The gap between the top two and their closest rivals continues to increase, according to results from our recent survey on international cash management.

Michael Walsh of hedge fund Kilkenny Capital Management talks to Helen Avery about the fund’s melding of information about medical innovators’ development and sales processes with finance theory to assess biotechs’ future value.

A management buyout, a large merger, an IPO, regional acquisitions and investment by Europe’s largest pharmaceuticals player – the past eight years have been anything but dull for the Czech Republic’s Zentiva.

The public sector is waking up to the advantages of leasing as budget-constrained public bodies from Sweden to Hungary and from town councils to hospitals seek out ways to take advantage of off-balance-sheet funding techniques.

Europe’s supranational and agency borrowers are becoming ever bigger issuers in the international capital markets even as their historical missions appear to have been met and the banking and financial market to have matured enough to finance at commercial rates most of the lending risks the agencies assume.

Hedge funds are the new financiers to the movie industry, attracted by the potential returns on diverse portfolios of movies especially from DVD sales.

Corporates are under pressure from shareholders and private equity bidders to leverage up to boost returns.

Most investors want to invest in the best companies; Asia is no exception to this.

A growing number of large leveraged acquisitions are being refinanced in the corporate securitization market.

As summer draws to a close, bankers and investors are gearing up for the rush of new bond issues that traditionally hits the market in the last quarter.

There has been no relief from the pressures that last year’s annual cash management poll detected: globalization, declining margins and intensified competition.

Enormous energy is going into the creation of new Shariah-compliant finance structures for eager Middle Eastern corporates to fund themselves by appealing to Islamic investors and their growing pool of money.

Leasing is one of the hidden jewels of European banking.

While the current stage in the leverage cycle benefits corporate borrowers, concern has been raised about the protection that bondholders receive against declining ratings and event risk.

As credit research is increasingly geared towards short-term trading ideas rather than fundamentals, there could be a dangerous dearth of information when defaults begin to rise.

Best execution is a concern for most fixed income managers.

An overlooked type of preferred stock is finding new favor with institutions, thanks to some eye-catching tax-equivalent yields.

The global information giant is about to try to crack the currency options market once again.

Roberto A Fortunati of Fortunati & Lucero Abogados observes how banks are reacting to foreign exchange regulations enacted since Argentina's economic crisis.

There has been no relief from the pressures that last year’s annual cash management poll detected – as the industry globalizes, margins decline and competition intensifies.

Corporates caught up in a US options scandal offer hedge funds the opportunity to profit from capital structure arbitrage.

Since joining Financial Risk Management more than a year ago, Carrie McCabe has sparked an American revolution at the conservative British fund of hedge funds.

Central Europe and the euro; Which of Russia’s regions do you need to get to know better?; Meet the man who has been finding oil two feet underground in Kazakhstan; OTP’s CEO remains fiercely ambitious and stubbornly independent; Romania’s privatization is paying off; Balkan region.

Investors are pouring money into hedge funds that invest in Asia, hoping to capitalize on the region’s economic growth and capital markets expansion.

Why ANA has become the first Japanese company to list in London since the Prospectus and Transparency Directives .

Rising interest rates and a weakened dollar inspire U.S.

Despite the tremendous popularity of credit derivatives, corporations remain wary of tapping the market to allay the risk of suppliers’ or customers’ going bankrupt.

Brazil's companies and investment banks are putting in some winning performances in the capital markets.

Indonesia’s young finance minister has made some key decisions since her appointment, winning many friends abroad.

Riad Salamé faces yet another test of his skills following the outbreak of war between Israel and Hizbullah.

The central bank governor of the year award reflects Riad Salamé’s achievements throughout his tenure much more than his reaction to recent events. Salamé faces yet another challenge following the recent outbreak.

"Live green, go yellow,” trumpets General Motors’ new advertising campaign, touting the benefits of using corn-based, cleaner-burning ethanol in combination with gasoline.

Reactions announces the leading investment bank for the re/insurance industry.

The hedge fund industry has exploded; conservative estimates suggest there are almost 500 funds based in the region.

Lebanon’s finance minister, Jihad Azour, told Sudip Roy in early August how his country is coping with conflict.

Compass Asset Management’s chief investment officer expects his funds under management to grow from $20 million to $100 million in the next 12 months.

Foreign banks are pushing the sector forward even as the rewards come in.

Its capital markets are a hive of activity – with record levels of IPO activity, decreasing funding costs and a first hostile takeover attempt.

If things go according to plan, next January there could be a fundamental change to the rules under which more than 50% of Europe’s invested real estate is financed.

Israel’s conflict with Hizbullah began just as Lebanon was finding its feet again following the assassination last year of former prime minister Rafik Hariri.

Árni Mathiesen, Iceland’s finance minister, speaks to Laurence Neville about this year’s economic troubles and the economy’s prospects.

The latest country risk poll reflects a global economy in good health, despite a period of stock market volatility and the prospect of a slowdown.

The German specialist lender rides the wave of ship-borne globalization.

Companies with optimized financial supply chains have 30% to 35% better market capitalization than companies that haven’t.

