2012

M&A: Xstrata Investors Balk At Merger

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Mining company Xstrata's merger with commodities dealer Glencore may not go ahead unless the terms are improved for shareholders. The $90 billion deal, billed as a "merger of equals," is expected ...

EM News: Equity Funds Attract Big Inflows

EMERGING MARKETS INVESTOR: NEWS

By Gordon Platt

Investors dumped money market funds in January and shifted into higher-yielding equity funds, according to EPFR Global.

"The emerging-markets equity funds we track have had their best start in six years," says Brad ...

DRs: Awaiting Facebook, IPOs Revive

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS


By Gordon Platt

The US market for initial public offerings is off to a strong start in 2012, with anticipation building ahead of the expected $5 billion Facebook IPO, which will be the biggest ...

Company To Watch: Zambeef Products / Zambia

EXPANDING PRODUCT LINES AT ZAMBEEF

By Gordon Platt

Zambeef Products of Zambia is one of the largest agribusinesses in Africa, with more than 4,000 employees. In June 2011, it became the first Zambian company to list on the London ...

DR News: Bancolombia Sells Follow-On ADRs

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

Bancolombia sold $267 million in ADRs in January in a follow-on offering to its domestic sale of $614 million in preferred shares. The bank said proceeds would go to lending and financing ...

Debt: Low Rates, Economy Boost Issuance

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

Easing monetary conditions and economic stabilization have increased demand for higher-risk assets, despite worries about Europe's debt.

The Federal Reserve has pledged that the federal funds rate will remain exceptionally low ...

Emerging Markets Roundup: Middle East

SAUDI ARABIAN BOURSE ALLOWS FOREIGN CROSS-LISTINGS

By Gordon Platt

The Saudi Arabian stock exchange, known as the Tadawul, has taken a major step toward becoming a regional exchange.

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Islamic bloc wins control in Kuwaiti parliament

The Capital Market Authority (CMA ...

Middle East Investment Banking

CLOUDY OUTLOOK

By Gordon Platt

The global economic slowdown and regional political turmoil are casting a pall over investment banking in the Middle East. As there's no change in sight, bankers in the region may be in for another ...

FX: Sudden Currency Moves And Hedging

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The euro's surprising rise early this year, even as the European Central Bank flooded the market with liquidity, caught many market participants by surprise.

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Net short positions in the euro hit ...

New Year, New Fed With Rates Forecasts And Clear Targets

MILESTONES: UNITED STATES

By Gordon Platt

The Federal Reserve has found a new way to communicate its intentions to the markets. It will publish forecasts for the federal funds rate, the key short-term interest rate under its direct control.

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Fed ...

DR News: Thai Firms Build Exposure With Unsponsored ADRs

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

BNY Mellon set up unsponsored American depositary receipt (ADR) programs for two Thailand-based companies in December, Thai Airways International, the national carrier of Thailand, and BEC World, a television broadcasting and media ...

FX: Dollar Looks Good Versus Euro

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The Japanese yen will hold its own as a safe-haven currency in 2012, while the dollar will be less ugly than the euro, analysts forecast.

Based on relative economic growth and expected ...

Best Trade Finance Banks 2012: Regional Winners

By Gordon Platt

BEST TRADE FINANCE BANKS 2012: REGIONAL WINNERS

AMERICAS

Citi

Citi's trade finance business set records across the board in 2011, as all of the pieces seemed to fall in place for the bank. "We were in ...

Company To Watch: Yandex / Russia

'RUSSIAN GOOGLE' BUYS SOFTWARE FIRM TO BOOST MOBILE OFFERINGS

By Gordon Platt

Yandex, the leading Internet search engine in Russia, with a 63% market share, purchased SPB Software last November to increase its mobile services.

Yandex has also teamed up ...

Debt: Ford Motor Credit, GE

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

Ford Motor Credit, the finance arm of the second-largest US automaker, and General Electric, the world's biggest maker of diesel locomotives and jet engines, were first out of the gate with ...

Awards: Best Trade Finance Banks 2012

ANNUAL SURVEY AND AWARDS: LIQUIDITY AND REGULATIONS SQUEEZE TRADE FINANCE

By Gordon Platt

The global economy is threatened by a shortage of financing for international trade, as banks reassess their business models.

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The availability and cost of trade financing could ...

