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Tej Singh leaves firm suddenly
Investor tells GlobalCapital it liked the portfolio’s diversity, data depth and sustainability impact
Bank’s €1bn transaction is most granular so far and found new buyers
Market participants gathering in Stavanger will focus on market growth
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"The general question is: have you taken sufficient write-downs? The reason I ask is there are cases of other top management officials at other companies saying they were finished and then other quarters, they had big writedowns again." Michael Mayo, an analyst at Deutsche Bank, presses Dick Fuld, chief executive of Lehman Brothers, about the bank’s calculations of its subprime and illiquid assets during a conference call on Monday.
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Both the euro and the dollar bond markets offered investors the widest range of credits to choose from this week as bankers continued to marvel at the astonishing tone of the major currency sectors in the first few weeks of 1999 and the wide variety of credits tapping them. Emerging market issuers made a welcome return to the international bond markets. Latin issuers continued to search for novel ways to raise funds, with Argentina raising $1bn of bonds with warrants and Pemex a similar amount in bonds linked to oil receivables.
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THE EXPORT-Import Bank of Japan led the return of the country's government guaranteed issuers to the international debt markets this week by launching $1bn of five year floating rate notes. Jexim's blow-out deal provided the first ray of light for Japan's beleaguered borrowers in months. The financial, economic and political weaknesses of Japan's credit led to a sharp repricing of Japanese government guaranteed issuers (JGGIs) throughout 1998, and culminated in the year end loss of the country's Aaa rating from Moody's.
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IS THERE A cloud of doom and gloom hanging over the architecturally tired HQ of Société Générale in the City of London? The exact address of the office is Primrose Street, but have all the petals fallen off and the bloom faded? Now that the bank has bought Paribas, is there a dark black cloud hovering overhead without a silver lining?