There are a record number of equity offerings in the pipeline for the rest of 1999. That may seem like good news for equity capital markets bankers. But with Y2K likely to close the market early this year those deals will have to squeeze through a narrow window. Even more worrying, this year has seen a surprising number of deals turn sour. Which of the deals in the pipeline is likely to turn rotten? And which firms will be left celebrating the successes? Michael Peterson reports.

Gordon Connell, Director of institutional sales, Knight Securities International

Default on Ecuador's Brady bonds could set the pattern for other bigger Brady debtors to follow. The IMF and other multilaterals appear to be egging them on. But is this the new pragmatic model for bailing in private creditors and avoiding moral hazard, or is it the first blast of a nuclear winter in emerging markets? By Michael Peterson.

Jimmy Treybig, Venture partner, Austin Ventures

Doubling shareholder value every three years is an objective set in stone for UK bank Lloyds TSB. The trouble is, the more money it makes ­ it's phenomenally profitable for a mature-market bank ­ the harder it is to put it to work. But there's no sign that it's run out of ideas. Jules Stewart reports.

Thais won't practise safe banking

The amorphous sector challenge