Debt Capital Markets 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.
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.
IMF/World Bank 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 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.
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.
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.
Pfandbriefe/Covered Bonds 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.
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.
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.
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.