sections

Thursday, 27 November 2014

  • You are here:Home
  • Special Reports

IFR India Report 2014 Cover

IFR India Special Report 2014

IFR India Special Report

The pivotal moment - India’s capital markets are approaching a pivotal moment. After Narendra Modi’s landslide election victory earlier this year, initial enthusiasm has begun to give way to lingering doubts that the new regime can deliver on its reform agenda.

Man of the moment

Man of the moment

06 November 2014

India’s new pro-reform prime minister has overseen a rebound in investor confidence, but is there substance behind the hype? Can Narendra Modi make his mark on India’s notoriously slow-moving bureaucracy?

The Great Bank Recap

The Great Bank Recap

06 November 2014

Offerings of subordinated bonds from the banking sector promise to keep India’s capital markets busy for years. However, the path towards full Basel III compliance is far from straightforward.

Public promise

Public promise

06 November 2014

The introduction of real estate investment trusts, simplified tax rules and a bigger privatisation pipeline have all underlined a new determination to reform and reinvigorate India’s equity capital markets.

Clearer path ahead

Clearer path ahead

06 November 2014

India’s new government has pledged to revive infrastructure investment, but much will depend on shifting the funding requirements beyond the capital-constrained banking sector.

High stakes

High stakes

06 November 2014

A reduction in withholding tax rates has opened the door for more Indian companies to sell international bonds. After a promising first wave of financings from lower-rated private sector issuers, will the party continue?

Going  Global

Going Global

06 November 2014

Global rupee bonds, offshore settlements and rising international interest have all added some welcome energy to India’s domestic debt markets. However, there is far more to be done.

One-way street

One-way street

06 November 2014

After a cautious 2013, renewed risk appetite is driving down offshore loan pricing and luring more Indian borrowers to the international markets.

Restarting the engine

Restarting the engine

06 November 2014

Things are looking up for project lending after reforms have made it easier for banks to deal with failing projects and lend at longer tenors.

Different strokes

Different strokes

06 November 2014

A Triple A rating for a deeply subordinated issue of Tier 1 bank capital has underlined the significance attached to credit ratings in India’s domestic debt market.

A healthier system

A healthier system

06 November 2014

With Basel III capital requirements looming, Indian banks are finally being forced to deal with stressed assets on their books. A full clean-up, however, is some way off.

IFR Special Reports

Throughout the year, IFR publishes Special Reports – covering key asset classes, countries and regions.

Below is a list of the most recent Special Reports IFR has published. Just click on the headings to read more.

Additionally, if you scroll down the page you can view a complete archive of every Special Report IFR has published each year, going back to 2005.

IFR DCM Cover 2014

IFR DCM Special Report 2014

IFR DCM Report 2014

Fashion can be a cruel mistress, especially if you’re the only person to turn up at the party with platform sneakers, a tracksuit with “Juicy” scrawled across the derriere, and a green feather boa. Banks are experiencing their own fashion faux pas right now and working hard to maintain their appeal.

IFR IMF World Bank Report Cover 2014

IFR IMF/World Bank Report 2014

IMF World Bank Report 2014

Playground rules - The collaborative effort of European governments and regulators is akin to children rushing around the school playground with a football. Enthusiasm and no lack of skill are undermined by issues of translation and the fierce desire of all to score the winning goal.

IFR Top 250 Borrowers Cover 2014

IFR Top 250 Borrowers 2014

IFR Top 250 2014

The bigger the better – in everything. Freddie Mercury, the late lead singer of Queen, wasn’t alone in judging the world and its wares solely on the merit of size. Take bond investors. When the Federal Reserve announced its intention to begin tapering its quantitative easing programme last May, expectations were of an inexorable rise in US yields.

IFR Germany Report cover 2014

IFR Germany Special Report 2014

IFR Germany Report 2014

As a solo performer, Germany has few rivals and many fans, striking all the right notes and rising sublimely above Europe’s discord as the DAX posts all-time highs, data show a growing economy, and unemployment dips to the lowest rate since unification.

IFR Emerging Europe & Turkey Cover 2014

IFR Emerging Europe and Turkey Special Report 2014

IFR Emerging Europe and Turkey Special Report 2014

At cruising altitude; turbulence ahead?: This report reaches you at a time when Emerging Europe and Turkey could be stuck on the tarmac. The political situation means Ukraine is grounded and Russia may yet have to consider an emergency landing, yet the rest of the CEE region appears to be about to take off.

2014

IFR India Report 2014 Cover

IFR India Special Report 2014

IFR India Special Report

The pivotal moment - India’s capital markets are approaching a pivotal moment. After Narendra Modi’s landslide election victory earlier this year, initial enthusiasm has begun to give way to lingering doubts that the new regime can deliver on its reform agenda.

IFR Emerging Europe & Turkey Cover 2014

IFR Emerging Europe and Turkey Special Report 2014

IFR Emerging Europe and Turkey Special Report 2014

At cruising altitude; turbulence ahead?: This report reaches you at a time when Emerging Europe and Turkey could be stuck on the tarmac. The political situation means Ukraine is grounded and Russia may yet have to consider an emergency landing, yet the rest of the CEE region appears to be about to take off.

IFR DCM Cover 2014

IFR DCM Special Report 2014

IFR DCM Report 2014

Fashion can be a cruel mistress, especially if you’re the only person to turn up at the party with platform sneakers, a tracksuit with “Juicy” scrawled across the derriere, and a green feather boa. Banks are experiencing their own fashion faux pas right now and working hard to maintain their appeal.

IFR IMF World Bank Report Cover 2014

IFR IMF/World Bank Report 2014

IMF World Bank Report 2014

Playground rules - The collaborative effort of European governments and regulators is akin to children rushing around the school playground with a football. Enthusiasm and no lack of skill are undermined by issues of translation and the fierce desire of all to score the winning goal.

IFR Top 250 Borrowers Cover 2014

IFR Top 250 Borrowers 2014

IFR Top 250 2014

The bigger the better – in everything. Freddie Mercury, the late lead singer of Queen, wasn’t alone in judging the world and its wares solely on the merit of size. Take bond investors. When the Federal Reserve announced its intention to begin tapering its quantitative easing programme last May, expectations were of an inexorable rise in US yields.

IFR Germany Report cover 2014

IFR Germany Special Report 2014

IFR Germany Report 2014

As a solo performer, Germany has few rivals and many fans, striking all the right notes and rising sublimely above Europe’s discord as the DAX posts all-time highs, data show a growing economy, and unemployment dips to the lowest rate since unification.

