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Euromoney polled cash managers, treasurers and financial officers at 5,600 non-financial companies in 73 countries. We received in total 1,154 valid replies to questions relating to international cash management services (2003: 367 replies) from 66 countries. This year's poll only included questions relating to international cash management services. (The 2003 poll included 1,061 replies in total, 694 of which answered questions relating to service provision in their home country only.) Respondents were asked to indicate: which three banks they currently used most for their cash management services to rate services provided by their lead cash manager on a sliding scale of 1=excellent; 2=very good; 3=good; 4=fair; 5=poor. Banks' scores in each category are the percentage of ratings they received for that category that were very good or excellent.

Investec Asset Management is celebrating its success in UK managed funds by offering punters the chance to win a Land Rover. To win, entrants must answer four questions about the firm's Cautious Managed and Managed Distribution Funds.

Citigroup wins this year's Euromoney international cash management poll with big-money votes – within the highest ever 1,154 respondents to this year's poll, 60% of corporations with annual gross sales figures of more than $25 billion use the bank. And when it comes to the really big clients – those with more than $100 billion in annual sales – that jumps to 90% of respondents who use Citigroup. The only scoring boost in the poll bigger than the one Citigroup gets from those big clients is the one HSBC gets from its small ones. It is a leading ICM provider for an astonishing 61% of clients with sales figures of less than $1 billion. That number accounts for HSBC's run to near the top of the poll this year. If HSBC manages to keep up its small-client dominance and grab just a few of the big accounts in 2005, next year's poll might even see it overtake Citigroup to leave all the other banks behind.

By Camilla Palladino

Latin American domestic structured issuance has caught up with the more established cross-border market, thanks in large part to the work of the International Finance Corporation and structured products expert Lee Meddin. But this is just the start of Meddin's plans for the emerging markets, with Latin America likely to take a pioneering role again.

By Camilla Palladino

Lead banks sit pretty atop volatile market | Capital raising results tables

A burst of primary market activity in Europe last month had equity capital markets bankers predicting a busy fourth quarter. This might be wishful thinking. Although historical data suggest that the months after a US presidential election are usually relatively buoyant, confidence surveys indicate that equity investors are still in cautious and highly selective mood.

Josef Ackermann is giving Deutsche Bank a spring clean. He has streamlined the board and reaffirmed an ambitious return on equity target in the face of mounting doubt about its feasibility. He is preparing the bank he leads for hefty restructuring and job cuts. That might be what it needs but is not in itself a strategy.

Japan got through deflation in its own sweet way and its recovery is also idiosyncratic. In the long run the yen will slide but for now conditions will favour foreign investors, holding up the currency.