There are a few scheduled Asian IPO’s in NYC in the next year. The age of the mega-IPO is almost over, and the new IPO’s will be small/mid sized companies. What really hurt NYC was the collapse of Worldcomm and Enron left a bad taste in people’s mouths.

NYC and London will be world finance capitals for a long time. What matters is not where the money is coming from but where the expertise is. As long as the expertise stays in NYC and London, the money will go there to find it.

One other thing is that the trend in IPO’s is multiple listings. It costs about the same to list in one place as in two, and in listing in two you get some advantages. For example a dual HK/Shanghai listing gets you the domestic capital of the Shanghai market while at the same time getting the “seal of approval” of the HK securities regulators.

I see big moves in “other” inflows to UK and Europe and declines elsewhere. Any idea where and into what the outflows are going?

Recycling or redirecting, short term liquid or longer term less liquid?

but hot money
arab money and russian money all like loose

the city is a whore to whores

my problem with this is that I tend to see it more as the ongoing evolution and global integration of a system – and not the domination of one nation over another.

Tho I guess selling housing to brits and Germans is an export of sort.

-Evans

I’m writing from Spain. I’m following RGEmonitor since the beginning of the year and I am in the hard landing side of Dr. Roubini.

I think that the housing bubble is bigger in Spain than in USA, and the crash will be harder here.

Some comments about Nikkei reports about yen mortgages in Spain, and spanish housing and mortgages (sorry my poor english):

1.— I have no news of yen mortgages in Spain, but it could be possible. Googeling a bit shows you that UK people have lots of options to have such options. So, I’ve no news about that. But it’s not mainstream.

2.— The mortgages made in Spain are 99% in variable rate, at about 0.5 points higher than “euribor” index. This means that most of people are paying now 4.25 or 4.50 interest rates. Not a 6%.

3.— Mortgages in Spain became very cheap in year 2000, because Eurozone set the rules and the ECB interest rate was established at 2% (while spanish inflation was at about 3,5%). I remember that we were used to 16% rates in 1990. Consequence: everybody got indebted to the end.

4.— Everybody saw that buying a house was a better investment than having the money in a bank (because hause prices never go down!). This was the logic.

5.— ECB and the spanish central bank are saying that the median household debt is getting out of common sense and banks are taking too many risks with very “exuberant mortgages habits” and so on (here are common now 50 year mortgages, when almost nobody is working before 25-30 years.

6.— Spain, although having very big deficits, is a little bit save under the euro umbrella, from foreing attacks.

7.— Spain is a great place for german and british old people to get retired in. Good wheater, cheap prices, better health services than in UK (for free), and so on.

8.— About one million of inmigrants were legalized last year (mostly from Marocco and South America). And there are probably much more illegals. They have to live somewhere: they buy a flat of 60 square metters to live at dozens inside. Sharing legal papers between similar faces.

9.— Housing is out of hand anywhere, but all big housing companies and banks are already out of mortgage business. But —at the same time— buying lots of energy markets in financial institutions.

10.— Today, the minister of economy in Spain said that, although he has no problem with housing companies buying energy companies, he doesn’t like the last move of this companies buying banks.

All this is happening in a moment that all european countries are playing hard to preserve their energy companies from foreing buyouts, and quite frightened I think of Putin’s last moves.

I hope that, out of the line, this will help or give some light to someone to understand spanish housing bubble madness.

Go on, brad.

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