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Rumours of electronic broker EBS’s imminent takeover are rife, but a £1 billion price tag seems wide of the mark. Getting these to agree on whether tea or coffee is served at board meetings is probably difficult. Getting consensus on whether or not to sell EBS’s business, and then who to sell it to, must be a near impossibility.

High oil prices pushed Latin America’s equity markets to dangerous levels. In a new era where emotions about oil scarcity run high, Latin America is perceived as a big, endless supply of commodity wealth. But keep an eye on the volatility.

The corporate hybrid sector shifted to retail with Porsche's 7.2% $1 billion perpetual non-call five (no coupon step-up). The transaction has several unusual aspects linked to the rating and structure, marketing and pricing.

Those banks distributing goodies in the hope of influencing the poll (against the rules, we hasten to add) might do well to remember that clients are often an ungrateful bunch. Apparently, one Japanese client of a UK clearing bank complained about the iPod Shuffles it received for Christmas. It was not the fact that iPods are made by one of its competitors that caused the problem. No, it was the fact that the Shuffle is at the bottom of the iPod range.

The growing number of FX transactions being settled through CLS Bank is strong evidence that the market is still expanding.

Residential mortgage-backed securities origination in Italy could be about to receive a boost with the entrance of international banks establishing prime residential platforms. SG and Macquarie are two names that are looking into the possibility. The attraction is the relatively attractive margin achievable on loans compared with France, Germany, the Netherlands and, of course, the UK. In the UK there are already several established players in both the prime and sub-prime space but there too Deutsche Bank is building a sub-prime platform.

The biggest LBO club deals of 2005 will soon be surpassed.

SAB Miller, the world’s third-largest brewer, announced in January its intention to establish a brewery in Vietnam through a 50:50 joint venture with Vinamilk, Vietnam’s leading dairy products company. The $45 million venture will be based near Ho Chi Minh City and will make use of Vinamilk’s extensive distribution network. The aim is to develop a Vietnamese beer brand that will be supported by a premium SAB Miller brand.

Few financial issues in Asia are debated as hotly as the state of China’s banking system and the billions continually poured into mainland lenders by foreign financial institutions and lenders as the banking market is slowly opened up.

US carrier United Airlines has pledged the rights to some of its most valuable routes as collateral for a new loan that it hopes will take it out of Chapter 11 bankruptcy protection. As well as route rights between the US and London Heathrow and Japan, China, Hong Kong and Japan, it is also pledging $2.6 billion in aircraft and spare parts in a desperate bid to find collateral for the six-year $3 billion syndicated loan. United needs the new cash to pay off its debtor-in-possession financing. The company filed for bankruptcy in December 2002.

With India’s aviation sector already hopelessly overcrowded, consolidation started in January when Jet Airways India and Sahara Airlines announced an agreement for Jet to acquire Sahara. Although the deal is subject to a confidentiality agreement, the companies announced that the acquisition would be for cash based on an enterprise value of approximately $500 million for Sahara. Pending regulatory approval, both airlines will continue to operate independently. Despite the deal, overcapacity continues to plague the industry and more deals are likely.