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The removal of old-guard managers from Egypt's state banks, proposals to clean up NPLs and new capital rules are shaping up the banks for a sell-off.

Pfandbrief issuers are increasingly abandoning jumbos in favour of more traditional smaller issues taken to market as strategic need demands.

The spectre of a return to Balkan-style politics has raised its ugly head again and threatens to undermine Croatia's recent politico-economic renaissance. Has the country the wherewithal to keep its EU dream alive?

Is Kenneth Rogoff making an about-turn? The IMF research head's latest paper seems to back the views of fund critics.

The hope is that the EBRD’s annual meeting in Tashkent in May will give a much-needed lift to Uzbekistan’s ailing economy. But relations with multilaterals have never been worse, and the country’s human rights record raises questions about why the meeting is taking place there at all.

Gazprom’s recent Eurobond was something of a sovereign surrogate but investors and analysts worry that the money raised won’t do much to hasten the company’s reconstruction.

Norway

With falling GDP per capita and minuscule foreign direct investment, things could be going better in Uzbekistan. One positive development, though, is the corporate bond market.

Hungarian privatization has helped place the economy among the best emerging-market performers of the 1990s. However, questions about the transparency of deals reappeared this year.

Things are so tough in investment banking that major institutions are prepared to let award-winning credit analysts decamp to the buy side. Among them are some high-fliers in Euromoney's latest annual credit research poll. Kathryn Tully reports.

After leaving Deutsche Bank, Simon Adamson, previously co-head of European credit research at the bank, joined the London office of independent fixed-income research firm CreditSights on April 1. The New York-based company has more than doubled in size to boast a research team of 17 senior analysts since it was founded in November 2000 by Glenn Reynolds, former head of global corporate bond research at Deutsche Bank. Although CreditSights has a couple of independent competitors in the US, it is the first independent to set up in Europe. Adamson joins Anja King and Nesche Yazgan who started at CreditSights last November, to make a three-strong London team which is becoming something of an enclave of former Deutsche bankers. King was co-head of European high-grade credit research along with Adamson and Yazgan covered investment-grade automotives and transportation and telecoms equipment. Of the 17 senior analysts at CreditSights before Adamson's arrival, eight joined from Deutsche.