IFR SSA Special Report 2014

IFR SSA Special Report 2014

IFR SSA Special Report 2014

The euro crisis is over. At least, that’s what the market appears to believe. Yields across the eurozone’s embattled periphery have fallen to levels not seen in nearly a decade, while rating agencies are starting to take a more positive outlook towards peripheral countries, citing progress in fiscal and economic reform.

IFR Middle East Awards 2013 Cover

IFR Middle East Awards 2013

IFR Middle East Awards Report 2014

IFR’s inaugural Middle East Awards, which were presented at a gala dinner in Dubai at the end of March, were a great success. Senior investment bankers and their key clients assembled in the Ritz-Carlton DIFC to celebrate a significant year in the region’s capital markets and showcase some major achievements.

IFR Latin Americas Report Cover 2014

IFR Latin America Special Report 2014

IFR LatAm Report 2014

The good, the bad and the downright ugly: The People’s Republic of China may be more than 10,000 miles away from Latin America, but given the influence it has been having on the region, you could be forgiven for thinking it occupies the same barrio. There’s been no bigger influence on the region’s economy over the past few years than the PRC. With China’s growth slowing to about 7.5% from the runaway double-digit peak it reached in 2010–11, it’s not surprising that LatAm has suffered similarly.

Outlook for Capital Markets 2014 Cover

IFR Outlook for Capital Markets 2014

IFR Outlook for Cap Markets Special Report 2014

There are solid reasons to forecast a positive outlook for global capital markets in 2014. The all-time record new-issue activity seen in 2013 in areas such as US investment-grade corporate debt, US syndicated lending, global high-yield or Asian G3 debt may not necessarily be breached in the forthcoming 12 months, but it is likely to be matched as conditions in the US and across multiple market segments around the world remain highly propitious as the global economy gets into gear and funding levels remain compelling on the back of strong buyside liquidity.

All 2014

2013

IFR EoY Cover 2013

Review of the Year 2013

IFR Review of the Year 2013

What is there to say about 2013? Well the first thing banks should say (again) is “thanks very much”. Thanks, that is, to policy makers and central bankers around the world for pumping so much free money into the system. 

IFR Americas Cover 2013

IFR Americas Review of the Year 2013

IFR Americas Review of the Year 2013

You’d be justified in calling yourself clairvoyant if you’d predicted the size and scope of the 2013 US capital markets boom when last year was winding to a close. 

IFR DCM Special Report 2013

IFR DCM Special Report 2013

04 November 2013

Party time: Appearances can certainly be deceptive. While it felt for all the world that 2013 was frantically busy in the debt capital markets, Thomson Reuters data actually show that overall volumes for the first nine months fell 3% to US$4.2trn.

PFI/IFR Middle East Report 2013

PFI/IFR Middle East and Africa Report 2013

23 September 2013

Project finance has, to some extent, returned to its roots in recent years with the technique being used to fund major capital expenditure projects in the emerging markets. The Middle East & Africa region is one such market - where project finance has been successfully used in the past and the prospects for using it in the future look bright.

IFR IMF Cover 2013

IFR IMF Report 2013

20 September 2013

Moving the goalposts – To paraphrase Woody Allen, if the IMF didn’t exist, perhaps it would be necessary to invent it. Few doubt that we need it, or something like it. This report looks at the IMF’s evolving role five years on from the financial crisis alongside that of the development finance bodies such as the World Bank Group and regional development banks, and considers whether these institutions are adapting to the world’s new financial architecture – or simply trying to adapt that architecture to suit their outlook.

IFR Asia India Cover 2013

IFR India Report 2013

13 September 2013

The near-20% slump in the rupee is the most obvious symptom of the crisis of confidence buffeting the country, and also one that risks making things worse by eroding unhedged balance sheets and importing inflation.

Africa Report Cover 2013

Africa Report 2013

IFR Africa Special Report

March of the Frontier Markets - First the good news: African sovereigns have tapped the international debt market with aplomb in the past 12 months. Repeat issuers such as Nigeria and Ghana as well as debut borrowers like Zambia and Rwanda wowed with their well executed and heavily over-subscribed international bonds, enabling them to squeeze on price and leaving investors hungry for public bonds in the pipeline for the likes Kenya, Senegal, Angola and others.

IFR 2000th Cover image

40 Years in review

IFR 2000 issue Supplement

What better way to mark the 2,000th edition of IFR than to look back at some of the standout deals completed since our first issue was published on March 22 1974? Though the sharp-eyed will realise that there are still some months to go until our 40th anniversary (don’t worry, we won’t do this again at that point), we can claim that we are in our 40th year, so we highlight 40 deals. (See below)

IFR Covered Bonds 2013 Cover

IFR Covered Bonds Report 2013

05 July 2013

Central banks have been a boon for the global capital markets, stepping in to provide extraordinary liquidity that has buoyed assets across the board. After years of treading water, equities have rallied. And bond issuance has turned into a bun fight, with investors scrambling over each other to pick up even the slimmest yields – a state of affairs that has suited cost-conscious issuers just fine indeed.

IFR Top 250 2013 Cover

IFR Top 250 Borrowers Special Report 2013

14 June 2013

The past year has been characterised by spread-tightening across the credit spectrum. This has left investors scrambling for yield in a low-rate, low-return market, with a few changing the way they viewed their mandates.

IFR Germany 2013 Cover

IFR Germany Special Report 2013

10 May 2013

Germans like to think of their economy as the “engine” of the eurozone: when it comes to bailouts for countries such as Cyprus it is to Berlin that its currency partners turn. But this role of eurozone champion, and backstop, is not universally appreciated by either the German electorate or those of the rescued countries.

IFR SSA 2013 Cover

IFR SSA Special Report 2013

19 April 2013

The unwavering commitment of politicians and central banks to tackle the world’s indebtedness head-on has welcomed in a period of relative calm for the SSA markets. While there are still concerns that the favoured austerity regimes are doing little to relieve economic stagnation in many countries, there are now sufficient backstops in place to convince investors that, at least, things aren’t going to get any worse.  

IFR Turkey 2013 Cover

IFR Turkey Special Report 2013

05 April 2013

Shelter from the storm: Turkey can be forgiven for feeling smug. With Cyprus cranking the eurozone crisis back into high gear and the EU’s peripheral members again looking fragile, at first sight the country stands out from its rowdy neighbours as a paragon of growth and financial stability.

