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Investors are offered first subordinated bond issue by a Middle Eastern financial institution, lead managed by Deutsche Bank and UBS.

Sales of non-performing loan and real estate portfolios to foreign investors have stirred controversy in Germany, with the buyers being described by a senior politician as “a plague of locusts”. But the medium-term benefits could go beyond a much-needed injection of liquidity and balance sheet repair and provide a fresh impetus to the German economy.

There are no holds barred in the competition between exchanges. As people arrived to hear a Hans Tietmeyer lecture in the City of London organized by the Chicago Mercantile Exchange, they were greeted outside the venue by young ladies handing out leaflets spouting the benefits of trading FX with Eurex US. It all seemed harmless enough.

The Dubai International Financial Exchange (DIFX) has set itself an ambitious target, according to its chairman.

Agency’s rating action places extra focus on bank’s securitization of first-loss positions.

Erste Bank launches The New Europe Blue Chip Index, covering the largest C&E European stocks traded on the Vienna stock exchange.

Two unconnected events in the Byzantine world of Japanese banking indicate some progress, albeit slow, in the reform of this troubled sector.

In the end the winner was Mohamed ElBaradei and the International Atomic Energy Agency, but a little-known fact is that Hugo Chávez was also in the running for this year’s Nobel Peace Prize. Venezuela’s president was one of an incredible 199 people on the short list for the award. According to Australian bookmaker Centrebet, Chávez had odds of 80-1 to win. Long odds, perhaps, but a whole lot shorter than Tony Blair’s at 500-1 or George W Bush’s at 1,000-1. It’s doubtful that this will encourage a rapprochement between Washington and Caracas.

Cash corporate credit might be in short supply but borrowers still need to tread carefully.

Delphi’s bankruptcy shows that many of the imbalances remain in global structured credit.

But withdrawal of investors with unrealistic expectations seen as advantageous.

With an amazing recovery from the brink of collapse and a comprehensive debt restructuring, everything seems to be going right for the Dominican Republic. But all the old economic weaknesses are still there and they need urgent attention. Felix Salmon reports.