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MoF fries in "no pan shabu shabu"

Travel narrows the mind, say the cynics. Andreas von Buddenbrock, who is not the least bit cynical, is inclined to agree.

With markets so volatile, how is Caspian Securities, the world's only investment bank dedicated solely to emerging markets, coping with the situation? Fine, according to its founder and chief, Christopher Heath. But others are less sure, especially in the wake of Peregrine's fall.

Banks like lending money to cement relationships. With a credit derivative they can get the loan off balance sheet and lend some more. Where's the catch? The market for these products is still in its infancy, although there are pockets of liquidity. And payout practice and definitions of default need standardizing. But the market is revolutionizing the way banks handle credit and their balance sheets. Theodore Kim reports.

With the merger of SBC and UBS and the sudden exit of both BZW and NatWest from the equities business, one might expect the sinking fees on new international equity issues to be thrown a life-line. Less competition should mean wider margins with fees on international equity deals coming to resemble those in the US, where a lead underwriter can expect 7% for an IPO, down to 3% to 4% for a secondary offer for a large, well-known stock. So, is there any sign of fees rising yet?

Portugal is a western European success story. For the past few years its citizens have grown wealthier, have started spending more and have grown keen to invest. The country's economic indicators could hardly be better and it should qualify for European monetary union in the first round. But Portugal's retail investors are leaving its domestic capital markets behind. The stock market remains small, companies are nervous of borrowing and the banks are wary of expansion. Margaret Popper reports on a country nevertheless charting a new course with a new-found sense of confidence

Blue Flag, the regulatory database developed by Linklaters, is the benchmark by which all capital-markets law firms should be judged, says Christopher Stoakes.

Bahraini bankers worry about a new Gulf war and fall-out from the Asia crisis. But there may be a bigger threat: competition for Bahrain's role as the Gulf's financial centre. It is responding by strengthening regulation, encouraging deeper capital markets and pushing for greater regional cooperation. By Nigel Dudley

Canadian bank CIBC has built up a good track record in the US since developing an investment-banking strategy in the early 1990s. Now it's consolidating its position south of the 49th parallel by merging with New York firm Oppenheimer. Michelle Celarier reports.

Issuers: Credit-arbitrage vehicles

It's been a period for emotional farewells recently. As investment banks merge, sell or close down, several familiar names have disappeared for good. Over the past few months we have said goodbye to BZW, NatWest Markets and Peregrine.

Ask Michael Byungju Kim about his formative experience as an investment banker and his mind jumps back to New York almost 12 years ago. He had just joined Goldman Sachs out of college and was watching while a senior partner flicked through his pitchbook. "The partner had red braces, a guy at his feet shining his shoes, and was talking to a client on the phone. Meanwhile he was making red marks all over my pitch and punching holes in my analysis and finding holes in my argument," recalls Kim.