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.

What's the fastest way to the top of the international fixed-income ladder? Try a senior managerial stint at Credit Suisse First Boston in New York.

Quality and quantity now characterize the Eurosterling marketplace. A growth in corporate paper and Fannie Mae's issue ­ the first sterling global ­ are factors attracting global investors. Katherine Baxendale reports on the forces behind the rise of the sterling bond.

For many cynics in the securities industry, the upcoming introduction of the euro had only one real benefit. The enormous cost of converting systems to the new single European currency could be used as timely camouflage to correct the firm's information technology cock-ups of the past.

Credit research has leapt out of the back office. Spotting a cute arbitrage can make millions and banks are paying up for creative users of this fundamental talent. Their thinking? With the coming of the euro, credit differential will be a bigger factor. And in Asian markets there's growing demand for credit expertise. Brian Caplen encounters some at the cutting edge.

Why stay in Manhattan when taxes are lower and quality of life higher in nearby Greenwich? Financial institutions are overcoming their psychological bond with New York City and flooding into this leafy, wealthy suburb. Michelle Celarier reports on the burgeoning business community.

Issuer: Republic of Panama
Amount: $500 million
Launched: February 10
Lead manager: BankBoston