2012

Awards: World's Best Subcustodians 2012

NEW HORIZONS

By Gordon Platt

With every new regulation that hits global trust and custody banks, a new service is born for subcustodians. Keeping up is expensive and challenging, but nonetheless it is a good time to be in subcustody ...

FX: Euro Tumbles, EU Debt Crisis Grows

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE


By Gordon Platt

The European debt crisis remains the key focus of foreign exchange market participants, as the slowdown in the global economy increases pressure on central banks and government officials to take action to ...

M&A: Marubeni Buys US Grain Supplier

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Japanese trading company Marubeni placed a large bet that China's demand for imported corn will continue to grow. Marubeni will buy US grain merchant Gavilon for $5.6 billion, including $2 ...

Equity: Strong IPO For Malaysia’s Felda

STRONG IPO FOR MALAYSIA'S FELDA


By Gordon Platt

Malaysian palm-oil producer Felda Global Ventures priced its $3.1 billion initial public offering near the top of its indicative range on June 13, amid strong demand from investors, who are ...

World's Best Subcustodians 2012: Regional Winners

By Gordon Platt

NORTH AMERICA

Citi

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Lee Waite, global head of direct custody and clearing, Citi

Citi's Global Transaction Services division has the largest proprietary custody network in the world, covering 61 markets and 98.5% of global market ...

Debt: Inmet Mining Funds Panama Project

CORPORATE FINANCING NEWS: CORPORATE DEBT


By Gordon Platt

Inmet Mining, a global mining company based in Toronto, placed $1.5 billion of senior notes in the US high-yield debt market to fund a copper-mining project in Panama, in which it ...

GCC regional report: Crafting A New Future

OMAN: CRAFTING A NEW FUTURE

By Gordon Platt

Keenly aware that its vital oil resources are dwindling, Oman has embarked on a major economic diversification program.

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Oman's economy has grown steadily in recent years, helped by rising oil income ...

The Still-Seamy Underbelly Of Energy Trading

NEWSMAKERS: UNITED STATES

By Gordon Platt

As the tide went out for natural gas prices, it revealed that the seamy underbelly of the energy-trading business hasn’t changed a great deal since the days of Enron.

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McClendon ran a hedge ...

Emerging Markets Roundup: Middle East

SOVEREIGN WEALTH FUNDS JUMP INTO THE MARKETS

By Gordon Platt

Middle Eastern sovereign wealth funds (SWFs) are once again dipping their toes in markets worldwide, even those that saw investments last year grow cold.

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Saudi power company launches landmark sukuk ...

M&A: Indonesia Delays Bank Danamon Deal

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Indonesia’s central bank said it will wait until new bank-ownership rules are in place to consider Singaporean banking outfit DBS Group’s $7.2 billion takeover bid for Bank Danamon Indonesia ...

FX: Europe’s Crisis Deepens Euro Worry

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The euro is likely to decline against the dollar in the medium term, due to political uncertainty in Europe and weak economic conditions, analysts say.

“The eurozone debt crisis is entering a ...

Emerging Markets Asset Management

SEISMIC SHIFT

By Gordon Platt

The emerging markets account for an ever-increasing percentage of global investable assets, and the demand for investors' services is growing commensurately. New domestic players are popping up, and global managers are partnering with local firms ...

Company to Watch: Mr Price / South Africa

RETAILER EXPANDS IN NIGERIA

By Gordon Platt

Mr Price Group has developed a successful retail formula in South Africa that could work well in markets across Africa.

The majority of Mr Price’s 1000-plus stores are in South Africa, but ...

EM News: Building Frontier Markets Access

EMERGING MARKETS INVESTOR: NEWS

By Gordon Platt

The development of new frontier indexes in both the fixed-income and equity markets is making it easier for institutional investors to trade often risky and illiquid securities out of just-developing markets.

MSCI introduced ...

Debt: EP Energy Issues Debt For Buyout

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

Houston pipeline company EP Energy sold $2.75 billion of debt in the high-yield private placement market to fund its buyout by a group of private equity firms led by Apollo Global ...

DRs: DR Capital Raising Falls Sharply

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS

By Gordon Platt

Investor caution and market-specific issues, such as the presidential election in Russia, put a damper on equity capital raised in the form of depositary receipts in the first quarter of 2012 ...

Danish Banks Fire Moody’s For “Business Reasons”

MILESTONES: DENMARK

By Gordon Platt

Moody’s Investors Service says something is rotten in Denmark’s mortgage industry. The country’s banks are still issuing interest-only loans, years after the real-estate bubble burst.

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Copenhagen still home to interest-free mortgages

Meanwhile ...

Debt: Bond Market Rally Continues

CORPORATE FINANCING NEWS: CORPORATE DEBT


By Gordon Platt

Federal Reserve chairman Ben Bernanke said recently that improvements in the US labor market might not be sustained because of weak economic growth and signaled that the Fed was likely to keep ...

FX: Dollar Favored Over Euro, Yen

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The dollar rose sharply last month after the Federal Open Market Committee’s meeting in March signaled that further monetary easing is unlikely unless the US economy slows significantly or the inflation ...

Company to Watch: ŞIŞECAM / Turkey

TURKEY’S LEADING GLASSMAKER EXPANDS ABROAD

By Gordon Platt

Glassmaker Şişecam has a near monopoly on the glass market in Turkey, where it operates a chain of retail outlets for its Paşabahçe brand of glassware, and where its flat-glass output ...