Country Report: Saudi Arabia

OPEN FOR BUSINESS

By Gordon Platt

Saudi Arabia is preparing to open its stock markets to foreign investment, and it has reinforced its financial management team in preparation for this and broader economic reforms.

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Saudi Arabia, the world's largest ...

EM News: New ‘Tigers’ Will Dominate Economic Growth

EMERGING MARKETS INVESTOR: NEWS

By Gordon Platt

The BRIC countries—Brazil, Russia, India and China—now contribute more than half of the world's economic growth, while the broader emerging markets provide more than 70% of current global growth.

Growth ...

M&A: China Three Gorges Wins EDP Bid

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

China Three Gorges, a state-owned company that operates the world's largest hydropower project, bought a 21% stake in EDP, Portugal's largest company and utility.

The Chinese company also purchased a ...

DRs: Depositary Receipt Pipeline Full

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS

By Gordon Platt

Depositary receipt investors pushed trading to a record high last year, demonstrating the continued popularity of DRs, despite challenging market conditions.

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While the amount of capital raised by corporate issuers was ...

AT&T Won’t Hang Up On T-Mobile

MILESTONES: US/GERMANY

By Gordon Platt

Facing a $4 billion breakup fee, AT&T is working hard to make its proposed merger with T-Mobile a reality, despite regulatory stumbling blocks.

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Deal to create the largest US wireless carrier is in ...

Debt: Sprint Leads New Issuance Rebound

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

New-issuance volume in the US high-yield market rose sharply in November, led by a $4 billion, two-part offering from Sprint Nextel, the third-largest US mobile network operator.

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The Kansas company placed $3 ...

DR News: Unsponsored ADR Market To Slow

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

New unsponsored American depositary receipt (ADR) program creation is likely to slow down in the short to medium term, according to a report by Celent, a Boston-based financial research and consulting firm ...

DRs: New China Life Raises $1.9 Billion

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS

By Gordon Platt

New China Life Insurance raised $1.9 billion in an initial public offering in Hong Kong and Shanghai in December, but it was forced to price the issue at the bottom ...

Best Foreign Exchange Providers: Global Winner

By Gordon Platt

BEST FOREIGN EXCHANGE PROVIDERS: GLOBAL WINNER

Deutsche Bank

Deutsche Bank has managed to stay on top of the FX world year after year. It has the biggest, most diversified and most profitable foreign exchange operation of any ...

Company To Watch: KGHM POLSKA MIEDŹ / Poland

POLISH COPPER, SILVER MINER ROLLS WITH THE PUNCHES

By Gordon Platt

After KGHM Polska Miedź reported that its third-quarter 2011 profits had tripled from the same period a year earlier, the Polish government immediately announced a significant increase in taxes ...

Best Online Foreign Exchange Trading Systems

By Gordon Platt

BEST ONLINE FOREIGN EXCHANGE TRADING SYSTEMS

BANK SYSTEM

State Street’s Currenex

The Currenex foreign exchange trading platform uses patented technology to match orders and aggregate liquidity. Its high-speed, low-latency API (application programming interface) provides access to ...

Best Foreign Exchange Research & Analysis

By Gordon Platt

BEST FOREIGN EXCHANGE RESEARCH & ANALYSIS

RESEARCH

BNY Mellon

BNY Mellon, one of the largest foreign exchange dealers in the United States, offers support in virtually all currencies, with particular expertise in emerging markets.

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Derrick, BNY Mellon Global ...

Best Foreign Exchange Providers: Regional Winners

By Gordon Platt

BEST FOREIGN EXCHANGE PROVIDERS: REGIONAL WINNERS

NORTH AMERICA

Citi

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Feig, Citi: We have invested in people and technology and are seeing our market share rise as a result

As Citi prepares to celebrate its 200th anniversary in ...

M&A: Anglo American Controls De Beers

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Anglo American, one of the world’s largest mining companies, gained a long-coveted majority stake in diamond mining company De Beers, in one of two M&A deals that the British firm ...

FX: Eurozone Plan Is A Start

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

Another EU summit ended in December with agreement on a new fiscal compact for the eurozone, but like previous efforts to rescue the common currency, the accord was less than comprehensive, and ...

