Deutsche Bank's hire of Gary Jenkins, former global head of credit research at Barclays Capital, and his former European strategist colleague, Jim Reid, is a coup for the bank and a big blow for BarCap, which had wanted the pair to return.

Never mind the rumoured $500 million sale of guitar maker Fender. If just one of its guitars is touched by the hand of God, it can raise $1 million by itself.

Private bankers in Spain and Portugal are working hard to tap a rapidly increasing group of high-net-worth individuals. In an undeveloped market, foreign banks are fighting over the spoils with local commercial banks that already have strong customer bases and a few local private banks. Clients can expect great personal service, if not the best advice and products.

With the takeover battle for UK retailer Marks & Spencer gathering momentum, the Financial Services Authority is keen to find out who knew what when they bought M&S shares before Philip Green announced a bid.

The development of instruments that match investors' views on defaults, recovery rates and correlations with leverage and return targets represents a fundamental change in fixed-income investing. However, to take advantage of these opportunities, investors need new infrastructure and new risk-management skills.

Pan-African coverage moves closer for Celtel with a deal that raises the possibility of further debt financing.