The Dutch bank has grown from its domestic agricultural roots to harvest the rewards of a global business.

Hungary’s OTP Bank dominates its domestic market, but can it compete with regional powerhouses such as Raiffeisen International and UniCredit, or is it in danger of being swallowed up itself? Kathryn Wells meets OTP’s long-serving chief executive, Sandor Csanyi, to find out.

The Republic of Indonesia’s successful $2 billion issue this March has given an impetus to the revival of the country’s corporate bond issuance.

As an investor dedicated to the region, East Capital Asset Management is in the vanguard of a growing breed.

In an investment banking world dominated by US bulge-bracket operations, UBS has muscled its way into the global league.

Ebrahim Sheibany is governor of Iran’s central bank, a position he has held for three years.

A few big foreign banks have recently suspended their activities, but they are far outweighed by institutions that intend to maintain a connection.

SEB dominates in cash management because of its technological edge and careful response to customer needs.

The Danish firm’s play for the niche retail market has positioned it as the world’s fastest-growing FX house.

After EU accession in 2004, the next target for central Europe’s governments is the euro.

With a successful Eurobond behind it, the republic is beginning to fulfil its promise as a strategic part of the Balkans.

Strange as it may sound elsewhere in the world, credit is something of a niche strategy for hedge funds in Asia.

Japanese outbound M&A is reaching levels not seen since the 1980s as corporates seek to consolidate their newly strengthened positions.

It offers double-digit yields, is not correlated with the equity market and provides secure, long-term returns.

Increasingly sophisticated Russian retail investors are seeking new products to beat interest rate returns.

Iran’s authorities are looking to invigorate the country’s private sector with plans to sell up to $110 billion-worth of state assets over the next 10 years.

Some 5% of shares of companies to be privatized are set aside for their workers and, to some extent, the lower echelons of the society, to help with equitable distribution of wealth.

“The events of February and March can be blamed in part on the relative lack of knowledge about the Icelandic economy and its peculiarities, which was reflected in some reports,” says prime minister Geir Haarde.

Saudi investor interest in the IPO of the main company behind the King Abdullah Economic City was overwhelming.

When Fitch put Iceland on a negative rating outlook in February the country was facing a heavy current account deficit as well as an asset price and credit bubble.

The country’s newly revitalized banking system throws up colourful characters and eccentric approaches to marketing.

Despite Gulf coffers brimming with oil cash and aggressive expansion by some of the region’s banks, inherent barriers to regional consolidation are set to limit fundamental change in the Middle East and North Africa’s financial sector landscape over the next five years.

Bank TuranAlem is growing fast and has set its sights on toppling the largest bank in the country, Kazkommertsbank.

The London-based asset management firm has taken the lead in persuading institutional investors worldwide, including central banks and pension funds, to go for long-term investment in emerging market assets.

Iceland’s financial supervisory authority, the FME, has kept a close eye on the health of Iceland’s big three banks, says Jonas Fridrik Jónsson, director general.

Despite a cyclical downturn – which has itself prompted the country’s banks to sharpen up their operations – the sector is in unprecedented good shape.

Nigeria’s economic reforms have been impressive.

In less than two years the Philippines has transformed its sovereign debt programme from laggard to leader in emerging markets.

Oji Paper’s bid for rival Hokuetsu breaches a Japanese taboo on hostile takeovers.

Opportunities are abundant in Asian distressed debt.

The recent dramatic widening of euro swap spreads means that euro-denominated debt is becoming cheaper for agencies and supranationals.

French bank BNP Paribas is being sued in the US federal courts by a hedge fund over the financing of contracts for oil from Congo-Brazzaville.

ING Direct has built a top-10 retail bank position in eight of the nine markets it operates in.

With a relatively low credit risk, what holds institutional investors back from investing in microfinance institution deals? “If it’s not rated, that closes 90% of the doors,” says Lisa Sherk at BlueOrchard.

Kazakh investment banking boutique Visor Capital believes it can offer clients a bridge between local and international markets.

Güler Sabanci, who chairs Turkey’s Sabanci Group, talks to Peter Koh about foreign partnerships, international expansion, the group’s strategic direction and the difficulties of running a family business.

CDS trading volumes in Latin America are growing fast as credit derivatives become an increasingly important investment tool.

For many years the accepted wisdom in global banking has been that bigger is better.

The unbundling of execution and research costs will dramatically accelerate the global consolidation of equity broking firms.

Foreign investors have made fortunes investing in Russia.

Big banks are beginning to look beyond the kudos that socially responsible investment brings and are introducing microfinance to the capital markets as a viable, profitable business.

Richard Lark, CFO of low-cost airline Gol Linhas Aéreas Inteligentes, exemplifies the increasing sophistication that ex-bankers are bringing to Brazilian corporate finance.

The recent explosive growth in European CMBS is the fruit of years of investment in the product by many banks.

Only incorporated in 2005, Almaty-based Max Petroleum shows that smaller, independent energy companies can still make their mark against the more powerful Russian and global firms.