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RBC Capital Markets announced the completion of two of the first ever rouble-denominated bonds since the rouble became fully convertible.

Debt poll of polls: Customer votes reveal the new big three I Debt poll of polls: Overall I Debt poll of polls: Primary markets I Debt poll of polls: Secondary markets I Debt poll of polls: Investment grade debt house I Debt poll of polls: Advisory services I Debt poll of polls: Methodology

According to Clontarf Capital: "The global tide of liquidity shows no sign of abating and this will mean another brutal year for short-sellers. For the past three years only auto-parts suppliers have been sure shorts and we believe that this may be a year to pause with long/short funds - at least new entrants, or those managers with little meaningful experience on the short side. After a few years of quiet launches, it could be that the hedge funds’ sibling long-only products are the ‘idea whose time has come’."

Gulf institutions maintain their dominance of Euromoney’s rankings as growth continues for third successive year. Morris Helal reports.

UK retailer Marks & Spencer is to partly plug the £704 million ($1.4 billion) hole in its UK defined benefit pension scheme by redeeming its 2001 Amethyst Finance sale and leaseback CMBS deal. The properties backing the CMBS have a current estimated book value of £550 million. UK supermarket group J Sainsbury exploited the value of its property portfolio in early 2006 by securitizing half of its property portfolio and injecting the proceeds into its pension fund. M&S plans to put its properties into a partnership in which the pension scheme will hold the interest. The cost of unwinding Amethyst and setting up the new partnership will be £30 million to £35 million.

Two surveys of hedge fund managers’ portfolio valuation policies have revealed a lack of standardization, highlighting a need for stricter valuation procedures, particularly when dealing with hard-to-value assets.

Debt poll of polls: Customer votes reveal the new big three I Debt poll of polls: The official bond league table 2006 I Debt poll of polls: Overall I Debt poll of polls: Primary markets I Debt poll of polls: Investment grade debt house I Debt poll of polls: Advisory services I Debt poll of polls: Methodology

Jochen Andritzky’s book demonstrates the importance of analysing CDS prices alongside bond prices in assessing the likelihood of sovereign default and expected recovery values. Felix Salmon examines the evidence.

Some investors are due to reduce holdings in favour of single-strategy peers.

Japan is slow to adopt financial market innovations, and algorithmic trading is no exception.

Asset managers, pension funds and derivatives specialists across Europe need to be aware of the potential changes in Danish ALM activity. Several Danish pension funds and life insurers have written to the Danish Financial Services Authority suggesting that they be allowed to change their discount curve for liabilities from Danish government bonds. Christine Joseph-Haller looks at the implications for the euro and Danish krone fixed-income markets.

Summary table of top banks, with quick links to more related content on euromoney.com