E-Force One glides into the Gare du Midi, Brussels. The band strikes up buongiorno il duce and Prodi emerges from the presidential train, glowing from his triumph at the G3 summit in Bruges.

The amorphous sector challenge

The amorphous sector challenge

There are a record number of equity offerings in the pipeline for the rest of 1999. That may seem like good news for equity capital markets bankers. But with Y2K likely to close the market early this year those deals will have to squeeze through a narrow window. Even more worrying, this year has seen a surprising number of deals turn sour. Which of the deals in the pipeline is likely to turn rotten? And which firms will be left celebrating the successes? Michael Peterson reports.

Thais won't practise safe banking

Doubling shareholder value every three years is an objective set in stone for UK bank Lloyds TSB. The trouble is, the more money it makes ­ it's phenomenally profitable for a mature-market bank ­ the harder it is to put it to work. But there's no sign that it's run out of ideas. Jules Stewart reports.

During the 1990s central European countries were taught that patience, self-discipline and the narrow road to convergence was the only way to qualify for Emu membership. It was a sign of progress when increased confidence in local currencies drove dollars and Deutschmarks off the streets of Prague, Budapest and Warsaw. That's what the European Central Bank wants them to believe. But the Czechs and Croatians now suspect that by dumping their own currencies for the euro straightaway, they can take a short cut into Emu. The ECB is desperately looking for a way to stop them. Laura Covill reports.

Default on Ecuador's Brady bonds could set the pattern for other bigger Brady debtors to follow. The IMF and other multilaterals appear to be egging them on. But is this the new pragmatic model for bailing in private creditors and avoiding moral hazard, or is it the first blast of a nuclear winter in emerging markets? By Michael Peterson.

On the surface the ADR market seems to be flourishing. However, a relatively small number of big issuers account for a disproportionate amount of the market by value. Emerging-market issuers seem to be returning, though, and ADRs are increasingly being used to fund mergers & acquisitions. Luciano Mondellini reports.

Meet the Don

Spider strategem

Merrill Lynch has long been tipped to become the powerhouse in Asian equities. This year's survey of international investors shows that it has reached the summit, ranking first in pan-Asian research and execution. Its large-scale regional presence is paying off as Asian markets recover. And this time the recovery is built on stronger foundations than last year's ill-fated rally, says Marcus Walker. Research by Alexa Marx

Trawling the bottom in Europe

Fund managers knew the euro would change their world. Some boosted their stock and credit focus, others decided it was best to wait and see. Here, eight investors from Germany, France and Italy talk frankly about how they fared in 1999. Their tactics and views differ. But a frequent strand is a degree of irritation about their decisions to believe the hype about corporate bonds. Marcus Walker reports.

Meet the Don

Faster and more synchronised world growth is bad news for bond markets. But the prospect of accelerating growth in Europe and a slowing US economy next year points to the outperformance of US bonds vis-à-vis the EU.

Meet the Don

Corporates from Scandinavian countries in and outside the eurozone have rushed to the debt capital markets this year. Although pricing isn't especially attractive, corporate treasurers across the region need new sources of funding to replace the shrinking bank loan market. Those operating in restructuring industries are glad that a new European corporate bond market provides long-term finance, even for lesser-rated issuers. But it may become harder to do successful deals. Charles Piggot reports.

Is there life beyond the P/E ratio?

Brazil has lived so long in its own world that adapting to outside forces involves a profound internal struggle. Vociferous state governors have strongly opposed reforms pushed by the federal government. They wield considerable influence in states bigger than some European countries. Sometimes it seems the governors' independent acts - refuting debts or rewriting contracts - could sink the whole ship or, at the least, scare off foreign investors. Maybe these men aren't as wild as their rhetoric. To find out, Brian Caplen took a closer look at three key Brazilian states and their leaders, in Rio Grande do Sul, Bahia and Minas Gerais

After nearly a decade of fanfare, the single European market for financial services is a ghost of what it should be. Turf battles, protectionism, and the inertia of Brussels decision-making conspire to frustrate cross-border financial business. There's still no Europe-wide bank account. But the euro and the pressure of electronic commerce have panicked EU mandarins. Things are moving - a decade too late. Behold the Financial Services Action Plan. David Shirreff reports.

Europe's high-yield debt market is having a difficult year. It can't shake off its ties to the US market. Moreover, when volatilities are high even the bravest investors head for the sidelines, reports Rebecca Bream

Trawling the bottom in Europe

Meet the Don

Trawling the bottom in Europe

Meet the Don

Issuer: Republic of Lebanon

Meet the Don

Despondency and fear hung in the air at last year's IMF/World Bank meeting. The contrast with the prevailing mood of self-congratulation and complacency in Washington last month could scarcely be more stark. The oft-repeated view was that the worst of the emerging market crisis is past, that major emerging-market economies in Asia and Latin America are either well into recovery or poised for it and that growth in the developed economies of Europe and Japan will take the pressure off the US to be the world consumer of last resort.

Thais won't practise safe banking