Pilot fishing no longer works; More bookrunners hamper consensus

Number of banks hired on Asia deals rising; Practice hurts both sides, sources say

The nation’s gold, coal and iron-ore reserves are making it the world’s fastest-growing investment destination. But a lack of infrastructure funding and planning threatens to derail the country’s rapid transformation. Lawrence White reports from Ulaan Baatar.

Volumes in US dollar-denominated investment-grade debt could reach $100 billion in May, putting 2011 on track to beat 2010 and 2009, says Peter Aherne, head of North American capital markets and syndicate at Citi. Both January and March this year saw issuance of more than $100 billion, according to Dealogic. As of May 3, $347 billion had been issued year-to-date versus $787 billion in all of 2010.

Geithner supports move; Foreign issuance into dollar market increases

Continuing political instability in North Africa and the Middle East, together with oil-supply constraints, will increase energy risks and therefore prices.

Fewer prestige buyouts by state funds; International investors wary of political risk

Zimbabwe’s position as a source of minerals and metals is not disputed. It has the second-largest known platinum reserves and is the world’s third-largest producer of the metal. It also has big reserves of diamonds, nickel and coal. However, the country’s controversial political position has made it untouchable for many western investors. Much diamond production falls foul of the Kimberley Process Certification Scheme, which certifies so-called non-blood diamonds for export.

Senate committee report might deter clients; Stock price under pressure

The decision by Standard & Poor’s to place the US on credit watch with a “negative outlook” is a watershed. With politicians unwilling to attack spiralling welfare costs, a bond crisis might be just around the corner.

Goldman Sachs cut out trading completely in the first quarter – at least that’s what the language of its earnings filing indicates. The bank managed to avoid using the t-word at any point in its earnings announcement, although it mentioned clients 29 times and made 46 references to investment.

Africa has much to tempt a growing economy, and China has the money to pay for access to the resources it needs and wants. But it is not the only country with an eye on the continent. Nick Kochan reports.

Given an increasingly positive economic backdrop in Kazakhstan, the prospect of important developments in the local capital markets and growing investor interest, Almaty-based fund manager Compass Asset Management is looking to launch two new funds targeting the resource-rich central Asian state. Brian O’Callaghan, who assumed the post of chief executive at Compass in the summer of 2010, believes that Kazakhstan is strongly positioned to attract new followers in the coming year. "I was bullish on the long-term economic prospects for Kazakhstan before I came here, and I still am," he says.

African deals are increasing in number but what is the best way for investment banks to get involved? Dominic O’Neill finds out what the key players in Johannesburg, London and Dubai are thinking.

Includes Bonds, Equities, Loans, M&A, MTN, Project Finance

Fund managers think Japan’s battered stock markets are good value after poor long-term performance and the March earthquake push prices low

Many in the European securitization market could be forgiven for not being keen to invest further in the UK pub sector given the performance of some transactions of late (see Punch drunk: Battered ABS bondholders face knockout blow, Euromoney March 2011). However, over lunch last month a securization market stalwart revealed to Euromoney that he had decided to take a different tack in approaching the sector. Rather than taking a punt on some Punch triple-Bs he has decided to really take on some risky exposure, by buying the freehold on his local village pub. Not dissuaded by doom-laden forecasts about the impact of the smoking ban and cheap supermarket booze, this banker is going to get down and dirty and show the industry how it should be done. His modus operandi is clear. “Keep it simple,” he explains. “The food will be good, honest pub food – nothing drizzled.” A metaphor for the securitization industry itself in these straitened times perhaps?

Corporate Korea is caught in the aftermath of a derivatives disaster. One CEO tells how he nearly signed a deadly contract. Many others weren’t so lucky. As KiKo fiasco litigation continues, work is under way to avoid a repeat catastrophe. Lawrence White reports

Stuck for a yield-enhancing idea in these low interest rate times? Want an asset that provides consistent returns and offers a hedge against market and political crises? One fund manager reckons it has a gem of an idea.

Korea Investment Corporation is unusual in having no liabilities that it has to provide for in its investment strategies. So chief investment officer Scott Kalb has relative freedom to explore alternative and longer-term investments. Chris Wright reports

Cash hoarding by companies combined with private equity funds’ need to put money to work are producing stellar M&A volumes, mainly in the US. But economic uncertainty and corporate caution might make the going much slower in other markets. Louise Bowman reports.

The earthquake that devastated Japan put its markets under severe strain, with high volumes of orders stressing systems, and staff unsure whether to stay or flee. Those who worked through the crisis tell Euromoney about their experiences. Lawrence White reports.

Indian committee suggests controls on microfinance; Central bank keen to foster lending in remote areas

April deadline for regulation; Margin requirements could be prohibitive

Investment consultants are taking a leaf from Madonna’s playbook and reinventing themselves. Implemented consultancy is causing a commotion but it is far from clear who the winners will be.

Growing demand for Russia’s energy exports should not divert the country from diversifying its economy.

High-yield business grows on deal wins; Citizens Bank ownership pays off

Biggest Korean investment in Mexican power sector; Further deals in the pipeline

Chicago veteran Strong to move to HK; Laroia heads equities, Richdale investment banking

The earthquake that devastated Japan put its markets under severe strain, with huge volumes of orders stressing systems, and bank and brokerage staff unsure whether to keep serving clients or flee. Those who worked through the crisis tell Euromoney about their experiences, and why they are confident about the country’s future.