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When cutting costs is not enough

To the casual visitor Prague seems a very civilized place. The city is bristling with church spires, historic buildings, museums and elegant squares. Every night is a cultural feast with opera, classical music and theatre of the highest quality. In this rarefied atmosphere, artistic and intellectual endeavours thrive and it is difficult to believe that the country was once under the dead-hand of communism.

NatWest gambled on bancassurance, lost its acquisition target and its chief executive and triggered a raid on itself from Scotland. Many in the City of London are pointing the finger of blame at adviser JP Morgan for encouraging NatWest's delusions. How did an investment bank that prides itself on telling clients which deals not to do get so much egg on its face? Marcus Walker reports

From the mid-1990s enabling legislation and corporate issuance guaranteed a rapid take-off for Japan's securitization market. But economic recovery, recapitalization of the Japanese banks and their renewed enthusiasm for holding corporate assets may leave the market dependent on consumer finance and residential mortgage deals. This might not be enough to sustain the sector. Luciano Mondellini reports.

It has been a banner year for new issues of convertible bonds, with many forces working together, especially in Europe, to support the primary market. Low interest rates and hopes for equity market growth have prompted more and more investors to buy convertibles and the pressure on companies to enhance shareholder returns and to unwind cross-holdings has prompted the issuers. High stock market volatility, following last year's financial meltdown, has also helped the market. This is the full text version of a roundtable discussion, exclusive to Euromoney On-Line.

Japan's new leviathans

Pedro Solbes, Commissioner for monetary and economic affairs, European Union

The amorphous sector challenge

The amorphous sector challenge

European equity brokers have been struggling with the challenge of shifting to sector research from country research. The big firms are going even further, with cross-sector analysis of rapidly changing industries. Luciano Mondellini reports.

Thais won't practise safe banking

Keeping faith from bust to boom