The deal was so full of firsts that the borrower's name could not have been more appropriate. It was the first time the IFC had set up a US commercial paper programme for a client, the first private Thai company to tap that market and the first time IFC had syndicated a letter of credit. Capping that, the deal was the largest financing it had ever arranged for a financial institution, the World Bank's commercial arm trumpeted in March 1995.

A potential powerhouse player entered Moscow's brokerage market with the creation last month of Brunswick Warburg, a 50:50 joint venture between SBC Warburg and Brunswick Investment, one of the country's leading independent brokers. The venture could be the first of many, with JP Morgan, Morgan Stanley and Merrill Lynch all expected soon to develop Russian operations. Indeed, the changing nature of the Russian market has led some to speculate that no small, independent Russian broker will survive until the end of the decade unless it forms an alliance with a deep-pocketed foreign partner. Moscow has been described as one of the most over-brokered cities in the world, with more than 200 licensed firms chasing a reported daily equity turnover of less than $100 million.