A new index should provide greater transparency to investors

State banks are geared to an economy that is mainly state controlled and they dominate much of Iran's financial sector. But the six public banks are starting to fund the private sector, while newly formed, privately owned banks are finding their own niche market through better services and funding. Kate Luxford reports.

The rumour mill is creating great opportunities for debt vs equity trades

Everyone expected the downgrade of Ford and General Motors to junk status. Now it has happened, the long-term consequences for the market are unclear. The move threatens to wipe out the trading profits of hedge funds and banks, with CDOs causing particular concern. Mark Brown reports.

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.

Attention now turns to more complex Al Marai transaction

China's domestic stock markets are a mess, riddled with inefficient companies, gerrymandered by a meddling government and hamstrung by a vast share overhang. Despite these challenges, Invesco Great Wall Fund Management Company has found a way to make money from stock picking. Much of its success rests on simply understanding the realities of its market. Chris Leahy reports.

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

With banks more cautious about straight lending and bond spreads tight, real estate securitization through commercial mortgage backed securities is becoming increasingly popular, with conduit issuance taking a growing share of the market. Laurence Neville reports.

The largest deal of its kind in Europe will herald an active period in property finance

Banks readjust after rare correction in asset-backed market Structured credit markets approach the June half-way mark with the spread cycle reversed. All but the most recent new issues are trading below par and the heady times of heavily oversubscribed deals are over for now.

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

Government-guaranteed issuers have long been a mainstay of the Japanese bond markets. Now the zaito issuers are seen as a market in their own right. Chris Leahy and Andy Wright report.

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.

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.