Source: www.breakingviews.com is Europe's leading financial commentary service

European and US borrowers have raised more than $20 billion in the domestic Japanese bond market so far in 2003. Issuance is expected to rise further this year as demand increases.

The Russian government's long-term energy strategy to 2020 was sent to the Cabinet for discussion last month and should be approved before the summer holidays. The development of the energy sector remains a priority for the Kremlin, accounting for half the economy and just over three-quarters of stock market capitalization.

Searching through emerging-market currencies for investment opportunities is a tricky job - a delicate combination of subjective judgement and fundamental analysis. Luckily, plenty of currency pundits were on hand at Euromoney's forex forum last month to help investors and corporate hedgers choose a strategy.

The Olympics will boost the Greek economy but it needs structural reform and debt reduction. Looming elections may delay both.

Russian president Vladimir Putin fired the first salvo of his re-election campaign in his state of the nation speech on May 16 and used it to report on his first three years in office.

Convertibles grabbed centre stage last month as European and US issuers took advantage of strong investor demand and the attractive combination of rallying share prices and tightening credit spreads.

As an environment of global deflation persists, money looking for yield continues to flow into emerging-market bond funds. Funds that have never invested in central and eastern European debt are now queuing up to do so. One banker in Poland says even Australian investors now hold Polish debt.

Source: www.breakingviews.com is Europe's leading financial commentary service

Some bestsellers are expected. Number one on Amazon.com's list of the top-selling books in Latin America is Harry Potter and the Order of the Phoenix. Some are more of a surprise. At number five you'll find an anthology of dry economic prose entitled After the Washington Consensus: Restarting Growth and Reform in Latin America.

Juan Ramón Quintás, Chairman of the Spanish Savings Banks Confederation (CECA), talks to Euromoney's Jules Stewart about the effects of the new finance law on the cajas

Euromoney's Jules Stewart talks to Jorge Jardim Gonçalves, chairman and chief executive of Banco Comercial Português, Portugal's largest bank, about how he intends to move it forward following recapitalization.

Investors are reluctant to buy European high-yield bonds. Rob Mannix reports on how lawyers might just change that

An inflation rate of only 2%, a stable currency and reserves at $3.5 billion demonstrate the stress Jordan has put on having a tight and rigorously enforced monetary policy.

The thousands of retail investors in Europe holding Argentine debt would be virtually powerless as individuals in negotiations on restructuring. Pooled, though, their holdings could command a veto. Enter Angel Gurria and Adam Lerrick who, for a fee, hope to arrange this.

In its 10 years' existence, EBS had never made a more significant announcement. At the end of last month, the bank-backed forex trading network, whose interdealer platform transformed price transparency in its market, said it would begin offering dealer-to-client forex trading on Bloomberg.

Japan's small band of government guaranteed borrowers are planning to increase international debt issuance if the price is right.

At its latest committee meeting, the Federal Reserve stressed the perils of deflation. Fed chairman Alan Greenspan made it clear that if there's a whiff of it the Fed will act. In sharp contrast, European Central Bank president Wim Duisenberg slumbers on, occasionally mumbling about the dangers of inflation.

Kazakhstan's attraction as a return-generating safe haven among emerging markets has been boosted by upgraded long-term currency ratings. These reflect bright prospects for the Kazakh economy and recognise the well-managed banking sector.

Sir,

Adam Lerrick has promised the retail investors who sign up for his scheme that he will get them their money back: that although their coupons might drop and their maturities might be pushed back, the face value of their bonds will be preserved.

When Kevin Gould was head of European fixed income at TD Securities, he would look around for daily market-wide data on credit prices. None existed. So he and a few colleagues left the bank to set up a company to produce it.

After several phases of consolidation, Portuguese banks are facing up to a recession that might provide incentive for acquisitions by foreign banks.

At the start of the year the prospect of a rapidly appreciating rouble and higher than expected inflation were seen as the biggest dangers facing Russia's economy. Both have come to pass but the economy continues to roar ahead regardless. The combination of cheap money from abroad and rising productivity has offset these dangers and is driving Russia's impressive growth.

Chairman, Transparency International

Brazil's decision to use 85% collective action clauses in its recent highly successful bond issue has raised questions about slightly off-colour investor pressure. What's more, the republic may have made it harder for itself to handle a restructuring should one be needed.

US banks are starting to make big investments in Russia again, and it could be a sign of a looming economic crash for the former superpower. That's the verdict that consultant Ray Soifer is drawing from the most recent set of figures from the Federal Financial Institutions Examination Council.

Primary debt capital markets picked up so significantly in May that some bankers felt able to forecast a bumper crop of issuance for the year. But with macro events so unpredictable they weren't betting their all on that outcome.

Kenichiro Shiozawa, the director of the capital markets division of the Japan Bank for International Cooperation, tells Euromoney's Charles Olivier that JBIC paper is undervalued but that when conditions improve a euro issue will be considered.

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