2013

FX: Yen’s Fall Awakens FX Market

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE


By Gordon Platt


The yen took a nasty tumble last month, shaking the sleepy foreign exchange market out of a long slumber.

While the attention of market participants was focused on the European debt crisis ...

Fed Prepares To Clamp Down On Foreign Banks

MILESTONES: US/GLOBAL

By Gordon Platt

The US Federal Reserve wants foreign banks with large operations in the US to be subject to the same rules on capital and liquidity that apply to big US banks.

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Tarullo wants foreign banks ...

2012

FX: Positive US Economy Boosts Dollar

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

A batch of better-than-expected US economic data, including nonfarm payrolls and housing prices, gave the dollar a lift last month.

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Analysts said the signs of strength diminished the need for the Federal ...

Debt: AbbVie Launches Big Bond Deal

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

Pent-up demand following a shutdown for Hurricane Sandy combined with near-record-low interest rates to release a torrent of new corporate bond issues in early November. AbbVie, the pharmaceutical unit of Abbott Laboratories ...

Emerging Markets Review: Middle East Oil Glut

OIL GLUT


By Gordon Platt


High oil prices have enabled the Middle East’s major oil producers to finance infrastructure investments despite the global slowdown. But the jig might soon be up.

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With its massive inflow of oil-export earnings, the ...

DRs: Huge Pipeline For Asian IPOs

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS


By Gordon Platt


The Asian markets accounted for 76% of global funds raised in initial public offerings in the third quarter of 2012, and there are more than 200 Asian companies in the IPO ...

Global Risk Management Providers 2012: Learning To Like Vanilla

LEARNING TO LIKE VANILLA


By Gordon Platt

Global Finance presents its annual awards highlighting the best global derivatives providers.

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Reform and regulation of the derivatives markets is having a major impact on the functioning of the industry and the types ...

Emerging Markets Roundup: Middle East

BEARING GIFTS, QATAR’S EMIR VISITS GAZA

By Gordon Platt

Qatar’s emir pledged $400 million to rebuild and modernize the Gaza Strip, in the first visit by a head of state to the Palestinian enclave since a military offensive ...

M&A: Spectrum Demand Spurs Telco Deals

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Mobile telecom service providers are making a mad dash for broadband spectrum by acquiring competitors, in a modern-day version of the Oklahoma land rush of 1889.

T-Mobile USA, owned by Deutsche Telekom ...

Polls and Stats: Emerging Markets Lead Higher Education Grads

Tertiary Degree Graduates Aged 25-34 (in millions)

Tertiary Degrees By Percentage of OECD And G20 Total

*   OECD estimate based on the same average annual growth rate as that observed between 2000 and 2009
+ Germany and France drop out of the ...

Newsmaker: Citi’s New Chief Executive Talks Resource Allocation

NEWSMAKERS: UNITED STATES


By Gordon Platt

CEO Michael Corbat aims to restore Citi’s prestige—and boost its dividend—by operating with extreme efficiency and producing sustainable profits.

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Corbat’s selection to head Citi was a surprise to many

How ...

Reader’s Comments

A WORD FROM THE EDITOR

We received the following letter from the Bank of Korea press office. We are not surprised that some of our features generate controversy. We affirm our right to express an editorial stance based on our ...

DRs: Russia, Mexico Depositary Receipts

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS


By Gordon Platt


Sberbank, Russia’s largest bank, raised $5 billion in a secondary share sale in London and Moscow in September that had been delayed for more than a year because of unfavorable ...

Newsmaker: Bermuda Premier Seeks Piece Of Islamic Finance Pie

NEWSMAKERS: BERMUDA

By Gordon Platt


Paula Cox, Bermuda’s premier and minister of finance, shared the stage with former US president Bill Clinton in New York in September at the C3 Summit, a conference designed to promote relations between business ...

FX Supplement: The Renminbi As A Reserve Currency

THE RENMINBI GOES GLOBAL


By Gordon Platt


Pressure from BRIC countries for a new international reserve currency to replace the dollar is growing.

