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Although banks have been leading securitization developments so far in Russia, the monopoly railroad infrastructure provider has come to market with the country’s first transaction backed by lease receivables. Kathryn Wells reports.

The structured bonds business is changing in emerging markets. The rapid development of local capital markets means that the product’s future lies closer to home. Euromoney takes a closer look at some of the developing world’s more innovative securitization markets and deals.

General prosecutor to appeal not guilty verdict against Ulan Sarbanov.

Many large Japanese companies are about to adopt takeover defences that are contrary to the interests of their shareholders. Nicholas Benes uses a hypothetical company, Yamato Aluminium, to illustrate their impact

Reports of the death of analysis have been greatly exaggerated. Time and again, analysts are proving their worth in league tables and through innovation and bespoke research. But ‘me-too’ forecasting is a hard habit to break.

A rival trading platform for smaller stocks in London is giving the LSE a run for its money.

Just three years ago, any small investor wanting to invest in gold had a very hard time of it. Few ordinary people have the facilities to take physical delivery of bullion, even if the asset class is the ultimate low-risk play because of gold’s inherent value.

Anthony DeChellis The head of UBS’s private wealth management team in the US is joining rival Credit Suisse to head its private banking operations for the Americas. Credit Suisse has made clear it intends to focus aggressively on building its wealth management offering in the US.

Quasi-independent debt management offices are bringing new sophistication to government debt management. But de-risking government balance sheets that have so far failed to account properly for contingent liabilities may be beyond them. Peter Lee reports.

US inflation fears spooked nervous markets this May, causing the biggest one-day falls in years. In the space of a week, the Nasdaq Composite Index and the FTSE 100 gave up their entire gains for the year. Both indices shed about 7%. Markets took fright at the larger-than-expected 0.6% rise in April’s US consumer prices, which also spilled over into commodities markets. Although many think the sell-off has been exaggerated, May’s Merrill Lynch’s Global Fund Manager Survey shows growing pessimism about inflation and corporate profits. The survey shows a sharp increase in the percentage of fund managers who expect a rise in core inflation, to 64% from 47% a month earlier. A net 9% of fund managers also expect corporate profits to deteriorate while a net 27% except operating margins to deteriorate. Nevertheless, half the sectors in the S&P500 have been posting double-digit earnings growth. Despite the uninspiring outlook for equities, bonds are still looking overvalued to a net 48% of respondents while equities by contrast are still looking underpriced to a net 3% of investors.

Having emerged from a reshuffle in in the Hypo Real Estate Group at the start of the year, Hypo Real Estate Bank International is the most significant institutional response to the Pfandbrief Act yet. The merger of two banks with distinct business models and funding tools has created a real estate financier well equipped to match its hunger for growth, writes Florian Neuhof.

Time is running out for Eurotunnel as it tries to refinance its debt.