2012

Review Cover 2012 (s)

Review of the Year 2012

IFR Review of the Year 2012

Another year, another series of scandals and outrages in the banking industry.

IFR Americas Review of the Year Cover 2012

US Review of the Year 2012

IFR Americas Review of the Year 2012

2012 was a year of scandal in the investment-banking industry. From interest-rate rigging to allegations of money-laundering and the massive trading losses of JP Morgan’s “London Whale”, it seemed as if nothing that bankers did went right at all.

India Report 2012 Cover

IFR Asia India 2012

IFR Asia India Report 2012

This year’s IFR India Special Report comes at a challenging time for Asia’s second-largest economy. Many of the issues that were already brewing 12 months ago have snowballed into serious problems, and confidence is wearing thin.

IFR DCM Cover 2012

IFR DCM Report 2012

IFR DCM Report 2012

It has not always been easy, but the global debt capital markets have grown year-on-year by 4% to US$4.2trn in the first nine months of 2012. Access is a long way from comprehensive, but central bank presidents’ comments – well, one in particular – have helped to open markets further.

IMF Report cover 2012

IMF Report 2012: Looking for growth

07 September 2012Updated: 17 September 2012

How times have changed. In the past, talk of bailouts, IMF loans, and fiscal mismanagement usually meant one thing: yet another emerging market country had run into trouble and needed saving. Now this type of language is being applied to the eurozone. In contrast, the so-called emerging markets are in much better health. Indeed the term “emerging markets” is becoming a misnomer. “Growth markets” seems a more appropriate appellation.

Covered Bonds Cover 2012

Covered Bonds Report 2012

Covered Bonds Report 2012

The stature of covered bonds as a funding tool continues to grow by leaps and bounds. Developments that will see senior debt become bail-inable by 2018 are adding to their allure; as is their legal robustness and unassailable place in the capital structure in the event of issuer insolvency. In short, covered bonds have offered a funding lifeline, certainly to non-peripheral banks whose access to capital has been ravaged by the effects of the eurozone sovereign debt crisis.

Top 250 cover 2012

Top 250 Borrowers 2012

IFR Top 250 2012

A year on from the last Top 250 Borrowers report and the issues that dominate the funding landscape remain largely the same as they did then. Concerns about the eurozone were at the top of the worry list and they are still there today, casting a long shadow that stretches far further than the continent of Europe.

Back from the Brink

Eurozone Report 2012

17 May 2012

Back from the brink: How Europe saved its banks from meltdown (for now): Eurozone Report 2012The eurozone crisis was in full swing when Jean-Claude Trichet took the podium in Berlin last October 6 for his final press conference as president of the European Central Bank. Having helped create one of the longest periods of price stability in the history of central banking, Trichet was closing out his eight-year reign under siege.

Germany cover 2012

Germany Special Report 2012

Germany Report 2012

The eurozone crisis has proved to be a sprawling saga that matches anything staged at Bayreuth. Germany, our chief protagonist, rests on the laurels of continuing growth led by robust exports. But the demons of political instability lie lurking in the wings and threaten to blight the feast.

SSA Cover 2012

SSA Report 2012

SSA Report 2012

Once the stable bedrock of the markets, the SSA sector found itself rocked to the foundations as concerns mounted about the ability of sovereigns to deal with the crisis that engulfed asset classes across the board – something largely viewed as self-inflicted in the first place.

Turkey cover 2012

Turkey 2012

Turkey Report 2012

As Turkey gets to grips with hefty economic policy challenges – and shrugs off the complications of living in a volatile region – it exudes a self-belief hard to find elsewhere.

        2011

        IFR Review of the Year 2011 - Global

        IFR Review of the Year 2011

        IFR Review of the Year 2011

        The past 12 months have been arduous. Once again, global capital markets were dominated by the same relatively small set of inter-locking issues that commanded attention in the previous year. In fact, a quick scan of the foreword to IFR’s 2010 Review of the Year suggests little has changed in the intervening period.

        IFR Review of the Year 2011 - Americas

        IFR Americas Review of the Year 2011

        IFR Americas Review of the Year 2011

        Sometimes a year is more than the numbers show it to be. If you look at the data for 2011 you see a rising volume of debt offerings and falling yields.

        Middle East Cover 2011

        Middle East Report 2011

        Middle East Report 2011

        The remarkable political events in the Middle East this year have made their mark on the local capital markets, but confidence in the region - both as a capital markets hub and as a deal generating region - remains.

        DCM Cover 2011

        DCM 2011

        DCM Special Report 2011

        When policymakers in the developed economies took concerted action in late 2008 there was a widespread determination to prevent the recession turning into a prolonged period of depression. Record low interest rates, a little harmless inflation and a stiff dose of banking reform were meant to get the world economy turned round and back on a path of sustained growth. And growth was going to be the key to taking the sting out of reducing indebtedness – governments, financial institutions and consumers could all cut their borrowings without feeling too much pain.

        IMF Cover 2011

        IMF/World Bank 2011

        IMF Special Report 2011

        The financial storm clouds are gathering. A credit downgrade for the US and the continuing uncertainty caused by the eurozone sovereign debt crisis have sent investors scrambling for cover. Emerging markets were remarkably robust following the credit crunch, but it is uncertain whether the decoupling can be sustained as developed markets now slow to a near halt.

        India Cover 2011

        India 2011

        India Special Report

        India has all the right ingredients. Yet, instead of producing a delightful dish to tempt even the most sceptical of emerging markets investors, its recipe is in danger of leaving a rather bad taste.

        Cover Bond Cover 2011

        Covered Bond Survey 2011

        Covered Bond Survey 2011

        Welcome to IFR’s inaugural Covered Bond Survey. This is the first in an occasional series published by IFR; future surveys will cover similarly core areas of the global capital markets. The surveys are conducted anonymously and are designed to offer market participants constructive insights into how specialists view the landscape, and what they view as key concerns, challenges and opportunities.

        Top 250 Cover 2011

        IFR Top 250 Borrowers 2011

        IFR Top 250 Borrowers Report 2011

        It has been a year that has seen the headlines dominated by a sovereign debt crisis in Europe. This time last year, the carnage that would be wrought by cripplingly high debt in Greece, Portugal and Ireland was already visible on the horizon. Europeans had already taken concerted action to save Greece, although the cost of those measures remained unknown – as they arguably still are today. Questions were being asked about where that left the other PIGS – Spain was still viewed in a similar light, before distancing itself, and then ultimately being drawn back in.

