The convertible bond market has enjoyed a remarkable transformation of its fortunes, and emerging market issuers are now looking to use hybrids to raise much-needed capital.
Equity Capital Markets
African states and banks have provided Zimbabwe with more than US$1bn in trade credit lines. Support from regional bodies has provided a much-needed injection of cash, but in the absence of long-term financing or western loan packages, the country is still far from recovery, writes Shannon Manders.
Having been caught in a blizzard of media and regulatory attention in the first half of 2008, sovereign wealth funds are taking steps to try and improve their public image, including agreeing to a voluntary code of conduct in September, reports Julian Evans.
Depository receipts have proven to be a reliable business even in these volatile times. Indeed, trading on GDRs is actually up 87% this year, even though new issuance is dramatically down on 2007.
In August, the first war for a decade took place in Europe, as Russia invaded Georgian territory. Since then, Russia has faced its worst financial crisis since the 1998 debt default. emeafinance editor Julian Evans looks at the economic costs for Russia of its military adventure in Georgia.