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China, the world’s leading trading nation, would like to reap some of the benefits and prestige ...

FX Supplement: Who’s Who In Foreign Exchange

WHO’S WHO

By Gordon Platt

Global Finance ’s annual list of Who’s Who in Foreign Exchange

Mohamed El Aroussi

Arab African International Bank

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Chief dealer and head of FX desk

El Aroussi, chief dealer at Arab African International ...

M&A: European Defense Merger Called Off

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS


By Gordon Platt

A proposed $45 billion merger of European aerospace group EADS with UK defense operator BAE Systems fell apart last month just ahead of a regulatory deadline to close the deal.

Talks between ...

FX Supplement: FX Market Overview

FX EXCELS WHILE OTHER ASSETS FALTER


By Gordon Platt


The FX markets are evolving: Trade and currency internationalization, and the shift toward exchanges, will further this process.

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Foreign exchange has proven itself as a separate asset class that can generate ...

Debt: Central Banks Aid Corporate Rally

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt


Corporate debt issuance soared and yields on high-yield as well as investment-grade bonds fell to record lows in September after the European Central Bank (ECB) and the US Federal Reserve moved aggressively ...

FX Supplement: Introduction: Uncertainty Reigns

UNCERTAINTY REIGNS


The foreign exchange market is going through a period of significant change on multiple fronts. New regulations introduced in the wake of the financial crisis will redefine users of foreign exchange services and divide the market into two ...

World’s Best Banks 2012: Regional Winners

By Gordon Platt, Thomas Clouse, Jonathan Gregson & Antonio Guerrero

Regional Winners

BEST BANK IN NORTH AMERICA

JPMorgan Chase


JPMorgan Chase is the top US bank by assets. “For America’s largest companies, we raised or lent over $720 billion of ...

Central Banker Report Cards 2012: Asia-Pacific

By Gordon Platt, Antonio Guerrero and Anita Hawser

ASIA-PACIFIC

AUSTRALIA

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Glenn Stevens

Grade: A

Stevens has his hands full managing an economy with booming mining and financial sectors and weakness elsewhere. So far, he has managed to keep the overall ...

Emerging Markets Roundup: Middle East

FOREIGN AID PACKAGES BOOST EGYPT'S PROSPECTS

By Gordon Platt

Financial aid packages from the US, China, Saudi Arabia and Qatar, among others, will provide much-needed support for the Egyptian economy at a time when the country's FX reserves ...

FX: Euro Supported By ECB Plan To Buy Bonds

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The euro rebounded to a two-month high in early September, as European policymakers approved a plan to lower borrowing costs for debt-laden members of the euro area through open-ended purchases of bonds ...

Stats: Commodity Prices Hit Emerging Markets Hardest

Commodity Prices And Emerging Markets

Rising commodity prices have a much bigger effect on the performance of emerging markets economies than they do in developed markets.

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“This chart is important because it shows how sensitive emerging markets are to changes ...

World’s Best Banks 2012: Global Winners

By Gordon Platt, Thomas Clouse, Jonathan Gregson & Antonio Guerrero

Global Winners

BEST CORPORATE BANK

Deutsche Bank

Deutsche Bank, the largest bank in Germany, is a leading global corporate and investment bank and has long been the top foreign exchange bank ...

M&A: Strong Showing For Tech, EM Deals

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Despite a decline in global mergers and acquisitions valuations in the first half of 2012, a recent uptick in technology and Asia-Pacific deal values provides some hope for a revival of M ...

Financial Utilities That Are Too Important To Fail

MILESTONES: US/GLOBAL


By Gordon Platt

Two years after Dodd-Frank became law, US regulators identified eight "systemically important" clearing and payment firms that provide critical infrastructure to the country's financial system.

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Systemically important financial utilities named

None of the ...

DRs: Santander Mexico IPO Sets Record

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS

By Gordon Platt

Santander, the eurozone’s biggest bank by market value, said it would issue up to $4.3 billion of shares in an initial public offering of up to 24.9% of ...