        Pfand Cover 2011

        Pfandbriefe/Covered Bonds Report 2011

        IFR Covered Bonds Report 2011

        Few markets managed to come out of the crisis in one piece. But for covered bonds, the past few years have been different, with the asset class coming out bigger and more enhanced. Once considered a niche – even, some might argue, boring – product, the decline of other parts of the bond market have suddenly cast it into the limelight, bringing a variety of new participants into its orbit. 

        Germany Cover 2011

        Germany Report 2011

        IFR Germany Report 2011

        The politics of Europe have always been delicate for Germany. But in the last 12 months the volume of protest among Germans at having to bankroll European financial rescue packages has reached hitherto unknown levels. Many Germans are at a loss to explain why it falls to them to bail out profligate European partners in first Greece, then Ireland and now Portugal. Politicians and parties associated with the largesse bestowed upon the PIGs have already been punished at the polls and things could get worse still.

        SSA Cover 2011

        Sovereigns, Supranationals & Agencies 2011

        IFR Sovereigns, Supranationals & Agencies 2011

        Sovereign, supranational and agency issuershave long had a habit of concentrating their borrowing in the first half of the year. But that trend seems to have accelerated in2011, with many of the larger SSA issuers having completed up to 40% of their annual borrowing targets by the end of the first quarter alone.

        Turkey Cover 2011

        Turkey Report 2011

        IFR Turkey Report 2011

        In little over a decade, Turkey has gone from being the sick man to the rich man of Europe. While other European countries have come through the crisis indebted, stunted and broke, Turkey has gone from strength to strength. Last year was a watershed, with growth coming in at 8.9%, inflation in low single digits and real interest rates close to zero.

        LatAm Cover 2011

        Latin America 2011

        Latin America Report 2011

        It’s been a good twelve months to be a market outside of Europe and the US. With many developed nations struggling under the weight of public and private debt, most emerging markets have been arousing a lot of attention from growth-hungry investors. But some markets have emerged more than others, and Latin America is definitely home to some of the sexier examples.

        2010

        IFR Review of the Year Cover 2010

        IFR Review of the Year 2010

        IFR Review of the Year 2010

        Looking back at the past year, it would be easy to summarise the events of 2010 as the global financial crisis Part 1 – the one created by financial market professionals, sleepy regulators, institutional investors and artificially low interest rates – giving way seamlessly to potentially an equally pernicious, tumultuous and damaging global financial crisis Part 2, this time created by profligate, over-indebted European sovereign governments.

        IFR Middle East Cover 2010

        Middle East Report 2010

        IFR/PFI Middle East Report 2010

        The annual IFR/PFI Middle East Review comes at a time of renewed confidence in the region and its capital markets. The Dubai crisis has abated - although there is still plenty of restructuring work available for assets linked to Dubai Inc. The Middle East region is getting back to concentrating on growing on the path it had set itself before the Dubai, and indeed the global financial crisis, hit.

        IFR DCM Cover 2010

        IFR Debt Capital Markets Report 2010

        IFR DCM 2010

        What is normal? It is a question nobody knows the answer to, exactly. The last time there seemed to be a clear answer to it was in 2007, before the credit crunch bit, but it seems increasingly clear that the answer that would have been given then no longer holds. In the second half of that year, the market was abnormally frozen, while 2008, defined by the collapse of Lehman and the near collapse of the financial system, was anything but normal.

        IFR FIG Cover 2010

        IFR FIG 2010

        IFR FIG 2010

        2010 was the year concerns about the health of European sovereigns eclipsed the banking crisis. For the first time since the credit crunch of 2007, financial institutions were no longer the sole target of public opprobrium, and concern about defaults centred on entire countries. Bailouts were no longer an enforced favour from taxpayers to their national banking systems but had become instead an international rescue mission mounted to prevent the EU bloc from foundering on its own economic contradictions. 

        IFR World Bank Cover 2010

        IMF/World Bank 2010

        IFR IMF / World Bank 2010

        Investing in emerging markets has always been a pursuit best avoided by the faint-hearted. Typically boasting less liquidity than developed markets, and usually backed by less robust and diversified economies, they are renowned for their volatility. As a place to invest or set up a business, many have excessively complex legal and regulatory systems, among other assorted hurdles to doing business, that dissuade any but the specialist from participating.

        IFR India Cover 2010

        IFR India 2010

        IFR India Special Report 2010

        Before August 19, the last time the Sensex index touched 18,400 was just after its all-time peak of January 2008. India’s capital markets had just recorded the country’s biggest IPO and confidence was running high. Of course, the Reliance Power listing proved to be a disaster and the markets collapsed. Is it different this time?

        IFR Top 250 Cover 2010

        IFR Top 250 Borrowers 2010

        IFR Top 250 Borrowers

        A sense of euphoria was to be expected in the year that followed the 2008/2009, when banks and borrowers had to work hard to keep their heads above water. And in the 12 months from May 2009 to April 2010, the scope of this report, the debt markets have started to resemble something like their old selves: loans first became widely available, and then, increasingly as the year went on, even became competitively priced. Bonds had an even swifter return to prominence.

        IFR Covered Bonds Cover 2010

        IFR Covered Bonds 2010

        IFR Covered Bonds 2010

        Since the depths of the crisis, as some semblance of normality has returned to financial markets, covered bonds have regained their status as the poster child of a low-risk investment strategy. And its appeal has even broadened in recent years: some hedge funds looked at the market for the first time during the crisis, and, while few are still active buyers, a greater number of pension funds and insurance companies invest than ever before.

        IFR Turkey Cover 2010

        IFR Turkey 2010

        IFR Turkey 2010

        Turkey has weathered the financial crisis better than any had expected and it has emerged the other side with its reputation enhanced. In a neighbourhood where much has gone wrong, Turkey has seemingly done everything right.

        IFR Sovereigns Cover 2010

        IFR Sovereigns 2010

        IFR Sovereigns 2010

        Sometimes markets are shaken by an event so seismic that everything else seems to fade into the background. Greece’s slide to the brink of bankruptcy was such an event. With the collapse of Lehman still so fresh in the mind, cataclysmic consequences do not seem so far fetched as they once did. Nobody had any illusions as to what the stakes were as the crisis unfolded. But perhaps that was ultimately an advantage, focusing the minds of the politicians and financiers. Although the problem has not been resolved – and there is still a possibility that Greece will be forced to default – the speed and scale of the response seems to have been appropriate, and the situation may yet be contained.

