundai Motor is stepping up its globalization campaign. In late June it revealed joint-venture plans with China’s Guangzhou Motor Group to produce trucks and buses in China. The two partners will build a plant in ...

Corporate Finance : Coal Miner, Bank Open China’s Ipo Floodgates

Global Equity/DRs China’s biggest coal producer and the country’s fifth-largest lender made initial public offerings in June that set the stage for a flood of Chinese IPOs this year, mainly by state-owned companies. China Shenhua Energy, which operates 21 mines ...

Newsmakers : Proposed Sec Head Expected To Take A Gentler Approach

United States Cox: Business-friendly Judging by his past actions, Christopher Cox, the pro-business California Republican nominated by President Bush to head the Securities and Exchange Commission, is likely to steer the agency away from the activist path followed by former ...

Emerging Markets : Company to Watch: Satyam Computer Services/India

Making it Pay B. Ramalinga Raju Satyam Computer Services started as a software services provider in 1988 in India’s twin cities of Hyderabad and Secunderabad. Today, those cities rival Bangalore as the information technology capital of India, thanks in large ...

Corporate Finance : Corporate Debt

Spreads Widen as Investors Flee to US Treasury Bonds US companies will be paying more to borrow money in the wake of the widening of credit spreads between corporate and treasury bonds following the downgrading of General Motors and Ford ...

Features : Best Investment Banks

In the 12th annual Global Finance survey of the world’s best emerging market banks, we honor those banks that consistently provide excellent service and security in often-tumultuous markets. From Google’s Internet auction-style initial public offering to the rise of private-equity ...

Newsmakers : Happy Honeymoon for New Head of Hewlett-Packard

United States Mark Hurd Mark Hurd, chief executive and president of Hewlett-Packard, took the reins at the Palo Alto, California-based computer firm only at the end of March, but already he is being given credit by some investors for turning ...

Corporate Finance : Foreign Exchange

Dollar Bulls Run Again, as US Economy Heats Up The pieces of the US economic puzzle fell neatly into place last month, creating a picture of strength that enabled the dollar bulls to gain the upper hand. The euro dropped ...

Milestones : Regulators Act to Cut Costs of Compliance With Sarbox

United States McDonough: “Too much effort expended” US regulators took two steps last month to reduce the costs of complying with the Sarbanes-Oxley Act, saying that companies and auditors should use more common sense in applying the new rules on ...

Emerging Markets : Merrill Lynch Introduces ADR Index

DR News Merrill Lynch has launched a proprietary index of American depositary receipts, the MLADR index, comprising 180 large, actively traded stocks, many of which its analysts cover. The index is designed to present the opportunities that ADRs as an ...

Newsmakers : Money Talks, Sir Roy Walks

United Kingdom Sir Roy: Lets rip Emotions flared in the UK last month when US billionaire Malcolm Glazer, owner of the Florida-based Tampa Bay Buccaneers football team, gained control of Manchester United, the revered British soccer club. Sir Roy Gardner, ...

Corporate Finance : Focus: Global Equity/DRs

SEC Likely to Change Rules for Securities Offerings to Attract Foreign Issuers Now that the burdens imposed by the Sarbanes-Oxley Act have scared a number of non-US issuers away from the US capital markets, the Securities and Exchange Commission is ...

Corporate Finance : Mergers & Acquisitions

Latin American Companies Seeking US Takeovers Companies based in Latin America are seeking to acquire US companies in order to buy into the fast-growing Hispanic market in the US, where 40.4 million Spanish-speaking people control $700 billion in purchasing power. ...

Emerging Markets : State Street to Manage Pan-Asian Bond Fund

News Vincent Duhamel State Street Global Advisers, or SSgA, was selected to manage the ABF Pan Asia Bond Index Fund, or PAIF, which was initiated by 11 Asian and Pacific central banks and monetary authorities. “Modeled on cost-effective and efficient ...

Newsmakers : Government To Securitize Uncollected Tax Debt

Belgium Didier Reynders: Aiming to trim deficit Belgium has discovered a new asset class for securitization: the government’s uncollected tax debt. Finance minister Didier Reynders says it is feasible for Belgium to offer the country’s difficult-to-collect tax receivables as an ...

Newsmakers : Company To Watch: CVRD/Brazil

Miner on the Move John Snow: Laying down the law Soaring minerals prices helped boost revenues at Companhia Vale do Rio Doce, or CVRD, by 53%, to $8.5 billion in 2004. Rio de Janeiro-based CVRD, the world’s biggest producer of ...

Emerging Markets : Risk Appetite In Euphoria Zone

NEWS Jonathan Wilmot Global economic growth typically decelerates at this point in the production cycle, but there is no evidence of a slowdown to date, says Jonathan Wilmot, chief global strategist at Credit Suisse First Boston. Meanwhile, CSFB’s index of ...

Milestones : Lehman Beefs Up Presence In Hedge Fund Industry

Unitd States Richard Fuld, Lehman’s CEO Why are investment banks buying into hedge funds? To paraphrase bank robber Willie Sutton, “Because that’s where the money is”. Lehman Brothers last month paid an undisclosed sum for a 20% stake in Ospraie, ...

Milestones : Russian And Kazakh Companies Heed London’s Call

CIS London-bound: The city’s appeal is growing Russian and other CIS-based companies overwhelmingly select the London Stock Exchange as the favorite foreign destination for raising equity capital, according to a study by Ernst & Young. The LSE and its growth ...

Features : The World’s Best Emerging Market Banks, 2005

In the 12th annual Global Finance survey of the world’s best emerging market banks, we honor those banks that consistently provide excellent service and security in often-tumultuous markets. In the dynamic world of emerging market banking, the past year has ...

Corporate Finance : Private Equity Firms Working Together

Mergers & Acquisitions A listing of the members of the investor group that agreed to acquire SunGard Data Systems in an $11 billion leveraged buyout in late March reads like a Who’s Who of private equity. Silver Lake Partners, a ...

Emerging Markets : Asia To Keep New-Issue Pipeline Flowing

DR NEWS Patrick Colle Companies from South Korea, India, China and Taiwan will make Asia the main source of capital raising using depositary receipts in 2005, says Patrick Colle, global head of ADRs at JPMorgan. Asian issuers will account for ...

Corporate Finance : Mergers & Acquisitions

As European Companies Restructure, They Find Americans at the Gate. The European private equity market is growing rapidly, as US buyout firms seize opportunities to help restructure corporate Europe. The value of mergers and acquisitions in Europe that were financed ...

Corporate Finance : Global Equity/DRs

Israeli Companies List On London Exchange When Frutarom Industries, an Israel-based producer of flavors and ingredients for food and beverages, launched its initial public offering in February, it chose to list its global depositary receipts on the London Stock Exchange ...

Cover Story : Changing Times, New Techniques

Project Finance Activity Reaches Fever Pitch Changing Times, New Techniques Christophe Rousseau, BNP Paribas “Project finance structures worldwide are becoming more and more aggressive,” Thornton says. The Chicago Skyway project, for example, which involves a $1.8 billion long-term lease of ...