World’s Best Banks 2012: Middle East

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

MIDDLE EAST

The oil-exporting countries of the Middle East are enjoying strong economic growth, whereas countries that experienced political uprisings during the Arab Spring of 2011 are struggling to get back ...

World’s Best Banks 2012: Africa

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

AFRICA

Not only is Africa rich in natural resources, but it also offers the promise of fast economic growth in a number of countries, and a population lacking basic banking services ...

DRs: Equity Markets Stuck In Doldrums

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS

By Gordon Platt

The global equity capital markets got off to a relatively slow start in 2012, with a decline of 26% in activity in the first quarter from the same period a year ...

World’s Best Banks 2012: North America

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

NORTH AMERICA

North America’s banks are well along the road to recovery from the financial crisis, amid signs of improvement in the US and Canadian economies. The Federal Deposit Insurance ...

World’s Best Banks 2012: Asia

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

ASIA

Asia has provided one of the few bright spots in the global economy in recent years. The region rebounded quickly from the global financial crisis and has thus far avoided ...

M&A: Glencore Targets Viterra

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Switzerland’s Glencore International, the world’s largest commodities trader, agreed to acquire Canada’s biggest grain trader, Viterra, for C$16 a share ($16.05)—which values the company at $6 ...

World’s Best Banks 2012: Latin America

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

LATIN AMERICA

With its developing middle class, the region’s growing consumer sector helped banks to continue posting healthy returns last year. Banking sector assets and profits were up throughout the ...

World’s Best Banks 2012: Europe

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

EUROPE

Europe’s banks are being pulled in two directions. Governments want them to lend more, especially to small- and medium-size enterprises, while European and national regulators require them to strengthen ...

DR News: Unsponsored Indonesian ADRs Target Mining Firms

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

Five new, unsponsored American depositary receipt (ADR) programs for Indonesian companies were launched in March by BNY Mellon, targeting the strong corporate sector in the Asian economy.


Indonesia’s economy grew by ...

Annual Supplement: Middle East 2012

CHANGE IS IN THE AIR

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As one drives into Riyadh, the Saudi Arabian capital, on King Khalid International Airport Road, a symbol of change appears suddenly through the window after miles of desert. It is the enormous campus of the ...

Middle East 2012: Levantine Banks

THE LEVANT BANKS ON STABILITY

By Gordon Platt

Caution and conservative growth are the key goals of Levantine economies.

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The resource-poor countries of the Levant have been trying to promote open markets, free trade and labor mobility among themselves to ...

DR News: Russia Reforms Laws For DR Issuers

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

Russia made a number of major changes in its securities legislation that will affect depositary receipt programs for shares of Russian issuers, according to law firm Dewey & LeBoeuf. Some of the biggest ...

Middle East 2012: Dubai’s Debt Dependency

EASING THE BURDEN

By Gordon Platt

Dubai has some way to go before its debt profile is viewed as safe and sound, but it has already made great strides.

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The Dubai debt crisis shocked the world in November 2009. Despite ...

DRs: Facebook Adds 25 More Underwriters

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS

By Gordon Platt

Facebook prepares for its initial public offering that it hopes could raise $10 billion.

Facebook added 25 new underwriters to its original group of six, as it prepared for its initial ...

Middle East 2012: Economies In Transition

SHIFTING SANDS

By Gordon Platt

Extraordinary changes are occurring in the Middle East in the aftermath of the Arab Spring uprisings. New economic models—and new opportunities for foreign investors—are developing. But the potential for great reward comes with ...

EM News: Investment To Support China’s GDP Growth

EMERGING MARKETS INVESTOR: NEWS

By Gordon Platt

Monetary and fiscal policies in China will ease further to support investment in infrastructure, public housing and water resource projects, says HSBC.

In addition, Beijing should and will likely deregulate sectors, including utilities ...

FX: EU Debt Still Commands Center Stage

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The foreign exchange market continues to be rattled by Europe's debt crisis, analysts say the issue is far from settled.


The foreign exchange market continues to be rattled by Europe's ...

Middle East 2012: Doha Dreams

FAITH IN THE DOLLAR PEG

By Gordon Platt

Global Finance sits down with Qatar’s central bank governor, sheikh Abdullah Bin Saud Al-Thani. The pegged-exchange-rate regime is working well, according to Al-Thani, and the resilient financial sector will help Doha ...

Feinberg Departs After BP Oil Spill Settlement

NEWSMAKERS: UNITED STATES

By Gordon Platt

Kenneth Feinberg, the Boston-bred lawyer who oversaw the process of paying out billions of dollars to victims of the 2010 oil spill in the Gulf of Mexico, was relieved of his duties last month ...

Company to Watch: BR MALLS / Brazil

BRAZILIAN MALL OPERATOR RINGS UP SALES GAIN

By Gordon Platt

Brazil’s retail sales rose more than expected in December—climbing 6.7% from a year earlier and suggesting that domestic consumption will remain strong despite global market conditions.

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BR ...

M&A: Africa Key Target For Mining M&A

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS


By Gordon Platt

More than 2,600 mergers and acquisitions worth $149 billion were announced in the global mining industry last year.

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They represented an increase of 33% from 2010, making 2011 the busiest year ...

Debt: Corporate Bonds Break Records

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

Issuance of high-grade US corporate bonds soared to $99 billion in February.

Issuance of high-grade corporate bonds in the US market soared to a monthly record high of $99 billion in February ...