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What was it that Donald Rumsfeld famously said? "There are known knowns, the things we know we know. There are known unknowns, things we know we don't know. And then there are the unknown unknowns, the ones we don't know we don't know."

China's domestic stock markets are a mess, riddled with inefficient companies, gerrymandered by a meddling government and hamstrung by a vast share overhang. Despite these challenges, Invesco Great Wall Fund Management Company has found a way to make money from stock picking. Much of its success rests on simply understanding the realities of its market. Chris Leahy reports.

Since the adoption of an enabling law in 1999, Portugal's securitization market has grown rapidly, embracing many of the innovative techniques and influences seen elsewhere in Europe. With a new law allowing issuance of covered bonds expected this year, structured finance volumes look set to grow. And the market remains eager for further innovation. Sarfraz Thind reports.

State banks are geared to an economy that is mainly state controlled and they dominate much of Iran's financial sector. But the six public banks are starting to fund the private sector, while newly formed, privately owned banks are finding their own niche market through better services and funding. Kate Luxford reports.

The rapid pace of development in issuance and investment techniques means that the progression of real estate to become a global asset class in its own right is not far away. Clive Horwood reports.

The Nigerian government has embarked on a reform programme that seeks to improve on the country's dire economic performance and tarnished image. Can benefits reach down to its own people? And can it convince the international community?

The largest deal of its kind in Europe will herald an active period in property finance

Banks readjust after rare correction in asset-backed market Structured credit markets approach the June half-way mark with the spread cycle reversed. All but the most recent new issues are trading below par and the heady times of heavily oversubscribed deals are over for now.

Lorenz Altenburg is head of syndicate for covered bonds and supranational and sovereign issuers at Société Générale Commercial and Investment Bank since 2000. He was previously head of covered bond trading for SG CIB and before that Lorenz worked for Banque Indosuez/ Credit Agricole Indosuez in Tokyo, New York and Paris as a fixed-income trader. Ziad Awad is co-head of European syndicate at Goldman Sachs. He has been with Goldman's syndicate for the last five years, focusing mostly on covered bonds, sovereign and agency issues. Previously he had been a government bond trader with Goldman Sachs since 1994.

The rumour mill is creating great opportunities for debt vs equity trades

2004 was an important turning point for IPO activity around the world with an increase for the first time since 2000 in both the number of IPOs and the total capital raised, a survey by Ernst & Young has revealed. There were 1516 flotations globally in 2004 raising $124 billion of capital with every major region showing an increase in activity. The UK was the number one spot internationally in terms of numbers of listings with 191, the highest for any national market, raising $6.8 billion of funds.

As investment banks try to cut the cost of research for clients, outsourcing is taking on an ever-increasing and ever more important role in keeping costs under control. For the providers of these services, such as Copal Partners, the key is to move on from simply crunching the numbers to providing in-depth research for their clients on debt, equity and corporate finance.