Off the record is a collection of unattributed quotes from the market.

The demise of AIG has inflicted an identity crisis on the insurance industry. But insurers face exposure to distressed assets, accounting and valuation issues and a potential shortage of capital. Sounds familiar? Helen Avery reports on how insurers believe they will avoid the same fate as the banks.

AIU, the rebranded general and commercial insurance division of AIG, tops every global category in Euromoney’s insurance poll. Holding on to customers and staff in the wake of AIG’s collapse into the arms of the US taxpayer has been a tough challenge. AIU chief executive Nicholas Walsh explains to Peter Lee the latest plans to create a separate identity for the division and an eventual IPO.

"It will not happen and if it happens ... we will deliver the appropriate answer to a problem which will not occur"

Zurich reported net income of $3 billion for 2008. More impressive was its return of 1% on its investments. Helen Avery spoke to Martin Senn, CIO.

Axa’s Gerald Harlin tells Helen Avery about the benefits of balance.

Custodians have become one of the few safe havens of the financial markets. If they can manage securities lending without putting assets at risk, their power and influence among clients is set to grow. Helen Avery reports.

A select group of emerging market equity fund managers is aiming to do something different – outperform developed markets in a prolonged global downturn. Staying clear of the crowd will be crucial to success. Chloe Hayward profiles seven leading investors and asks where they will make money in 2009.

In a period of financial crisis corporates are particularly concerned about avoiding risk, but are also keen to get their cash working at a time when credit is hard to raise. Competition between top providers is fierce, while there are new opportunities for the second tier. Laurence Neville reports.

Governments on both sides of the Atlantic have announced ambitious infrastructure spending commitments. But they will have to negotiate a much-changed bank lending market to realize their plans. Louise Bowman reports.

Senior and junior noteholders are at war, navigating a complex legal web to extract some value from Europe’s unravelling CMBS market. Louise Bowman explains the limited options available to the servicers stuck in the middle.

Fixed-income markets stand at a crossroads. The traditional model is broken. A new breed of debt advisory and trading boutiques believe they hold the key to the future. Some of the biggest names in the bond market are jumping on the bandwagon. Alex Chambers examines whether this is the day of the independents.

The exploitation of natural gas resources looks set to transform Papua New Guinea’s wealth profile and social structure. The downside is the possibility that its undeveloped infrastructure and institutions will be unable to cope with rapid change. Chris Wright reports.

Chinese banks need to grow new income sources from fee-based services such as private banking, cash management, trade finance and investment banking. But they must balance a need to grab market share with their desire to avoid creating another banking bubble. Lawrence White reports from Beijing and Shanghai.

Brazil’s federal power holding group, Electrobras, has approved its 2009-12 strategic plan for R$30.2 billion ($13.2 billion) of investments.

As the Philippines faces the Legacy scandal, president Gloria Macapagal-Arroyo is trying to reassure the world that her country is better placed to withstand the global crisis, after the lessons of 1997. She talks to Lawrence White about Asian regional cooperation, trying to beat corruption and why she’s letting Legacy fail.

Mansour Al Maiman, secretary general of Saudi Arabia’s Public Investment Fund, tells Dominic O’Neill how his institution is adapting to the changing needs of his country.

Good timing means telecoms transaction greeted with enthusiasm.

Standard Chartered has arranged and underwritten the first ever RMBS transaction for a state-owned entity in the Philippines. The Ps2.1 billion ($43.6 million) deal for the country’s National Home Mortgage Finance Corp comes in the form of notes with an average duration of five years priced at 8.4437%. There are two classes: senior notes aimed at institutional investors, and subordinated notes that the issuing entity will retain. Margarito Teves, secretary of the country’s department of finance, said that the bonds opened the door for further similar deals. Who said mortgage-backed securities were dead?

China Life is the world’s biggest life assurer and China’s largest institutional investor. Its president talks to Sudip Roy about the challenges the company faces.

The country restructured its financial system after the Asian crisis, and so it might have lessons to offer the world. But its recent self-inflicted economic woes are urgent and less worthy of emulation. Eric Ellis reports from Bangkok.

Billions of dollars of foreign investment flooded into fast-growing manufacturers and real estate developers at the height of the China boom. Now, as the economy slows, many badly judged, rushed deals are unravelling, with investors unlikely to recoup more than a tiny proportion of their funds. Elliot Wilson reports.

Italy’s UniCredit made a €4 billion net profit in 2008, down 38% on the previous year but not as bad as some analysts feared. However, the bank, which is the biggest lender in central and eastern Europe, also recorded an almost 50% jump in bad debt provisions to €3.7 billion. The bank plans to sell up to €4 billion of hybrid debt to the Italian and Austrian governments, as well as private investors, to lift its core tier 1 capital ratio to 7.2% from 6.5%.

Saudi’s PIF to flex its financial muscle

The marketing campaign for the first-ever initial public offering from Armenia has been launched despite the fact that the country recently had to abandon attempts to support its currency, the dram, which depreciated by 25% in March.

Agustin Carstens, the Mexican finance minister, has confirmed that Citi does not have to sell its Mexican unit, Banamex, following the US government’s investment in the US bank.

Turkey is looking to take advantage of the fact that the country’s banking sector remains relatively well capitalized to achieve its challenging overseas funding requirement in 2009. Memduh Aslan Akcay, director general at the department of the treasury in Ankara, says that this year the country is looking to raise at least $3 billion in the international bond markets. This is likely to be the highest total required by any sovereign in the emerging Europe region. In 2008, Turkey had an indicated overseas funding target of $5.5 billion but the market turmoil caused by the fallout from the global credit crunch and associated economic slowdown meant that it was only able to raise $4 billion. So far this year the sovereign has raised $1 billion through a dollar Eurobond and the US currency along with euro will probably account for the bulk of this year’s issuance. "The US dollar and the euro were the main funding currencies so far and will remain as the core markets for us in the future," says Akcay. "On the other hand, we are ready to tap new currencies if and when we believe the conditions are appropriate for a transaction."

Saudi British Bank, which is part of HSBC, has appointed a new managing director and chairman. Richard Groves will replace John Coverdale as managing director. Coverdale is heading to Hong Kong to become HSBC’s global co-head of commercial banking.

Germany’s commitment to the EU project will guarantee bailouts for weaker eurozone members. But it’s a different story for hard-pressed central and eastern European states and their banks.

Mexican cement company Cemex has initiated talks with its core banks to renegotiate the majority of its outstanding debt: $14.5 billion in syndicated and bilateral obligations.