BMA chief confident about region’s fundamentals.

More than a few doubts have been raised about the rumoured plans of state lender China Construction Bank to buy a major stake in US investment bank Bear Stearns. However, sources in the firm’s Asian head office believe the plans are serious. “I haven’t seen a lot of guys with white socks walking around the office yet,” says a senior employee, “but there’s definitely truth to the rumour. It’s typical Bear strategy: late to the party, perhaps, but a smart call.”

Fitch Ratings has downgraded its rating for the Islamic Republic of Iran from BB– to B+, to take account of what it calls the “escalating confrontation between Iran and the international community over Iran’s nuclear programme.” Although it contends that material sanctions are still some way off, it argues that the risk is increasing and events “are becoming increasingly unpredictable”. The agency acknowledges, though, that with high oil prices Iran’s external financial position remains strong.

Central bank to change tier 1 regulation in two months.

Equity derivatives dealers have set up an industry group to improve trading efficiency and iron out operational issues in their market.

Recent figures from Reuters’ Loan Pricing Corporation show that borrowers have it better in the US now than ever before. Strong growth in the M&A market meant that syndicated loan issuance in the US reached the highest volume on record in the first quarter of the year.

“I tried really hard not to use the words ‘dead cat bounce’ when we met.”

Germany’s True Sale Initiative received some much-needed publicity last month when the first CLO to be structured under the programme emerged from Dresdner Bank.

The New York Stock Exchange needs to have its hybrid system ready before Reg NMS takes effect but it has only just completed Phase I. It might not have too much to worry about, though, as many other market participants are unprepared and a delay is widely expected.

Having been fined £6,363,643 in April by UK regulator the Financial Services Authority for failing to observe proper standards of market conduct and failing to conduct its business with due skill, care and diligence, Deutsche Bank must be keen to promote a spotless reputation in all aspects of its business.

Is there enough room for both sorts of hybrid in the European acquisition finance market?

Few companies are pursuing leveraged share buybacks, but pressure from activist investors is putting the issue back on the agenda and there could be a lot more deals in the next 12 months.

“Debt providers are becoming more selective about the opportunities they are willing to support and are now concentrating on companies with good forward earnings visibility”- James Stewart, ECI

More challenging asset classes will require a different approach to Italian public sector risk.

When Gloria Estefan released her 1987 chart topper “Rhythm is gonna get you”, she was on to something. Nearly 20 years later she still has the crowd dancing in the aisles, or “partying on out” as she put it – even when that crowd is attending a swanky mid-week benefit dinner on Wall Street.

10,000,000,000 the minimum amount in dollars that Russian IPOs, excluding Rosneft, are expected to raise this year, according to bankers. The Russian government hopes to raise as much as $15 billion from a London IPO of Rosneft this year.

Uses of securitization to fund US buyouts is getting ever more innovative.

Looks to have got bargain with its $775 million purchase of spot broker.

The enormous growth potential of the Turkish banking sector is attracting a lot of attention but the mortgage business, one of the industry’s biggest attractions, is suffering from profit shortfalls because of a lack of well-matched funding opportunities. Covered bond issuance and the imminent reawakening of the Turkish lira corporate bond market could provide a much-needed boost. Peter Koh reports.

(May 2006) It is early days but US issuers are seriously considering covered bond issuance. There are economic and regulatory reasons why this makes sense.

In his last interview as director of public credit for Colombia, Felipe Sardi talks to Lawrence White about the strategies his successor will inherit, his efforts to increase the liquidity of Colombian securities and his plans for the federation of coffee growers.

UK non-conforming mortgage lender Kensington Mortgages has shown how well the monoline, securitization-funded business model can work. Group treasurer Mark Wilten tells Louise Bowman why its risk profile has moved away from sub-prime lending and denies that the company is for sale, despite persistent rumours to the contrary.

What’s going on at Merrill Lynch? The investment bank has posted impressive overall first-quarter results, as revenues hit the $8 billion mark, but the Latin American debt capital markets desk seems to be lagging.

Morgan Stanley has made its most senior investment banking hire since John Mack took over as chief executive last year and since the departure of one of its star M&A bankers, vice-chairman Joe Perella, one of the key defectors during the turmoil at the bank in the first half of last year.

International banks have been encouraged to re-enter the Saudi project finance market with big-ticket deals backed by a relatively healthy risk environment and more solid financial guarantees than in the past. Nigel Dudley reports.

The rush of foreign investment into central and eastern Europe has undoubtedly improved standards of corporate governance. But the results of this year’s Euromoney survey of the best companies in the region reveal that some state-owned companies that might prove difficult to acquire also rate highly for their management standards. Lawrence White reports.

China-focused forestry company falls behind in land acquisition.

The bridge loan Softbank has taken out to acquire Vodafone in Japan is enormous, negotiated on onerous terms and costly by Japanese standards.

Convertibles have regained popularity in M&A because of the types of deals being done.

With EU accession for Croatia still a few years away, the country’s financial authorities are focusing their attention on developing the local bond market. Oonagh Leighton reports.