Debt: Emerging Corporate Debt Grows

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

Global investors are creeping further out on thin ice to capture the higher yields available on bonds issued by companies in emerging markets (EM).

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Analysts caution that many of the corporate credit ...

FX: Central Banks Could Help Euro

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

A favorable ruling by Germany's constitutional court on the legitimacy of the eurozone's permanent bailout fund, and coordinated easing by global central banks are both needed to ease concerns about ...

Project Finance and Infrastructure Providers 2012: Global Winners

By Gordon Platt

FINANCIAL ADVISER:

HSBC

When Abu Dhabi needed a financial adviser for its latest seawater desalination and power project, Mirfa IWPP, it selected HSBC on their longstanding relationship and the bank’s reputation, without opening the contract to ...

Emerging Markets Roundup: Middle East

GULF BONDS PROVIDE SHELTER FOR INVESTORS FROM CRISIS


By Gordon Platt

The Gulf Cooperation Council (GCC) states are enjoying enormous demand for their debt from global investors.


Sukuk, or Islamic bonds, are particularly popular, in part because of their relative ...

Debt: US Hospitals Grow Their Coffers

CORPORATE FINANCING NEWS: CORPORATE DEBT


By Gordon Platt

Community Health Systems, one of the largest hospital companies in the US, refinanced $2.8 billion of its high-yield debt in July and August, taking advantage of low interest rates and rising ...

DRs: IPO Pipeline Grows, Issuance Slows

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS

By Gordon Platt

The global pipeline of initial public offerings has reached near-record levels, but IPO issuance and proceeds declined substantially in the second quarter of 2012.


Deal activity declined 52% and proceeds fell ...

Project Finance and Infrastructure Providers 2012: Regional Winners

By Gordon Platt

NORTH AMERICA

FINANCIAL ADVISER:

Mitsubishi UFJ Financial Group

MUFG led the $585 million nonrecourse financing of the Wind Energy Transmission Texas project, and structured a $387 million construction loan for the Lone Star Transmission project, a 329-mile ...

Awards: Project Finance & Infrastructure

CHANGING OF THE GUARD IN PROJECT FINANCE

By Gordon Platt

As public purse strings tighten, pension funds are the most promising source of long-term funding for infrastructure projects, according to an OECD report supported by Oliver Wyman.

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Investment funds and ...

M&A: China Seeks Global Energy Assets

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Canada's prime minister, Stephen Harper, returned from his second official trip to China in February and announced that Beijing would lend two giant pandas, Er Shun and Ji Li, to zoos ...

Treasury & Cash Management: Who’s Who

WHO’S WHO

Global Finance’s annual list of Who’s Who in Treasury & Cash Management

Bank of America Merrill Lynch

Paul Simpson

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Head of global transaction services

Paul Simpson joined Bank of America Merrill Lynch in May 2011 and ...

Looking Back, Moving Forward: Foreign Exchange

CURRENCY CRISES AND CURRENCY WARS

By Gordon Platt

FX has withstood many crises, including speculative attacks on the British pound, the Mexican peso crisis, the Thai baht crisis and, more recently, a euro under strain and a potential threat to ...

Looking Back, Moving Forward: Derivatives

TOOLS FOR MANAGING RISK, OR WEAPONS OF MASS DESTRUCTION?


By Gordon Platt


As companies looked to hedge their risks, a new asset class, derivatives, was born in the 1980s.

But over the years a number of substantial losses have served ...

Looking Back, Moving Forward: Equity & Debt Capital Markets

STORMY WEATHER


By Gordon Platt

When volume 1, number 1 of Global Finance arrived at the airport in London on October 15, 1987, it could not immediately be offloaded.


The precious cargo was needed as ballast in the airplane during ...

Looking Back, Moving Forward: Mergers & Acquisitions

TRADING SIZE FOR VALUE

By Gordon Platt

Some of the biggest mergers in recent history—AOL and Time Warner, Vodafone and Mannesmann—show that such marriages aren't always made in heaven.

Dealmakers are now staring down a much smaller ...