The borrower's perspective; LBO financing: a changing landscape; Prudent expansion is the key; LTM European Holco PIK's – the next stage of the bull market

"We absolutely cannot talk about it," was the repeated response of Goldman Sachs to market reports that it is setting up a mini private exchange to enable alternative investment firms to list without the hassles of regulatory oversight.

Housing provision for a burgeoning youthful population puts the development of a mortgage market centre stage in the GCC countries.

More on Oman Blue City

In Euromoney’s February 2007 Islamic finance awards section, we incorrectly stated that the PCFC or Dubai Ports $3.5 billion pre-IPO convertible "was structured by Deutsche Bank". The transaction, Best Islamic finance deal of the year, was structured, arranged, underwritten and distributed by Barclays Capital and Dubai Islamic Bank only, while Deutsche Bank was advising PCFC on the acquisition of P&O. We regret any inconvenience that may have been caused.

It is often the informal parts of conferences that are the most revealing.

The European Commission’s Markets in Financial Instruments Directive is due for final implementation from November. Many participants in the foreign exchange market still seem to be labouring under the misapprehension that Mifid will not have any impact on them, because the EU’s prime intention is to protect retail equity investors. Furthermore, the FX market is relatively confident that it is already delivering excellent execution (see Does FX need best-execution regulations? Euromoney May 2006).

Euromoney’s borrower awards capture the most important names and trends seen across the globe during the past 12 months.

As the boundaries of corporate securitization are increasingly stretched, the foundations upon which the concept is built are rapidly being eroded.

LCDX success gives the green light for the growth of loan derivative products.

weeklyFiX's coverage of FXMS

180 – the percentage rise in the value of US real estate ECM deals in the year to date over the same period in 2006. The total raised so far this year is $19.5 billion, up from just $7 billion in the 2006 period. The proportion of money raised by real estate companies through convertibles has increased 20 times, and currently accounts for 58% of US real estate ECM volume, $11.3 billion, compared with just 8% in the same period in 2006.

Bear Stearns has hired a new head of sales for prime brokerage in Europe as part of the US bank’s renewed efforts to build a meaningful presence outside the US. The bank appointed James Shekerdemian, from Lehman Brothers, where he was previously head of the quantitative hedge funds sales group.

Increasing international competition for China listings, most notably between London’s Alternative Investment Market (AIM) and China’s domestic markets of Shanghai and Shenzhen, is squeezing market leader Hong Kong, say insiders.

Dividend swaps market soars as investors profit.

Broker dealers collaborate to sponsor Project Alpha.

Unknown risks – the black swans – could upset the Asian party.

The stake held by Refco in FXCM, a leading retail aggregator, has been put up for sale by the creditors of the bankrupt futures brokers. Initial bids have to be submitted by June 29. Refco’s creditors will then launch a second round for the highest bidders, ending July 29, with the final winner announced in August.

It was announced on May 25 that Jack Jeffery had resigned as chief executive of electronic broking at Icap. The broker understandably moved swiftly to replace him, announcing that John Nixon would take over the role. Jeffery had overseen EBS’s integration into Icap after it was bought out from its mainly bank-consortium owners in June 2006. Jeffery joined EBS from Citi in February 2002 and he is widely credited with maintaining and then advancing EBS’s position as the market’s pre-eminent spot platform.

lnvestors question value of ISE deal.

The chances of a single Gulf currency receded further in May after Kuwait decided to break away from its US dollar peg and fix against a currency basket instead. At the time of writing the make-up of the basket was not known.

Imminent competition between execution ventures is likely to mean more trading and therefore more money for everyone.

The real action in debt capital markets has moved off the public stage.

Commodity markets used to be dominated by producers and users hedging their production and consumption. Now the mass arrival of investors has profoundly transformed these relatively small and illiquid markets. Peter Koh reports.

Russia is equally capable of fatally deterring and irresistibly attracting investors, as two recent big bank IPOs showed.

After years on the second tier of economic performance, Germany is ready for a return to the big time.

In most normal markets, when enough investors acknowledge the existence of a bubble, it will burst, so why has China’s ‘A’ share market, arguably the world’s most obvious stock market bubble, not popped yet?

The Champions’ League football final between Liverpool and AC Milan failed to live up to expectations but that evening London’s capital markets journalists were treated to an unexpected match between Deutsche Bank and UBS. Deutsche had sent out save-the-date invitations over a month before for a press party on the terrace at swanky restaurant Coq d’Argent.

It’s not often that you’ll find the majority of Euromoney staff in the same room together, what with vital conferences, meetings and sports-betting events going on all around the world. But to find them all in a church is surely a first.

Never let it be said that Euromoney hacks won’t go that extra mile to ensure our readers enjoy the hottest stories from the world’s frontier markets.