The problem with CDOs

Stock markets are unimpressed by president's pro-business reforms

Other banks are unlikely to follow the US firm's example of advising on both sides of a takeover

BNP and SG say they are taking a calculated risk, but can the investment pay off?

A new index should provide greater transparency to investors

It is not just American businessmen and tourists filling the seats of Thai Airways' new non-stop route between Bangkok and New York.

Leveraged buyouts and auto company problems are taxing the minds of bond investors, but there's a more insidious form of event risk they should be wary of. Company executives, under pressure from boards and active investors including hedge funds, are starting to engage in financial engineering to try to boost their stock price. Bondholders are set to lose out. Antony Currie reports.

Deutsche and Wharton announce Delta

Options:

Negative returns

Is Germany really ready for full-blooded capitalism? That was the theme of the first Euromoney German Capital Markets Forum, which saw a lively debate on how Germany will finance itself in the future.

Includes correspondence from Larry Thompson, DTCC and Robert J Shapiro, Washington economist. Response to April 2005's Naked shorting: The curious incident of the shares that didn't exist.

As investment banks try to cut the cost of research for clients, outsourcing is taking on an ever-increasing and ever more important role in keeping costs under control. For the providers of these services, such as Copal Partners, the key is to move on from simply crunching the numbers to providing in-depth research for their clients on debt, equity and corporate finance.

It's a sure sign of a nervous credit market when even a monoline insurer's spreads can blow out by 30 basis points in a matter of days. MBIA says its triple-A rating is unimpeachable. Most people agree. But the worm of doubt has been released. Peter Lee reports.

Combined group has the potential to be a domestic market leader