April 2011

COVER STORY: THE NEW OIL SHOCK   By Michael Shari   Triggered by street battles in OPEC member states and exacerbated by news of radiation leaking from Japanese nuclear reactors, the oil shock threatens to derail the world’s economic recovery. ...

Best Legal Advisers Global Skadden Skadden Arps Slate Meagher & Flom, which operates under the brand name Skadden, was the number-one legal adviser on global mergers and acquisitions announced in 2010, according to Thomson Reuters. Skadden advised on 227 deals ...

Country Winners North America Canada Scotia Capital Scotia Capital is the global corporate and investment banking and capital markets arm of Scotiabank, the most international bank in Canada. Scotia Capital handled the three largest debt financings in Canada in 2010, ...

Deals of the Year Best Equity Deal: Petrobras $70 Billion Stock Sale Lead manager: Banco Bradesco BBI Global bookrunners: Bank of America Merrill Lynch, Citi, Santander, Morgan Stanley and Itaú BBA.   The $70 billion add-on equity offering on September ...

Global Winners Best Investment Bank Morgan Stanley Morgan Stanley’s broad-based strength in equity underwriting and financial advisory work on mergers and acquisitions worldwide is unparalleled. The investment bank’s only relative weakness is in the fixed-income area, which it is working ...

Regional Winners North America Best Investment Bank Morgan Stanley Morgan Stanley’s strengths in the equity and M&A; advisory businesses make it the clear leader in North American investment banking. Not only did it lead General Motors’ $18.1 billion initial public ...

Sector Winners Consumer Credit Suisse Credit Suisse advised on Coca-Cola’s $12.3 billion purchase of the North American operations of bottler Coca-Cola Enterprises. Credit Suisse also managed the $700 million initial public offering of Indfood CBP. Financial Institutions Bank of America ...

ANNUAL SURVEY : BEST INVESTMENT BANKS   By Gordon Platt   Constant innovation and unwavering commitment to the business have helped the world’s leading investment banks better serve their clients and build their market share.   The investment banking industry ...

EMERGING MARKETS INVESTOR: COMPANY TO WATCH   By Anita Hawser   Headquartered in Lahore, Fatima Fertilizer, which provides nitric acid, ammonia and other fertilizer and chemicals products, was born out of the Pakistan government’s 2001 Fertilizer Policy, which aims to ...

EMERGING MARKETS INVESTOR: DR NEWS   By Anita Hawser   A Korean flour and feeds mill company, DongA One, selected BNY Mellon as its depositary bank for its ADR program.   Each ADR issued represents two common shares of the ...

EMERGING MARKETS INVESTOR: NEWS   By Anita Hawser   The investment activities of sovereign wealth funds in some of the oil-rich countries in the Middle East and North Africa are being scrutinized with increasing interest by investors as political unrest ...

SENEGAL LANDS SOVEREIGN RATING   By  Antonio Guerrero   Senegal received its first-ever sovereign credit rating from Moody’s in March, as the government prepared to launch its debut $500 million Eurobond.   Reaping the benefits Moody’s granted Senegal a B1 ...

BRAZIL’S BLISTERING GROWTH RATE COULD HAVE ITS DOWNSIDE   By Antonio Guerrero   After enduring a 0.3% contraction in 2009, Brazil’s economy expanded by 7.5% in 2010, according to the country’s government.   Enjoying the excesses The sharp reversal represents ...

CHINA BECOMES THE WORLD’S LEADING MANUFACTURER   By Thomas Clouse   Ending the more-than-100-year reign of the United States as the world’s top producer, China became the world’s largest manufacturer by output in 2010.   Jiabao talks down growth US-based ...

POWER SECTOR INSTALLS RECORD GENERATING CAPACITY   By Aaron Chaze   India’s power sector has installed the highest generating capacity ever in any fiscal year during the first nine months of the 2010-11 fiscal year.   India powers up its ...

BUSINESS AS USUAL DESPITE UNREST   By Anita Hawser   The turmoil sweeping the Arab world threatens to cause a contagion that will spread far beyond the Middle East, says Barings Asset Management.   Kuwait and other GCC countries in ...

CENTRAL BANK RESPONDS TO PUBLIC ANGER OVER RISING PRICES   By Kim Iskyan   Inflation in Russia hit 9.6% at the end of February—nearly double the rate posted in summer 2010—the country’s central bank finally responded, raising base interest rates ...

