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Bankers that cover financial institutions’ debt capital should be in greater demand than ever given market turmoil surrounding their client base. Banks have always been the largest component of debt new issues but now are forecast to dominate primary flows to an even greater extent because of their pent-up demand for financing. Not only are many of them in desperate need of funds following the closure of structured finance markets, they are also selling bonds that earn underwriters a greater amount of fees than was the case pre-crunch.

On almost the anniversary of what it termed a “functional alignment” of its FX business, Bank of America has made what appears to be a further set of substantial senior level changes. The bank announced last night the departure of Richie Prager, who managed its local rates, currencies and commodities (GRCC) businesses.

Well-placed sources say that Calyon is poised to announce a new global head of FX trading, although the bank has, as ever, declined to comment on staff matters. The sources say that Nasir Afaf will shortly be taking up the role, having recently left Commerzbank, where he was head of FX options. Afaf is replacing Steve Nutland in the role; Nutland moved at the end of June from London to run FX in Asia for the bank. Apparently, Calyon’s overall head of FX, Vincent Leclerc, wanted someone with greater derivative experience to run the bank’s FX trading operations. At the time of writing, it is not known when Afaf will start or where he will be based.

It’s time for a new game plan. When it comes to operating in today’s real estate markets, simply buying an asset and waiting for it to appreciate isn’t going to bring adequate returns. Investors will tell you that the idea that the rising tide raises all boats is passé. The new accepted wisdom is: if you’re going to the market with the same old strategy, you will fail.

by Kenny Ho, head of China research, Jones Lang LaSalle.

A shortage of assets at home sent Australian listed property trusts overseas to seek opportunities. Unfortunately, the global credit crunch has left those invested abroad badly exposed and looking to regroup. Some are making a better fist of this than others. Chris Wright reports.

By Michel Heller, CB Richard Ellis/GFI.

by Timo Tschammler, managing director of the international investment team, and Nicholas Spiro, director in the central and east European investment team, at DTZ.

Despite commercial property values having plummeted some 12% since the start of the credit crunch, London’s lure is still strong for some investors, particularly Middle Eastern sovereign wealth funds.

While the CPI is way above target, asset prices, notably stocks and housing are falling. It may be therefore more meaningful to see this as a deflationary environment.

Sizing up sovereign investment

Borrowers and mortgage lenders are feeling the pinch of an unprecedented credit crunch. Is there any way back to the buoyant days when securitization drove the market? Duncan Wood reports.