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It was announced on May 25 that Jack Jeffery had resigned as chief executive of electronic broking at Icap. The broker understandably moved swiftly to replace him, announcing that John Nixon would take over the role. Jeffery had overseen EBS’s integration into Icap after it was bought out from its mainly bank-consortium owners in June 2006. Jeffery joined EBS from Citi in February 2002 and he is widely credited with maintaining and then advancing EBS’s position as the market’s pre-eminent spot platform.

Russia is equally capable of fatally deterring and irresistibly attracting investors, as two recent big bank IPOs showed.

Brazil, which is already a major player in the $30 billion global trade in carbon credits, aims to hold its first online carbon credit auction this year on the São Paulo BM&F commodities and futures exchange in an initiative geared towards attracting European buyers. "We hope to reach an accord with one particular company interested in selling its credits via auction in the second half of the year," says Guilherme Magalhães Fagundes, the BM&F’s head of special projects. With a lack of liquidity in the world carbon credit market, daily trading is still some years away, but the BM&F says it aims to make the auction possible on the basis of buyer or seller demand and widen carbon credit sales away from the current business-to-business format.

Issuer energizes the region with a 30-year tranche.

The Indian bank has raised more than $5 billion in 2006 and 2007, appealing to several different markets.

A repeat of 2006’s success follows another outstanding performance from out-going treasurer Omar Cruz and his team.

Credit Suisse and Instinet, the agency broker owned by Nomura Holdings, announced in May that they had agreed to link up their proprietary "dark liquidity pools" in Japan to enable their respective international clients to trade more efficiently in Japanese securities by executing larger trades with minimal market impact.

The real action in debt capital markets has moved off the public stage.

The recent disruption in the US sub-prime mortgage market served as a warning to the CDO market of what happens when deals are backed by increasingly risky underlying assets. So why aren’t CLO managers – who are now buying single-B rated, covenant-lite loans in their droves – paying more attention? Louise Bowman reports.

Institutional investors made 2006 a watershed year for Europe’s leveraged finance market. They not only took centre stage by becoming the market’s main source of liquidity, but have remained there ever since. ING’s Paul McKenna describes their impact on current market trends and how their new prominence has changed the roles of the established players.

The 2007 guide to Leveraged finance

By the start of last month it was official: the biggest collapse of a South African hedge fund had occurred. Evercrest Capital’s Evercrest Aggressive hedge fund, managed by Marc van Veen, lost 66% of its R200 million ($28.2 million) assets when it went short on Sanlam, a local insurer, betting that its shares would fall. Instead they went up by 17% in April. Local media speculate that a relatively high leverage level of five times compared with an industry average of two inspired the dramatic losses, although the exact level cannot be confirmed. However as the dust settles on Evercrest, which will be shut after just two years’ operation, questions are being asked as to how such losses can be avoided.