        IFR Germany Cover 2010

        IFR Germany 2010

        IFR Germany 2010

        In many ways it has been a fantastic 12 months for Germany. Some of the markets for which it is most renowned have witnessed an impressive return to form that almost constitutes “business as usual”. The Pfandbrief sector, the financial market most synonymous with Germany, has in some ways shrugged off memories of the credit crunch and looks to be in rude health.

        2009

        IFR Review of the Year Cover 2009

        IFR Review of the Year 2009

        IFR Review of the Year 2009

        Reading IFR’s Review of the Year as we send it to the printers, it is striking what an unusual piece of work it is: it says lots of glowing things about bankers and banking.

        Islamic Finance Cover 2009

        IFR Islamic Finance Report 2009

        IFR Islamic Finance Report 2009

        Welcome to the first Reuters Publishing Islamic special report – produced by journalists from IFR, PFI, Acquisition Monthly and IFR Securitisation Report. This is a truly global effort to capture the up-to-date picture of one of the world's most important capital markets, in detail.

        DCM Cover 2009

        Debt Capital Markets 2009

        IFR Debt Capital Markets 2009

        It has been an extraordinary year for the debt capital markets. Just over a year ago the world economy flew so close to the flames that it seemed like complete meltdown was the most likely outcome. In the aftermath, most markets ceased functioning in any meaningful way. The loan markets went into a paralysis from which some are still tentatively emerging, while even those that resumed business more quickly have shrunk. The equity markets went into freefall, and though they have since bounced back, opinion is sharply divided over how sustainable that recovery is. Even the bulls would have to concede it will take years before they get back to where they were.

        Derivatives Cover 2009

        Derivatives Report 2009

        IFR Derivatives 2009

        The derivatives industry has found itself at the centre of the debate about regulatory reform, an issue that remains at the top of the international agenda. It can have no complaints about this: CDS played a massive part in whipping up the storm that engulfed Lehman Brothers, and would have claimed other high-profile and economically devastating casualties in AIG, Citi and others, but for the costly government interventions. While many argue derivatives did not cause the crisis, it is hard to argue they did not exacerbate it.

        India Cover 2009

        India Report 2009

        IFR India Report 2009

        If you set out to prove the decoupling hypothesis, the idea that Asian markets are now sufficiently distinct from the US and Europe to be insulated from the global financial crisis, you could do worse than starting with India.

        World Bank Cover 2009

        IMF/World Bank Report 2009

        IFR IMF / World Bank 2009

        More than at any time since 1998, the last year has seen the IMF and World Bank in the dock. In one sense the crisis has given them a new lease of life, a new relevance. As the crisis has unfolded, the IMF has been given greater funds to cope with an expected spike in demand. It has worked hard to shed the traditional stigma attached to IMF aid, and created new support packages – acknowledging that, with aid as with so much else, one size often does not fit all.

        National Champions Cover 2009

        National Champions of the European Capital Markets 2009

        IFR National Champions Europe 2009

        How different the world looks in just 12 months. The National Champions of the European Capital Markets 2008 report was published just days before the collapse of Lehman Brothers – the event that became the defining moment of the financial crisis that had started with the credit crunch one year earlier. It is hard to identify an event more seismic for banking – in Europe and globally.

        ECM Cover 2009

        Equity Capital Markets 2009

        IFR Equity Capital Markets 2009

        Good use was made of Equity Capital Markets in 2008 as companies, led by financial institutions, rushed to raise funds and secure their futures. As the global economy continued to falter in 2009, that need has only increased, with a broader spread of corporates desperately seeking funds to survive.

        Top 250 Cover 2009

        Top 250 Borrowers Report 2009

        IFR Top 250 Borrowers 2009

        It has been the most difficult 12 months in living memory for financial markets. Compared to the period following the collapse of Lehman Brothers last September, the previous chapter of the crisis – the credit crunch that began in the summer of 2007 – seemed positively mild. The period covered in this report was one of frequent illiquidity and ongoing concern about who would follow Lehman into financial oblivion.

        Pfand Cover 2009

        Covered Bonds Report 2009

        IFR Covered Bonds 2009

        It has been a long, cold winter in the financial markets. The land of the covered bond has been as bleak as anywhere, with issuance in 2008 and early 2009 reducing to the merest of trickles. In 2008 there were questions about whether the covered bond market could ever regain its relevance after the emergence of the government guaranteed market robbed it of its natural investor base.

        Middle East Cover 2009

        Middle East 2009

        IFR Middle East Report 2009

        The financing of Abu Dhabi’s ambitious Formula 1 racing circuit will bring significant benefits to the Emirate’s rapidly growing economy. By Jody Waugh, a senior associate in the banking and finance team at law firm Al Tamimi & Company.

        Triple A Cover 2009

        Triple A Borrowers Report 2009

        IFR Triple A Borrowers 2009

        Bond markets have experienced an issuance bonanza this year, with both the size and frequency of deals in the ascendancy. Triple A activity has traditionally been frenetic in the first quarter of the year, with much of the issuance from the major agencies coming near the start of the year. There has, therefore, been a lot of Triple A paper knocking about in the first months of 2009.

        Turkey Cover 2009

        Turkey Report 2009

        IFR Turkey 2009

        The downturn has not been comfortable for Turkey. Exports are collapsing. Unemployment is high, at around 15%, and rising. Youth unemployment, at around 25%, is particularly worrying, undermining one of the macro economic factors Turkey has going for it – its young population. It is in the process of negotiating an IMF loan, a stark reminder of its economic problems. And it has an illustrious history of economic problems morphing into political ones.

        Germany Cover 2009

        Germany Report 2009

        IFR Germany Report 2009

        If only financial crises were more discriminate in the havoc they wreak. Unfortunately for Germany, the downturn has had scant regard for economic justice: the prudent savers and the hard workers have seen their economies savaged with vigour that is almost indistinguishable from what has been witnessed by the spendaholic Anglo-Saxons.

        CEE Cover 2009

        Central and Eastern Europe Report 2009

        IFR Central and Eastern Europe 2009

        Central and Eastern Europe* – a collection of countries that are as economically diverse as they are geographically close. As such, the region offers a fascinating laboratory for an analysis of the global downturn.

        2008

        IFR Review of the Year Cover 2008

        IFR Review of the Year 2008

        IFR Review of the Year 2008

        Never before in the long history of IFR awards has one bank been so dominant. In what is our equivalent of a “Titanic at the Oscars” moment.

