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Issuer: Commerzbank

Led by imaginative sovereign issues, Latin American bond markets made a remarkable recovery this year. Corporates are now joining the bandwagon as sovereign yields come down. Felix Salmon reports.

As the demand for Latin bonds strengthened over 2003, so did the supply, at least in terms of the number of investment banks competing for mandates. After years of a shrinking market as a result of banks pulling out or merging, the number of players is increasing again, as a consequence of European commercial banks deciding that debt capital markets activity is a good complement to lending operations.

With Greece scheduled to hold general elections next spring, the conservative New Democracy party currently has a solid lead in the polls. The party's shadow finance minister, George Alogoskoufis (pictured), says Greece should change its economic policy mix to place greater emphasis on fiscal consolidation and the liberalization of certain markets to boost competitiveness and growth prospects. "The real picture of the Greek economy is not reflected in the GDP growth numbers. Special factors such as the preparations for the 2004 Olympic Games and the speeding up of older projects have boosted GDP," Alogoskoufis tells Euromoney. "The budget deficit is widening, the public debt exceeds 100% of GDP, inflation is among the highest in the EU, and the economy's international competitiveness is low, as evidenced by the large current account deficit and the rankings of international organizations. The public sector is still characterized by bureaucracy and corruption."

When it comes to debt, the British are the kings of binge. British debtors now owe the equivalent of UK GDP and their debts are much more sensitive to interest rate rises than US consumers'. Two-thirds of US borrowing is at fixed rates; almost 90% of secured UK household debt - mostly mortgages - is at variable rates. And UK rates have begun to rise.

Issuer: Junto de Comunidades de Castilla-La Mancha

In a bid to moderate dollar inflows, the Indian government took steps early last month to discourage Indian companies and financial institutions from borrowing in foreign currency. The new rules stipulate a lower all-in cost for commercial bank loans and restrict the purpose for which loans of over $50 million can be raised.

Euromoney's eighth Asian Company ranking is based on a survey of market analysts at major banks and research institutes in Asia. We received 136 replies.

"We've got three dollars to the pound," used to be one of the songs favoured by England's Barmy Army cricket fans on their tours to Australia. The slur on Australia's sliding currency, sometimes dubbed the Aussie peso, was one of the few ways they could get back at their hosts, who regularly thrashed them on the field.

The US economy is growing at over 8% a year. Jobs are returning, industrial production is improving and households are still spending. Everybody expects this business cycle to be like those before and they've lapped up stocks in the US and Europe, in anticipation.

Will Germany finally start to generate true-sale securitizations next year, with all that means for the German economy?

By Brian Mooyart