The difficulty of defining a default

Credit default swaps have proved a popular derivatives instrument with banks and other credit investors, but one possible trigger for default – the restructuring of a bond or loan – has cast uncertainty over the market.

Offering a challenge to Gazprom

A cooling in relations between Sergei Dubinin, former governor of the Russian central bank and now deputy chairman of Gazprom, and the EBRD lies behind the very public dispute between the bank and the management of Russia’s largest company.

Power industry put on slow charge

With south-east Asian economies recovering, governments are making cautious moves to restructure and expand their power industries to meet increased demand.

How to engineer a financial gallows

Turkey’s idiosyncratic form of financial engineering involved the creation of a web of corruption linking the governing elite, through the state banks, to its cronies.

Russian companies try to be well behaved

Ruben Vardanian, president of Russia’s leading broker Troika Dialog, talks about the changing structure and behaviour of Russia’s companies and investment opportunities in them.

The politics of privatizing power

Those central and eastern European countries that have pushed furthest and fastest with privatization have benefited from healthy government finances, restructuring and modernization of key industries and enhanced economic growth.

Why the marble remains tarnished

The marble floors are still in place at the EBRD’s office on London’s Bishopsgate, the grand pillars and glass still deck the waiting area and the presidential suite remains with its grand vistas.

Specialist principle comes under scrutiny

HypoVereinsbank’s decision to combine its mortgage banks under one roof has revived the long-running debate about the validity of the specialist bank principle - the foundation of Germany’s system of mortgage banks.

Uneasy lies the head

Kemal Dervis, the new mega-minister of the Turkish economy and former World Bank vice-president, talks about the Turkish economy and the growing sense of imminent change in his country.

Pfandbrief issuers’ business overhaul

The German Pfandbrief market, in particular the jumbo sector, has grown dramatically in recent years and assumed a larger and larger slice of European bond fund managers’ portfolios.

Egypt: Time for action

Egypt has weathered the economic storms of the past two years and looks set for steady growth over the next decade.

The sovereign imperative

Understanding sovereign risk is the key to investing in central Europe, where foreign investors have an important role to play, says Ashmore Investment Management’s Jerome Booth

A new breed of industrial group

In Russia, large financial-industrial groups exist alongside a new breed of commercially-minded and successful industrial groups that have made their money by more traditional and honest means.

Privatization all over again

Whatever Russia's government is or is not doing, Russian companies have found their own reasons for making improvements in corporate governance and boosting shareholder value.

Buyers name the top teams

Euromoney polled investors at 3,000 investing institutions in 31 countries, asking them to rank the individuals and teams whose credit research they rate most highly.

Cross-holdings begin to unwind

CSFB hopes "to get the orthodox, corporate listed exchangeable bond structure working in Japan", but certain obstacles are making this and other sophisticated equity capital markets techniques difficult to establish.

Missing a great historical chance?

In a new round of negotiations on state support for German public-sector banks, the European Commission and the German government are urgently seeking a solution.

TradeWeb outlines expansion plans

Accounting for some 90% of dealer-to-customer trading in US government securities, TradeWeb is the most successful internet bond dealership yet established.

Winners and losers

When the new Basel proposals come into force in 2004, the effects will be felt throughout the financial system.

It’s a repeat game

Argentina is now number eight in a quarter-trillion dollar stream of rescue packages to bolster the credit of threatened emerging economies.

A new market in search of listings

Brazil's Novo Mercado is Bovespa’s latest attempt to bring the country's Brazilian equity markets up to western standards of transparency, liquidity and governance.

Clouds on the horizon

Portugal’s economy is in great shape, unemployment is low by European standards and government borrowing requirements are steadily falling.

Prescient expands into US CDs

Prescient, a pioneer of direct debt issuance over the internet, intends to expand into other products in the coming months, with the next target being certificates of deposits in the US.

Joint venture success arouses envy

A joint venture that can only be described as a success, Nikko Salomon Smith Barney is a rare creature, and other banks in Japan are green with envy.

Seeing red over Orange

France Telecom has set a troubling precedent for all those telecom companies that were desperately hoping to turn to the equity markets to raise funding and reduce their leverage.