        CSR Cover 2008

        Corporate Social Responsibility 2008

        IFR CSR 2008

        Most people do not derive pleasure from harming those around them. The same is true of most businesses. There are, of course, some that derive their profits directly from morally questionable pursuits, such as arms trading. But many more companies incur the wrath of a new generation of ethically activist investors and consumers for actions that are peripheral to their core business: factories that pollute rivers; manufacturers that employ underage workers or do not provide safe working conditions; or power companies that emit excessive greenhouse gases – or leave a legacy of radioactive waste for future generations to deal with.

        Derivatives Cover 2008

        Derivatives 2008

        IFR Derivatives 2008

        Warren Buffett famously called them financial weapons of mass destruction. In the world of derivatives, there has probably never been so much devastation as was evident in the aftermath of the collapses of Fannie Mae, Freddie Mac and Lehman Brothers.

        Middle East Cover 2008

        Middle East Report 2008

        IFR Middle East Report 2008

        Welcome to the third annual Reuters International Financial Review (IFR) and Project Finance International (PFI) report on the Middle East capital markets. We publish the report at a time of unprecedented turbulence in the global markets. For much of this year the Middle East has shown a degree of isolation from the global problems, but the latest shocks to the system will have an impact even in this region.

        DCM Cover 2008

        Debt Capital Markets 2008

        IFR Debt Capital Markets 2008

        It has been the most difficult year in living memory for finance. Less than twelve months ago, many bankers were still optimistic that they would arrive back at their desks for the New Year to be greeted by a newly resurgent market. How naïve that seems now.

        World Bank Cover 2008

        IMF/World Bank 2008

        IFR IMF / World Bank Report 2008

        A little over 12 months ago, bankers still regarded emerging markets with the kind of excitement usually exhibited by young children approaching their birthdays. Constituting a significant proportion of the world’s land mass, emerging markets seemed to offer almost boundless opportunities as they struggled to close the gap on their more developed neighbours.

        Environmental Finance Cover 2008

        Environmental Finance 2008

        IFR Environmental Finance 2008

        Environmentalism has come a long way in a short space of time. The cause that was once the preserve of a radical minority has now burst onto the mainstream: bankers and traders have joined the dreadlocked hippies in the belief that the world needs to move to a low-carbon economy.

        National Champs Cover 2008

        National Champions of the ECM 2008

        IFR National Champions ECM 2008

        A look around the top investment banking players in Europe in the current climate quickly confirms the difficulties most have faced since the middle of 2007. An analysis of the individual performance of those banks is inevitably a kind of referendum on their performance in the face of the credit crunch, although they do not operate on a level playing field, and the impact the crisis has had has been determined – at least to some extent – by the country in which the bank operates.

        India Cover 2008

        India 2008

        IFR India 2008

        India stands on the threshold of economic greatness, if only it can ride out the global credit squeeze and overcome an innate desire to regulate itself out of international competitiveness.

        Top 250 Cover 2008

        Top 250 Borrowers 2008

        IFR Top 250 Borrowers 2008

        The last 12 months have certainly been interesting. But at times like these it is easiest to differentiate between the highest quality issuers and everyone else. During the extended bull market that ended in the summer of 2007 there was a gradual erosion of the kind of hard-headed investor scrutiny that has since returned in force. Companies wishing to raise capital had found it easy surfing the waves of investor exuberance, without having to worry unduly about pricing their debt. No more though.

        Pfand Cover 2008

        Pfandbriefe/Covered Bonds 2008

        IFR Pfandbriefe Covered Bonds 2008

        It has been an interesting year for covered bonds. While few asset classes outside commodities have flourished in the current market conditions, covered bonds on aggregate have enjoyed relatively good performance. This has ranged from being among the least bad performers in the credit universe in some of the newer covered bonds markets – such as Spain and the UK – to delivering very good returns in absolute terms in some of the more established markets – like Germany and France.

        Triple A Cover 2008

        Triple A Issuers 2008

        IFR Triple A Borrowers 2008

        Investors have frequently fallen into the trap of viewing the Triple A label as the equivalent of a capital guarantee. Being less sophisticated, retail investors have been particularly susceptible to this. In the extended bull market that finally ended in the summer of 2007 this illusion looked increasingly like reality and investors had no reason to question the system that was bringing them consistent financial rewards.

        Turkey Cover 2008

        Turkey 2008

        IFR Turkey 2008

        So much fuss has been made of the political issues raging around Turkey in recent years that it is easy to forget its financial markets. The question of Turkish membership of the EU has received more column inches throughout Europe and Turkey than many other issues put together. More recently, the question of how far Turkey’s secular traditions should be respected has been equally explosive.

        Germany Cover 2008

        Russia 2008

        IFR Russia 2008

        In fashion, as in finance, things move quickly. It is clear from Moscow’s ubiquitous designer handbags and expensively tailored suits that the 1990s are but a fading memory for the devoted fashionistas of the new millennium.

        CEE Cover 2008

        Central and Eastern Europe 2008

        IFR Central and Eastern Europe 2008

        Central and Eastern Europe is a fascinating collection of emerging markets benefiting from the reforms they pushed through in order to secure European membership.

        Germany Cover 2008

        Germany 2008

        IFR Germany Report 2008

        Germany is at heart of Europe. It is a metaphor that encapsulates the importance of the country, which sits at the centre of the continent, but also the fundamental interrelationship between the fortunes of individual country with the continental collective. As Europe has suffered the global virus of disappearing liquidity and recessionary fears, so the beating of the heart has grown somewhat fainter. But it beats on.

        LatAm Cover 2008

        Latin America 2008

        IFR Latin America 2008

        No longer at the centre of the financial crisis as in times past, Latin America has been relatively resilient amid the storm generated by the US credit crisis. On the contrary, the region has been seen as a sort of safe haven, given the strong fundamentals, deepening local markets and upward ratings trajectories in countries like Brazil, Peru and Colombia.

        2007

        IFR Review of the Year Cover 2007

        IFR Review of the Year 2007

        IFR Review of the Year 2007

        The past 12 months were the most interesting and challenging time for the banking industry for many years. But it is in such times that the investment banking industry really earns its money. Anybody can sell a bond deal or an IPO when the market is always going up. It takes brains, good judgment and maybe even a bit of courage to do so when times are hard.

        Japan Cover 2007

        Japan 2007

        IFR Japan Report 2007

        It has been a mixed year for Japan with the country and its capital markets able to boast of significant achievements but also facing challenging obstacles. Overall, however, the tone remains positive.

        DCM Cover 2007

        DCM 2007

        IFR Debt Capital Markets 2007

        No-one could claim that 2007 has been uninteresting. Unpredictable, maybe: uncomfortable, almost certainly: but uninteresting, definitely not.