WINDS OF CHANGE   These are times of unprecedented change in the Middle East and North Africa. Years of pent-up frustration among the region’s youth—around 60% of the population in some countries—has already swept away two governments. More may follow, ...

THE MIDDLE EAST 2011: OUTLOOK   By Justin Keay   The rising tide of activism surging through the Middle East and North Africa is accelerating a transformation already well under way.   When asked what was most likely to blow ...

THE MIDDLE EAST 2011: DUBAI'S RESURGENCE   By Justin Keay   After a tough two years, Dubai has consolidated its position as a regional financial and transport hub and is set for a sharp upturn.   Anyone arriving on a ...

THE MIDDLE EAST 2011: THE BANKS   By Justin Keay   The current market conditions may have prompted slowing in their expansion plans, but the Middle East’s banks are still building for the future.   Until late 2010, the sentiment ...

THE MIDDLE EAST 2011: QATAR   By Justin Keay   Careful economic management and a strong strategic vision have helped propel Qatar to the front ranks of the world’s fastest-growing economies.   Ten years ago, Qatar could have safely laid ...

MILESTONES: MERCOSUR   By Antonio Guerrero   The Southern Cone Common Market (Mercosur) is celebrating its 20th anniversary this year.   Argentine beef exports could threaten Europe's farmer The world’s third largest trade bloc, after the EU and Nafta, comprises ...

MILESTONES: RUSSIA   By Kim Iskyan   A handful of impressive high-profile deals, coupled with signs that restrictions on foreign investment in Russia’s natural resources sector may soon be relaxed, suggest the Russian government may be dropping its long-standing resistance ...

MILESTONES: UNITED KINGDOM / UNITED STATES   By Anita Hawser   Banks are scrambling to launch electronic trading platforms for derivatives transactions such as credit default swaps (CDSs) in an attempt to get ahead of planned regulatory changes aimed at ...

MILESTONES: UNITED STATES   By Gordon Platt   Panic-stricken residents of Western US states cleared pharmacy shelves of potassium iodide tablets last month, amid fears that radiation from Japan’s nuclear crisis could reach the West Coast.   Obama: No plans ...

CORPORATE FINANCING NEWS: CORPORATE DEBT   By Gordon Platt   The European Central Bank sent a shockwave through global fixed-income markets last month with its “strong vigilance” alert, signaling that it was about to raise interest rates to ensure that ...

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS   By Gordon Platt   Nashville, Tennessee–based hospital operator HCA Holdings sold more shares than planned in its initial public offering in March, and it sold them at the high end of the expected price ...

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE By Gordon Platt The dollar has been drifting lower this year on expectations that the Federal Reserve will lag behind other developed-market central banks in raising interest rates to fight inflation, analysts say. Currency Forecasts ...

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS   By Gordon Platt   The energy and financial services sectors were expected to be fertile ground for mergers and acquisitions in 2011, and so far they are living up to those expectations.   ...

NEWSMAKERS: BANGLADESH   By Thomas Clouse   After a glittering career, Muhammad Yunus, the man whom many credit with founding the modern microcredit industry, is facing a concerted campaign to oust him as head of Bangladesh's Grameen Bank.   Pushed ...

NEWSMAKERS: IRELAND   By Dan Keeler   When Ireland’s voters unceremoniously booted out the Fianna Fail-led government in early March election, they were hoping that new leadership would give the country a fresh start.   IDA’s O’Leary: Confident Humbled by ...

NEWSMAKERS: UNITED STATES   By the Gordon Platt   Robert Greifeld, chief executive of Nasdaq OMX, has been the odd man out in the search for a merger partner to keep the New York–based stock market viable in a world ...

SPONSORED ROUNDTABLE: IN SAFE HANDS   Moderated by Dan Keeler   Key figures from the world’s leading sub-custodians discuss how they are helping their clients deal with the effects of the flood of new regulation.   Florence Fontan BNP Paribas ...

BUYER'S GUIDE : CUSTODY & INVESTORS' SERVICES Global Finance presents its annual sponsored guide to the leading providers in the custody and investors' services market.   BNP Paribas Securities Services         Custody Assets: 2010: $6,205 billion 2009: ...