The world's best borrowers 1996

 Borrowers' special: Debt handlers and risk jugglers

If amount borrowed per member of staff were the only criterion, Sweden's National Debt Office would walk away with the award for best borrower every year. Last year (excluding its short-term borrowing programmes) Sweden raised Skr120 billion ($17.6 billion) in the international markets. The funding was handled by just one person: Christina Clausen. "When Christina goes on holiday," says one of Sweden's lead managers, "funding shuts down."

Clausen may be overworked, but Euromarket bankers have nothing but praisefor the way she handles Sweden's international borrowing. She is widely viewed as one of the sharpest and most professional - but also one of the hardest-bargaining - users of the markets. "Her knowledge of the various markets is unsurpassed," says Justin May, a manager in debt capitalmarkets at Yamaichi who covers Sweden. Another banker comments: "She'svery tough on price - a tough cookie altogether. But I mean that in a positive manner. You can't fault her professionalism."

At the start of last year, Clausen faced a formidable task.