        World Bank Cover 2007

        IMF/World Bank 2007

        IFR IMF/World Bank Report 2007

        Emerging market borrowers have come through the summer storms battered but unbowed. This description could also apply to staff at the World Bank after the turmoil surrounding the forced departure of former president Paul Wolfowitz. Incoming World Bank head Robert Zoellick faces a difficult task in restoring morale among staff at the supranational agency, while not giving ground on the need to tackle corruption in its client countries.

        Middle East Cover 2007

        Middle East 2007

        IFR Middle East report 2007

        With huge sums generated by the oil price rise and more competition in some sectors, Middle Eastern companies are increasingly considering mergers and acquisitions. At the same time, regionally based funds are flexing their financial muscles overseas and targeting major companies.

        European Capital Martkets Cover 2007

        European Capital Markets 2007

        IFR European Capital Markets 2007

        For firms active in European capital markets, the second half of this year is going to look very different to the first. Even as recently as March, many finance professionals were predicting the possibility of a bumper year across a raft of asset classes. M&A activity was still spurring on financing needs across the continent, and apart from the occasional dip, markets were generally holding up.

        ECM Cover 2007

        Equity Capital Markets 2007

        IFR Equity Capital Markets 2007

        After a solid start to 2007, the ECM market has been thrown into disarray as the sub-prime meltdown hit equity markets hard through August. With most markets taking their usual holiday breather, the true impact of increased volatility and investor nervousness will not become apparent until later in the year. Pipelines remain in tact, although ECM bankers who were quick to shrug off the wider impact of the late February correction, are facing what should be their busiest time of year with some trepidation.

        India Cover 2007

        India 2007

        IFR India Special Report 2007

        India continues to capture the imagination of international investors. The country’s capital markets are developing almost as quickly as its economy, which is growing at a brisk 8.4%.

        Top 250 Cover 2007

        IFR Top 250 2007

        IFR Top 250 Borrowers 2007

        And so it continues. In spite of a few temporary setbacks, the credit markets have remained robust for yet another year, with cash-rich investors providing a solid foundation on which borrowers can build. Although issuers have been more than happy to indulge this demand, supply has still been eagerly snapped up as buyers look to put all that money to work.

        Securitisation Cover 2007

        Securitisation 2007

        IFR Securitisation 2007

        Over the last 12 months the apparently unstoppable momentum of the global securitisation industry has suffered a major jolt. The immediate cause lay in the sub-prime segment of the US home equity market, but the ripples have spread out to affect other jurisdictions and market sectors.

        Pfand Cover 2007

        Pfandbriefe/Covered Bonds 2007

        IFR Pfandbriefe Covered Bonds 2007

        Turn the clock back just a few years and the image that sprang to mind at the words "covered bond" was of a German market proud of its traditions and robust structure.

        Leveraged Finance Cover 2007

        Leveraged finance 2007

        IFR Leveraged Finance 2007

        Exciting and scary are the two words that best sum up global leveraged finance in 2007. The market is exciting because the deals are getting bigger and more complex and it is scary because the pricing is getting tighter and the financing structures more aggressive.

        Real Estate Cover 2007

        Real Estate Finance 2007

        IFR Real Estate Finance 2007

        The European real estate market continues to boom, and the capital markets are busy fuelling the frenzy. From financing private equity-backed M&A through lending to feed hungry CMBS conduits, bankers are working hard to fund the growth of property companies and meet the demand from investors for new product.

        Turkey Cover 2007

        Turkey 2007

        IFR Turkey 2007

        After five years of its most stable government in decades, Turkey faces both presidential and parliamentary elections this year, with a possible return to coalition government before the year end. Political concerns mean that it will be difficult to make tough economic decisions, but if the achievements of the outgoing government are going to be built upon, the country still has a lot to do.

        Germany Cover 2007

        Germany 2007

        IFR Germany Special Report 2007

        This year's special report on Germany finds the country confounding the doubters in many areas. Despite concerns about the ability of the Grand Coalition government to deliver on reform, the still booming world economy has boosted economic growth, and against that background, corporates are increasingly looking beyond the country's borders for acquisition-driven growth opportunities.

        2006

        IFR Review of the Year Cover 2005

        IFR Review of the Year 2006

        IFR Review of the Year 2006

        The past 12 months in international capital markets have been the most benign – certainly the least turbulent – in years, and it still seems too early to call time on the general market ebullience.

        Derivatines Cover 2006

        Derivatives 2006

        IFR Derivatives 2006

        The derivatives markets continue their sharp growth trajectory, led by a credit derivatives sector that has brushed off the dual threats of rock bottom spreads and processing strains.

        Syndicated Loans Cover 2006

        Syndicated Loans 2006

        IFR Syndicated Loans Special

        Things really do not get any better this. M&A has returned in full force, the global leveraged finance boom has continued and deals in the exciting new structured finance sector abound. Even the tightly priced refinancings that have dominated the market in recent years have become a distant memory, at least outside of the US. Profitable deals have finally returned as a market mainstay. In short, 2006 is the year that loan bankers have been waiting for.

        World Bank Cover 2006

        IMF World Bank 2006

        IFR IMF World Bank 2006

        So long a lender, the IMF is preparing to change tack and embark on a new role – that of surveillance monitor and adviser. The IMF has lost a lot of relevance for investors because it has become an outsider.

        Middle East Cover 2006

        IFR Mid East 2006

        IFR Middle East  Report 2006

        Welcome to the first joint Project Finance International (PFI) and International Financing Review (IFR) Middle East Report, a review of the GCC capital markets published by Thomson Financial, the parent company of PFI and IFR.

        ECM Cover 2006

        ECM 2006

        IFR ECM Special Report 2006

        Despite a painful market correction in May this year, the outlook for global equities has remained generally positive. The explosion of merger and acquisition activity has had a significant impact on issuance, both in the areas of straight equity and equity-linked.

        India Cover 2006

        India 2006

        IFR India Special Report 2006

        We wrote in our last special report on India a year ago that regulatory reform would be the key to holding on to the development the country’s capital markets have enjoyed over the past few years.

        Top 250 Cover 2006

        IFR Top 250 2006

        IFR Top 250 2006

        Have the benign technical and fundamental conditions that had given borrowers such a tremendous funding advantage in international bank and credit markets for the past five years finally come to an end? Or will the market sell-off of the past few weeks be seen in the same light as the severe market correction of May 2005 – just a blip in an otherwise unblemished credit bull market?

