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This article is a sample article from Institutional Investor magazine. For more information or to subscribe, please go to www.institutionalinvestor.com.

Another month, another deal. Corporate lawyers must have become airborne at The Bank of New York in recent months. Not that its rivals have been idle, but BoNY (the acronym, forbidden within the bank, still sticks in the market) has had a white-hot year of corporate activity. Caroline Allen looks at recent deals.

Yield curve inversion usually signals a coming recession, but, overall, the global economy looks good. Can there be another explanation for inversion linked to high global liquidity?

Spain’s Segura mulls EUR 10mn investment in Szolonk. Spain’s Segura plans to invest some EUR 10mn in production facilities for car parts and solar panels in the industrial park of Szolonk , MTI News Agency reported quoting local officials. The company has already purchased ten hectares plot in the park and construction is expected to start in the early spring of 2007. The solar panel plant will become operational first, while the car parts facility will be completed in the beginning of 2008. The investment outlay is envisaged to create 400 workplaces directly and another 800 through suppliers.

FX/gold reserves increase by USD 5.1bn to USD 274.2bn over Oct 27-Nov 3. CBR’s FX/gold reserves rose by USD 5.1bn to USD 274.2bn over Oct 27-Nov 3. Thus, the indicator saw a 1.9% w/w increase. The FX/gold reserves are now closer to their maximum level seen in mid-August. To remind you, Russia made an early PC debt repayment in late August, which caused USD 16.5bn w/w reserves drop to USD 258.5bn posted on Aug 25. Russia slowly continues to reduce the gap separating it from the world’s leaders in terms of FX/gold reserves, which are China and Japan . The USD saw a 10 kopeks drop against RUR over the week from 26.83 as of Oct 20 to 26.73 as of Nov 3. In the same period, the EUR appreciated against RUR from 33.93 to 34.08.

Government committed to completion of Geregu power plant. Nigeria’s Power and Steel Minister Liyel Imoke has stated that the government would ensure the completion of the construction of the Geregu power plant in Kogi. The government has so far spent EUR 183mn on the 414MW power plant. Imoke, who was speaking to newsmen, declared that the completion of the plant would bring power generation in the country to the targeted 4,500 MW by next year.

Spain converts Morocco’s EUR 30mn debt into investment fund. Spain announced that has decided to convert EUR 30mn of Morocco 's debts into public investments. The Spanish embassy in Rabat made the announcement saying that the funds would be used for sanitation projects, etc. Around EUR 22.5mn will finance a liquid sanitation projects in the northern region. The balance funds will be earmarked for other projects under Morocco ’s National Initiative for Human Development (INDH). The decision was reached at the Moroccan-Spanish joint committee

Widest WSE index WIG overshoots historical level of 50,000pts. The Warsaw Stock Exchange Index (WIG) which groups 155 large and medium-sized companies, has for the first time in its history crossed the magical barrier of 50,000pts, rising to 50,091.12pts at around 11:00am . In so doing, in the 15.5 years the Warsaw bourse has existed, the index has risen by the impressive value of over 4900%. It ended the day at 49555.18 points, or up by 0.24% with the turnover on all stocks at PLN 2.75bn. ISB, tom

Ukrainian, Danish officials discuss collaboration between the countries. During his official visit to Denmark Ukrainian foreign minister Borys Tarasyuk met with Danish deputy PM Bendt Bendtsen to discuss economic relations, trade and energy sector cooperation between 2 countries. The sides noted that trade turnover between the countries in Jan-Aug 2006 increased by 38% y/y. After this official visit a number of lower level meetings between officials of the 2 countries are expected to take place.

FinMin plans EUR 1bn eurobond issue in January. Poland plans to issue a benchmark eurobond issue with a value of above EUR 1bn in January, deputy finance minister Piotr Soroczynski told the Polish Press Agency . In early November, the finance ministry sold 10-year bonds worth JPY 25bn and 20-year bonds worth JPY 60bn on the Japanese market. Apart from "Samurai" bonds, so far this year the ministry also sold eurobonds worth EUR 3bn. tom

Polish PM Yaroslav Kaczynski to visit Ukraine on Nov 15.Polish PM Yaroslav Kaczynski will visit Ukraine on Nov 15. The official will meet with president Victor Yuschenko, Ukrainian PM Victor Yanukovich, parliament speaker Oleksandar Moroz and foreign minister Borys Tarasyuk. During the visit, the sides plan to discuss in economic and military cooperation. In particular, the sides will talk about electricity production and transportation sectors.

Morocco’s offshoring sector generates USD 110mn revenues in 2004. According to the French weekly Jeune Afrique , Morocco ’s off-shoring professions such as call and phone information centres, hotlines, software companies, back-offices in Morocco generated a turnover of about USD 110mn, and created about 7,200 jobs in 2004.