GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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  • The government appears to have decided that bond financing is more cost-effective than bank debt -- where most of the projects have been funded to date -- and is encouraging bidders to include capital market deals in their proposals.
  • The birth of the euro has provided a powerful new boost for the already buoyant European equity-linked debt market, which is enjoying unprecedented growth and development.
  • Banks were falling over themselves to win equity new issue mandates and even the syndicated loan market was becoming increasingly accessible for private sector credits.
  • The investor base has shrunk dramatically, with hedge funds and proprietary traders cutting their activities after last year's losses and many mainstream institutional investors simply deciding, after numerous crises, that the boom-bust nature of the asset class is not for them.
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  • Municipalities from central and eastern Europe have featured prominently in the vanguard of credits from the region to have tapped the Euromarkets, with the likes of Bratislava, Moscow, Prague and Tallinn among the very first international bond issuers from their respective countries.
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  • The new issue markets can be open one day and shut the next. And, in an environment of high spread volatility where investors can often find a better bargain in the secondary market, there can be no room for error.
  • Heterogeneity is one of the biggest problems facing the European municipal market, perhaps second only to the lack of liquidity. Government structures and bankruptcy laws differ between countries, and there is little uniformity in the mechanisms which guarantee local government debt.
  • But that is not going to happen overnight. With European investors reluctant to take on emerging market risk until the Brazilian situation becomes clearer, even the best Latin sovereign borrowers are struggling to get a proper foothold in the new market. As for corporate issuers, it could be a long wait.
  • And the aftermath of the Russian debacle last autumn underlined the appeal of asset-backed securities as defensive instruments in volatile times.
  • Accurate pricing of barrier options is a tricky business, and traditional lattice methods are ill-suited to the task.