The bankers' dilemma

With the Russian state rolling back the liberalization of the economy – notably in its dealings with oil company Yukos – investment banks are faced with a dilemma.

Spain's companies face accounting test

Until the advent of the European IAS39 accounting standard at the beginning of the year Spanish reporting requirements for derivatives were relatively relaxed.

Saudis buy into an equity culture

Growing liquidity derived from high oil prices, less restrictive regulation, a drive to privatization and a reduction in investment abroad have driven the Saudi Arabian stock market to new heights

Romania's banks fight for the middle ground

With lending to small and medium-size enterprises and the provision of retail products the fastest-growing and most lucrative parts of Romania's financial services sector, banks are slogging it out for market share.

Awake Australia fair

With some of the largest and most liquid capital markets in Asia Pacific and yield-hungry local asset managers, Australia would seem a natural port of call for Asian companies.

Romania looks to EU membership

The lure of EU membership is encouraging Romania's recently elected government to tackle corruption and rationalize the currency and taxation regimes.

An escape route for Turkey's Yapi Kredi

Now enjoying the third year of a recovery that is clearing away the debris of the 2001 crisis, Turkey's bankers are hoping soon to complete the final important clean-up operation: resolving the on-again, off-again fate of the fourth-largest private bank, Yapi Kredi.

Foreign banks target Serbia

Foreign banks are racing to enter the Serbian banking market, one of the few in eastern Europe that still has large assets up for sale and strong potential for growth.

Wake-up time for Portugal

Portugal's banks have got to grips with the pressures of EU membership much more effectively than the economy as a whole, which has depended on ad hoc measures rather than fundamental structural change to keep on course.

The securitization revolution

The opening of German financial markets to true securitization looks set to relieve banks of badly performing loans, add new capital to the mortgage markets and revolutionize the financing of Mittelstand companies.

US bid boosts Europe

A record start to the year in European equity capital markets has been helped by strong fund inflows from the US.

Yet another gold rush

A handful of high-yield bond deals from Chinese issuers in the past six months seems to presage vast hitherto untapped issuance.

Telecoms fuel a new M&A boom

Analysts were convinced of the inevitability of US telecoms consolidation but the recent flurry of M&A activity was a surprise.

Currency funds maintain momentum

New approaches to managing currency funds have proliferated as demand holds up from investors disillusioned by poor performance in other asset classes.

CIMB looks to regional expansion

Virtually unknown outside its native Malaysia, investment bank Commerce International Merchant Bankers has rapidly consolidated its domestic dominance.

Phatra Securities takes its own path

Having had serial relationships with three global investment banking houses, all of which deals unravelled, Thai investment bank Phatra Securities can be forgiven for wanting to go it alone.

Towards a local currency revolution

As Uruguay and Colombia have shown, for the right country under the right circumstances local-currency bonds marketed globally can be a valuable addition to emerging market instruments, for both issuers and investors.