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The final version of the Basel II capital accord has been criticized by the Institute of International Finance (IIF), the global association of financial institutions, over concerns that its proposed implementation across international markets will not be sufficiently consistent.

Managed CDOs push structured credit technology in new directions as investors look for enhanced yield.

The national elections held in May have cast a shadow on India's shining economic story. Foreign investors are reassessing growth prospects now that the Congress Party, which relies on communist allies, has taken over. A jump in the annual inflation rate to 5.5% in early June caused bond yields to rise to a one-year high, and the rupee slid as foreign portfolio investors sold over $700 million in the six weeks from May. Those investors had pumped a record $7 billion into the Indian stock market last year and a further $4 billion in the four months to April this year.

After years of speculation, Tata Consultancy Services (TCS), India's largest IT services company, is ready to list on the Indian stock market.

Hugo Chávez, Venezuela?s unpredictable president, will face a referendum on his six-year rule on August 15 that could oust him from office. The move has unnerved investors, as even though Chávez is sometimes accused of dragging the country towards communism, he uses oil revenues to pay his debts on time. Venezuela has been one of Latin America?s best-performing credits so far this year. Total returns on its debt have contracted by around 1%, compared with a fall across the JPMorgan Emerging Market Bond Index Plus of 4%. Since last month?s referendum announcement, however, Venezuela?s 2027 benchmark bonds have begun to slide in price and the country?s risk spread widened to 615 basis points over US treasuries.

www.breakingviews.com

www.breakingviews.com

In the first half of 2004, as bond investors worried about rising interest rates and borrowers congratulated themselves on pre-funding at low absolute rates and spreads in 2003, global debt capital markets volumes fell 11% from first-half 2003 levels. Banks? revenues from the business fell by 10% to $8 billion from $8.9 billion, according to Dealogic.

London theatregoers got a taste of the (frequently foul) language of the trading floor last month when a new play opened at the City?s Bridewell Theatre.

Alastair Campbell, former director of strategy and communications and spin doctor extraordinaire for UK prime minister Tony Blair, chose the Euromoney Global Borrowers and Investors Forum in London to espouse his theory that the financial and business communities would be more effective if they were helpful to government ministers, rather than ?just nagging them?.

Someone offers you £100 today, or £200 in the future. What?s the longest you?d wait for the extra money to compensate for the delay in getting the cash?

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