EM News: Mexican Exchange Woos High-Frequency Traders

EMERGING MARKETS INVESTOR: NEWS

By Gordon Platt

The Bolsa Mexicana de Valores exchange in Mexico City says it will introduce faster trading technology by the middle of 2012 in an effort to attract more high-frequency traders.

BMV says the new ...

Best Foreign Exchange Providers

ANNUAL SURVEY & AWARDS: FX PROVIDERS BET BIG ON TECHNOLOGY

By Gordon Platt

The most successful FX banks are boosting their IT spending and competing on price and service in an effort to maintain market share.

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As the foreign exchange market ...

2011

Debt: Yields Bring In Investors

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

With market yields nearing 10%, investors rushed back into the high-yield corporate bond market in mid-October to take advantage of low prices and spreads to Treasury bonds of 900 basis points.

“Spreads ...

FX: Europe’s Debt Plan Missing Detail

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

Risk aversion appeared to be creeping back into the markets in early November, as the initial euphoria about the eurozone’s master plan to solve the debt crisis began to fade. Italy ...

EM News: BRIC Exchanges Announce Alliance

EMERGING MARKETS INVESTOR: NEWS

By Gordon Platt

Stock exchanges in the BRIC countries, plus South Africa, plan to cross-list equity index derivatives as the first phase of a joint initiative announced at the annual meeting of the World Federation of ...

Country Report: Turkey

EVADING A HARD LANDING


By Gordon Platt

Turkey’s widening trade and current account deficits are making some investors nervous, but government officials are confident they can keep the fast-growing economy from overheating if they apply the proper mix of ...

M&A: US Shale-Gas Boom Attracts FDI

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Foreign buyers accounted for 76% of the total value of US oil and gas mergers and acquisitions in the third quarter of this year, with 22 deals valued at $37.3 billion ...

EM Regional Review: Middle East

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THE ARAB SPRING’S COSTS AND CONSEQUENCES

By Gordon Platt

Countries in the region are evaluating the economic outcome of social and political upheaval—both the opportunities and the challenges.

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Commercial International Bank, Egypt’s largest private sector bank, is ...

Equity/DRs: Groupon Opens IPO Market

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS


By Gordon Platt

The US market for initial public offerings sprang to life in November, following a two-month drought.

The successful $700 million offering by Groupon, which was the largest IPO by a US ...

Company To Watch: Ranbaxy Laboratories / India

INDIAN DRUG MAKER SEEKS TO CASH IN ON GENERIC LIPITOR

By Gordon Platt

Ranbaxy Laboratories, India’s largest pharmaceuticals company, has secured a six-month exclusive right to sell a low-cost version of Lipitor, Pfizer’s popular anti-cholesterol drug, in the ...

Asian Companies Ripe For Investment

MILESTONES: SINGAPORE / INDONESIA

By Gordon Platt

After portfolio managers removed tens of billions of dollars from Asian equity markets during the sell-off in early autumn, corporate valuations are now highly attractive in some industries and sectors.

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Photo Credit: Jordan Tan ...

DR News: Unsponsored DRs Abound Amid Lack Of New Issues

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

The market for new sponsored depositary receipt programs for companies in emerging markets has dried up since the equity market turmoil in August, but there has continued to be a steady stream ...

Jon Corzine Has A Lot Of Explaining To Do

NEWSMAKERS: UNITED STATES

By Gordon Platt

Jon Corzine, the former governor of New Jersey and once a US senator, believes that a man’s word is his bond.

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Fallout from MF Global raises concerns over CFTC watchfulness

When Europe’s ...

Emerging Markets Roundup: Middle East

DUBAI’S NEW BUSINESS LAW COULD STIMULATE INVESTMENT

By Gordon Platt

A new law governing corporate activity in the UAE should cut red tape for investors and make it easier for companies operating in the emirate’s free zones to ...

FX Supplement: Introduction: Déjà Vu All Over Again

DÉJÀ VU ALL OVER AGAIN

Some analysts say that 2011 is beginning to look a lot like 2008, with Europe’s debt crisis morphing into a bank solvency crisis with global ramifications.

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So far, the foreign exchange market—the world ...

FX Supplement: Currency Wars: Changing Tactics

CURRENCY WARS

By Gordon Platt

Battle Tactics Change With Global Slowdown.

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Chandler, Brown Brothers Harriman: The lingering US and European crises are casting a pall over global capital markets

When the global economy seemed securely on track for a steady ...