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Saturday, 16 December 2017

Upfront

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  • Confessions of a Eurovoyeur - By l'Eminence Noire

    To a Euromarket New Year's Eve party at one of the few remaining Belgravia mansions not owned by Michele de Carvalho and other CSFB magnates. At one time, Shearson Lehman executives were allowed to live in Belgravia but they have been removed by popular local request to Fulham. This is an area where Shearson Lehman's people mix well with the natives, ie their American Express Platinum, Gold, Green, Space Invaders and Nintendo cards are all refused by the local Indian delis.

  • Inquisitor - Junk tarnishes SwFr equity-linked bond market

    The Euro Swiss franc bond market has the unenviable reputation of accepting issues which other capital sectors would politely decline. This situation is a poor reflection on the Swiss National Bank, whose authority as an overseer is absolute and should therefore have been able to see that the arrival of sub-quality prospective borrowers was bound to cause both losses of reputation and investors' capital.

  • Global money - Range-trading

    The New York bond market is on the defensive as marginal participants take to selling. Last Friday's unexpected increase in December non-farm payrolls has put a halt to the rally triggered by the Federal Reserve's dramatic rate cuts on December 20. The Fed should stay on hold with the 30-year benchmark Treasury in a 7.30%-7.55% range ahead of the Group of Seven meeting on January 25 and president Bush's State of the Union message three days later.

  • Polish premier - Secondary cool-off

    BZW has led one of the first international equity offerings for a Polish corporate. Some 1.77m shares in Elektrim SA, a Polish trading company, are to be offered at 70,000 zloty per share putting the total offering at between œ9m and œ10m. The stock will be offered in two tranches - 870,000 shares to retail investors, to close on January 17, and 900,000 shares to be sold to institutions, to open on January 13. The stock will be listed in Warsaw. To date, demand has been registered from UK ins

  • Japanese banks break ranks, momentarily - ECICS signs

    On December 30 1991, the Bank of Japan cut the ODR by 50bp, prompting Fuji, Sumitomo, Bank of Tokyo and Tokai to cut their short-term prime rate (STP) by 50bp to 6.125%. On January 7, Mitsubishi and Daiwa Bank announced that they will cut their STP by 61.25bp, to 6.00%. Later that day, Sanwa and Dai-Ichi Kangyo Bank announced that they would lower their STP by 75bp to 5.875%. This was the first time that Japanese city banks had set differing prime rates. However, the disparity was only short-lived. By

  • JP Morgan and Chemical set the trend - London: taking stock

    First out of the gates with their end of year results in the US were JP Morgan and Chemical Bank who have set the pace for the rest of the American banks. The earnings of JP Morgan rose 44% on the year as net income rose from US$1.005bn to US$1.146bn. The results lived up to Wall Street's high expectations, with strong results in all areas. Even so, the share price fell off initially on profit- taking.

  • One down: a dearth of wordsmiths? - London: taking stock

    Not a single correct response has yet been submitted to IFR for its yuletide crossword competition. The crossword appeared in IFR's Review of the Year page 155 published on December 21. The deadline for entries was Monday January 13 but because of the lack of responses we have extended the deadline by one week to noon GMT Monday January 20.

  • ECP outstandings down, EMTN up - Labuan loan

    Outstandings of ECP fell again during December despite expectations that the level would remain steady. However, a seasonal drop is not unusual. According to Euroclear, outstandings stood at US$79.64bn at the end of last year, down 4.6% from US$83.45bn at the end of November. Throughout 1991, the value of paper on issue has hovered persistently around the US$80bn mark, unable to make real headway. The level of Euronotes on issue mirrored that of ECP last month, falling from US$27.56bn to US$26.79bn.

  • New Year kicks off to a great start - IRPs battling to beat legal deadline

    As predicted, the first full working week of 1992 kept almost all of the major Euromarket players busy with the emergence of issues totalling US$11.28bn. Sources reported that they could not remember a first week like it. In the past it has been possible to launch a medium-sized issue and sit back comfortably at the peak of the league table for the week. Last week was different. Paribas managed to bring six issues but still only came to number four. JP Morgan did a duo of issues and sat at number eight

  • The Italian connection - Mexican issuer expected

    Last week's World Bank global deal came at one of the tightest spreads ever in the international bond markets. Washington has, in part, the Italians to thank for this. According to market participants, a lot of international investors look at the "black hole" of demand in Italy for supranational paper and see this as a reason for buying. The lack of withholding tax on securities issues for the major supranationals almost guarantees that there is an "out" if the buyer ever wants to sell.

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