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With credit analysts predicting that overall levels of investment-grade corporate issuance in Europe will end the year even lower than they had previously expected, banks are turning their attention to the more lucrative and active European high-yield market.

It has been a stop-start year in the international debt capital markets, with banks themselves the latest group of issuers to take advantage of investors' search for yield by raising low-cost funds. Banks' capital markets desks are struggling to sell corporates on the joys of leverage.

As this year's Euromoney poll indicates, the banks that best satisfy their clients' risk management needs are the ones that have succeeded in integrating the function into the teams that offer capital raising products.

Without much fanfare, the American Stock Exchange has achieved remarkable success over the past two years in attracting new listings, especially from foreign issuers.

Automation of short-term investment is at the cutting edge of cash management, but deciding how to take advantage of this is not easy. Banks are making an effort to rationalize the routines involved.

Property company mixes secured and unsecured debt technology to preserve operational flexibility after its refinancing.

India

Moments before ageing rocker Elton John appeared on stage for a noisy rendition of 'Benny and the Jets', Gary Coull, chairman of CLSA, the hosts of the evening's bash and Asia's only remaining independent equity broker, addressed the audience. There were 2,000 of them — fund managers, company executives and other hangers-on lucky or devious enough to sneak an invitation to what is arguably Hong Kong's biggest annual shindig.

This year, for the first time, Euromoney has presented its award for central bank governor of the year to someone who isn't a central bank governor (see Euromoney September 2004). At the end of September, two weeks before the IMF/World Bank meetings, the mandate of Argentina's Alfonso Prat-Gay expired and president Néstor Kirchner did not renew it. By Argentine standards, Prat-Gay had a good term. As he said, when receiving his award from Padraic Fallon, chairman of Euromoney Institutional Investor: "When we took office in December 2002 we had a lot of ambitions, the main one being to make it to the end of the term – this being a country whose central bank is only 68 years old and has had 48 governors along the way."

If you're looking for enlightenment from Bush or Kerry on how best to shape the economy over the next four years, look again. Neither presents a viable strategy for the deficit or the entitlement programmes, social security, medicare and Medicaid.