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The largest ever mortgage-backed securitization worth up to £6.2 billion ($11.2 billion) has been performed by Halifax, the UK mortgage provider. Oversubscribed despite the absence of traditional IR presentations to investors, the issuance was delivered through sterling, euro and the US dollar and constituted 19 different note classes.

The inflation-linked market has unexpected pockets of demand, few natural issuers and an unusually close relationship between derivatives and bonds. But it works. Banks now need to work out where the next set of structural demand will come from and how to position themselves to profit from it. Katie Martin reports

A ground-breaking collateralized debt obligation offering a fixed level of recoveries targets investors who want a simpler structure.

The first investor poll to determine the best liquidity providers by asset class in Europe’s credit markets shows JPMorgan sweeping the board.

KPMG has announced the establishment of the 404 Institute, an open forum designed to inspire the exchange of ideas and the development of research, leading practices, and a range of activities related to meeting the requirements of Section 404 of the Sarbanes-Oxley Act of 2002. Section 404 of the Act calls for companies to meet key requirements for their internal financial reporting controls by November 2004.

Bolat Zhamishev was formerly the governor of Kazakhstan's central bank. Now his task is to continue developing banking supervision as chairman of the agency for financial supervision. With bank asset growth doubling every two years and some banks doubling their assets last year, are you worried that growth is too fast?

Never let it be said that running a global financial services organization leaves you bereft of a sense of humour. Talking to investors in Singapore in February, Citigroup CEO Chuck Prince was reiterating his stance on future acquisitions. As Prince has publicly explained, the bulk of the $50 billion pre-tax net income that he wants Citigroup to be making in five years' time will come from organic growth. There will be no repeat of the Citicorp/Travelers merger of 1998, which was truly a transforming event for both sides.

Key French brokerages are remodelling their equities divisions in an effort to build a pan-European business. And the solution that BNP Paribas has found is the most radical. But rivals say its new joint venture is an admission of failure. Peter Koh reports.

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