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Taking the proprietary traders out of a securities business en masse is a bizarre thing to do. It’s a good example of how not to build a hedge fund business.

CVRD mines rich loan seam, following through with record-breaking bond issues.

180 – the percentage rise in the value of US real estate ECM deals in the year to date over the same period in 2006. The total raised so far this year is $19.5 billion, up from just $7 billion in the 2006 period. The proportion of money raised by real estate companies through convertibles has increased 20 times, and currently accounts for 58% of US real estate ECM volume, $11.3 billion, compared with just 8% in the same period in 2006.

Newly won investment-grade status helps Mexican bank gear up for expansion.

UBS has hired loans syndication specialist Monica Macia from Citi to work as an executive director on the loans capital markets group. A spokesman for UBS said that the firm had no comment to make on speculation that the move suggests a change in emphasis for the bank.

Euromoney’s borrower awards capture the most important names and trends seen across the globe during the past 12 months.

The International Swaps and Derivatives Association and a group of financial lawyers sponsored by the Federal Reserve (the Financial Markets Lawyers Group) have backed a Bear Stearns’ court appeal. In February this year, Bear Stearns was deemed liable for $125 million that fraudulent hedge fund the Manhattan Investment Fund, had deposited in the prime brokerage account it held at the investment bank before it filed for bankruptcy. The bankruptcy court concluded that Bear Stearns was liable for the deposits as their "initial transferee".

The hybrid sector’s focus might be turning to Asian retail but as Euromoney went to press Munich Re announced an interesting €1 billion benchmark hybrid transaction – rated A3 (Moody’s)/ A (S&P)/A+ (Fitch) – with Deutsche Bank, JPMorgan and UBS as bookrunners.

The bank has achieved its long-held aim of penetrating the US investor base with its covered bonds, to the benefit of all international issuers.

Turkey’s latest political crisis was triggered on April 24 by prime minister Recep Erdogan’s nomination of foreign minister Abdullah Gul as the ruling AK party’s candidate for president. Many had hoped that he would opt for a candidate from outside the party in order to assuage the fears of the fiercely secularist sections of the population, who demonstrated with an almost million-strong march on April 29 that they are genuinely afraid that Turkey might become an Islamic state.

After a recent correction, Vietnam’s equity market has bounced back and so has capital-raising for new funds. The latest to tap the markets are PXP Vietnam Asset Management and Mekong Capital. Both managers have successful track records investing in Vietnamese equities yet both are raising new funds to expand into new investment areas.

Asset managers are part of an unusual issuer mix.