The reputations of many analysts soared as other bankers lost credibility. But are their opinions as sound as many think?

At the end of October, the winner of the prestigious Financial Times/Goldman Sachs business book of the year award will be announced at a swanky dinner in New York.

Rating agency clarification boosts market; Some investors say hybrid debt is flawed

It’s fast shaping up to be one of THE stories of the decade, a collision of the much-maligned worlds of football and finance. The battle for ownership of Liverpool Football Club has drawn in some of the biggest names in global finance. Controversial US club owners Tom Hicks and George Gillett have been desperately trying to refinance £325 million ($512 million) of debt, lent by RBS to the holding company through which they own the 18-times English championship-winning club.

Low yields drive issuance; Several more to come say syndicates

As the high-yield debt markets converge further with leveraged loans, the model of a modern head of leveraged finance at a big house is a banker with a focus on lending, such as Andy O’Brien at JPMorgan or David Flannery at Bank of America Merrill Lynch. An Irish surname isn’t obligatory, but a reputation for hard work and patient application to client needs is, and flashy behaviour is not encouraged.

Despite transforming UniCredit’s business, Italy’s most controversial banker lost one too many battles with the bank’s shareholders.

Banco Sabadell’s chief executive doesn’t take a solemn view of his job. His cheerful optimism is reflected in his bank’s strategy. Spain’s difficulties offer opportunities for the Catalan bank both domestically and overseas in Florida and Latin America. Philip Moore reports.

Deals with creditors for the high-profile corporate collapses in the Middle East have a distinctly local flavour. They will set the standard for the future, and if the case of Dubai World is anything to go by, generate renewed interest and activity in the region. Nick Lord reports.

German politicians have used the sovereign crisis to increase their influence over Europe’s financial markets, the price of support for Greece. But the country’s reluctance to do anything about the weaknesses of its own banking system leaves it open to accusations of double standards. Hamish Risk reports.

For a nation known to take its time to do anything progressive on foreign exchange, China has been in a mighty hurry: liberalization measures have created a new offshore deliverable FX market, prompted a new bond market and transformed trade settlement. Chris Wright reports.

Given the different macroeconomic and political backdrops, the region’s banking sectors are characterized by sharply differing business fundamentals and prospects. Guy Norton looks at some winners and losers.

Firms both big and small built up substantial war chests during the boom times for private equity. Now they must use or lose an overhang estimated to be approaching $600 billion. Louise Bowman reports on the pressure to do deals the industry faces.

As the supercharged returns of the boom years evaporate, investors are starting to ask tough questions about how – and if – private equity really works. Louise Bowman reports.

Investors were surprised when the government diluted their stakes via a capital increase at what they claim are absurdly low valuations. BSE officials say they are looking for a strategic partner. Sceptics warn this heavy-handed approach makes finding an outside investor harder. Mareen Goebel reports.

Analysts cut earnings estimates on early warnings from Jefferies and Deutsche; Revivals in M&A and DCM offer rays of hope

When the stock exchange goes on sale in November, investors will have a chance to buy into a company that has been a crucial force in the expansion of Poland’s equity market. But will its efforts to kick-start the country’s lacklustre corporate bond market meet with the same success? Lucy Fitzgeorge-Parker reports.

The long-term legacy of the LBO mega-deals has yet to emerge. Judging by their performance so far, things don’t look good. Louise Bowman reports.

Euromoney asked survey respondents questions about their cash management operations and how their use of ICMs has changed since the financial crisis.

Euromoney polls cash managers, treasurers and financial officers worldwide. The survey is split into a non-financial institutions questionnaire and a financial institutions questionnaire. Respondents are asked to indicate: Non-financial institutions

The structures that companies choose to help them achieve their cash management goals are often determined by how long they have operated in emerging markets, according to Indrajeet Maitra, head of cash management, Asia, at BNP Paribas. "Companies such as Unilever, Procter & Gamble or IBM have operated in emerging markets for decades," says Maitra. "Over that time, they have effectively become local companies. The cash management arrangements for such companies reflect the level of their domestic integration: for example countries such as India and China are considered separate to other Asian markets." A second group of multinational corporates, which typically have less experience in emerging markets, tend to see Asia as a bloc. "It’s easy to see why a developed-country-market treasurer would choose to take this approach," says Maitra. "It often reflects their stage of development – they know they have to consolidate their position in emerging markets but are unsure in what way – but it can be problematic to paint Asia with one brush, for example."

Local banks’ networks are crucial to global cash managers’ penetration of emerging markets. But the skills some of these local banks are developing put them on track to become regional leaders. Laurence Neville reports.

Emerging markets have become a driving force of economic growth and the development of international trade, putting pressure on cash management banks to improve their global coverage. Laurence Neville reports.