Bonds are developing to suit the most sophisticated global investor. Sovereign debt issuance is increasing in emerging markets, European bond markets are diverging with the approach of monetary union, and the EIB's new further-issue clause could give debt-trading in euros huge liquidity. James Featherstone reports, starting with emerging markets

Is it accurate to refer to Simon Robertson as former executive chairman of DKB? Some newspapers did. However Robertson's resignation at the end of February is not the part which is inaccurate.

The world's biggest privatization programme is being lined up in Brazil. Individual states and municipalities are joining the federal government in a sell-off jamboree. Proceeds could top $13 billion during the coming 12 months alone. Besides the money, the sales will bring in new management to help awaken the fabled sleeping giant, as Michael Marray reports

DLJ is far from anyone's idea of a global investment banking powerhouse. But in important markets, such as high-yield debt or US equity underwriting, it has suddenly become a top player. Now the "the little firm that became big", as DLJers like to describe their bank, is moving overseas. Peter Lee reports.

Istanbul Stock Exchange (ISE) has opened its offshore International Market with the launch of trading in Turkish Eurobonds.

Competition drove white-shoe Morgan Stanley and blue-collar Dean Witter into a merger. Could other improbable matches be on the cards? Michelle Celarier assesses the implications of the union that took everyone by surprise.

When Austria's coalition partners horse-traded the sale of Creditanstalt in January, it spelled the end of a venerable bank. But Gerhard Randa, chairman of predator Bank Austria, sees its absorption as a chance to put an Austrian bank into the big league. Not everyone agrees. And they don't like the way Austria's politicians stitched up a deal that had nothing to do with market forces and everything to do with Viennese power games. David Shirreff reports on a very Austrian privatization. Additional reporting by John McGrath.