        Securitisation Cover 2006

        Securitisation 2006

        IFR Securitisation 2006

        Banks continue to dedicate more resources to the securitisation business, but there is a sense that the industry is reaching a new stage in its development. In place of the all-out growth of earlier years, it is becoming more important for both the buy and sell sides to distinguish between the different segments of the asset class.

        Pfand Cover 2006

        Pfandbriefe/Covered Bonds 2006

        IFR Pfandbriefe Covered Bonds 2006

        Spain continued to dominate covered bond supply, taking 43% of last year's total of €130bn. This year, Spanish issuers of cedulas are likely to bring €60bn to market, more than double their next biggest rival, German pfandbrief. While growth is likely to slow from the blistering 25%-30% levels seen in recent years, at 15%-20% from 2006 onwards, Spain is likely to remain a key jurisdiction alongside Germany.

        CEE Cover 2006

        CEE 2006

        IFR Central and Eastern Europe 2006

        Central and Eastern European financial markets have benefited from the combination of accession-driven convergence towards global markets and a host of successful structural reform programmes in the major and second-tier countries of the former Eastern bloc.

        DCM Cover 2006

        DCM 2006

        IFR Debt Capital Markets 2006

        To anyone predicting a fall-off in issuance volumes and general spread widening in the wake of the GM/Ford sagas of last year, the market's resilience will have come as something of a surprise.

        Turkey Cover 2006

        Turkey 2006

        IFR Turkey 2006

        The combination of stable government and an improving economy continues to keep Turkey on the right path. But as the country definitively emerges from the dynamics of crisis economics and with elections in the offing, what comes next?

        Germany Cover 2006

        Germany 2006

        IFR Germany 2006

        Germany stands at an interesting juncture. Chancellor Angela Merkel has impressed with her time in office so far, but the honeymoon is over and she now needs to tackle pressing economic reforms that will once again put Germany on a growth trajectory and reduce unemployment levels of close to four million. Business confidence is slowly picking up as companies, rehabilitated after years of balance sheet restructuring and deleveraging, are looking once again at acquisition opportunities to boost output and efficiency. This has been a boon for investment bankers and lenders, who have been starved of opportunities in recent years. Given the size of the economy, Germany already provides a sizable chunk of the investment banking fee pool, but financiers are optimistic about their near-term ability to garner a share of an increased wallet.

        2005

        IFR Review of the Year Cover 2005

        IFR Review of the Year 2005

        IFR Review of the Year 2005

        The past 12 months in global capital markets gave the impression of being prone to volatility and nervousness, but in truth it was a fabulous year. The downgrades of Ford and General Motors, and the reverse in correlation, created some worrisome moments, but dealers and investors shrugged off the effects pretty quickly, and the credit market continued its rollercoaster ride.

        Derivatives Cover 2005

        Derivatives 2005

        IFR Derivatives 2005

        Depending on your viewpoint, and choice of metaphor, the derivatives market has either dodged a few bullets this year, or continues to skate on thin ice.

        Syndicated Loans Cover 2005

        Syndicated Loans 2005

        IFR Syndicated Loans 2005

        The outlook for the global loan market is more positive than it has been for several years. After five years of deep liquidity pushing pricing down, tenors out and covenants into extinction, the focus has moved from refinancing to the return of M&A.

        Financial Exchanges Cover 2005

        Financial Exchanges 2005

        IFR Financial Exchanges 2005

        This is certainly an exciting time in the world of financial exchanges. As long as each exchange enjoyed a monopoly in its own jurisdiction, they remained a necessary but rather dull element of infrastructure. But as such monopolies were eroded, and competition for the same business between different jurisdictions increased, financial exchanges have been forced to reconsider their function, strategy and often their continued existence.

        ECM Cover 2005

        ECM 2005

        IFR Equity Capital Markets 2005

        The outlook for global ECM is healthier now than for several years. The signs of recovery were plain to see at the time of the publication of last year's ECM report, but this year's resurgence of M&A activity coupled with strong secondary market performances have created conditions that do not just suit equity issuance, but actually make it desirable.

        WB Cover 2005

        IMF/World Bank 2005

        IFR IMF/World Bank 2005

        There are big plans in store for regional co-operation in Asia, although little has so far been done to secure the region against the sort of financial shocks suffered when global capital walked away in the late 1990s. While the IMF was heavily criticised as that crisis enveloped Asia, so far only piecemeal measures have been introduced to prevent a repeat of the carnage inflicted last time round.

        India Cover 2005

        India 2005

        IFR India 2005

        India’s offshore presence in the capital markets has come from nowhere over the last two or three years, with the rise in volumes reflecting the rapid improvement in the country’s economic fortunes.

        Top 250 Cover 2005

        Top 250 2005

        IFR Top 250 Borrowers 2005

        This year's IFR Top 250 Borrowers report comes in the aftermath of the most serious dislocation in credit markets for years. The GM/Ford downgrades to junk spooked a market that had seen one-way traffic for years in terms of credit spreads.

        Securitisation Cover 2005

        Securitisation 2005

        IFR Securitisation 2005

        ABS market participants have seen one of European fixed-income's more remarkable bull runs over the past two years. Year-on-year growth across all securitised asset classes has been robust, and new investors are still being reported in primary issues.

        Pfand Cover 2005

        Pfandbriefe/Covered Bonds 2005

        IFR Pfandbriefe Covered Bonds 2005

        Seemingly impervious to wider credit market woes, the Covered Bond sector goes from strength to strength – offering borrowers reliable access to cheap funding and providing investors with a high-grade substitute for government or agency debt.

        DCM Cover 2005

        DCM 2005

        IFR Debt Capital Market 2005

        The end of the first quarter; a time for pause, a time for reflection . . . and in the case of this year, a time of standstill in the new issue markets.

        Turkey Cover 2005

        Turkey 2005

        IFR Turkey 2005

        Talking to bankers and analysts about Turkey in late February and early March was an odd experience. On almost every front there had been progress over the past 12 months and Turkish assets were in demand, from sovereign bonds to second-tier banks. But there was also a sense that investors were ignoring the full picture and accepting a simplistic view of what is a far more complex situation.

        Germany Cover 2005

        Germany 2005

        IFR Germany 2005

        Another year means another chance for Germany to slough off its recent dismal record and make a positive impression in the capital markets. That’s the theory, and bankers have certainly started 2005 in a more upbeat mood. Then again, that was the story last year, so is there any more reason for optimism now?