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Maarten Henderson, CFO of Dutch telco KPN, ended 2002 on a high note. On December 5, Standard & Poor's upgraded the company from BBB- to BBB, praising its deleveraging efforts. It had cut net debt from e22 billion at the end of September 2001 to e13.9 billion in just a year and had improved operational performance. By December 30, Henderson was celebrating the birth of a new baby daughter. And 2003 also got off to a promising start when, at a time when Deutsche Telekom was being punished by a two-notch downgrade by Moody's in January, the rating agency changed the outlook on the KPN's Baa3 rating to positive.

The EU’s insider dealing directive will be too soft on offenders, its critics argue.

Just which place could Sir David Walker have been talking about when he described a country as "Wogga Wogga"?

Issuer: Tyco InternationalSize: $.4.5 billion 144a convertible bondBookrunners: Morgan Stanley, Banc of America Securities, Citigroup

As investors cut back on corporate exposure, high-quality issuers are scooping up funding. Smaller ones can satisfy their needs with many bite-size deals rather than a few jumbos.

Sovereign borrowers

South Korea

Sovereign borrowers

Sovereign borrowers

Sovereign borrowers

Managed futures, a strategy used by commodity trading advisers, produced the highest returns of any strategy in the CSFB/Tremont group of indices in 2002. By betting on increases in the prices of gold and oil, and on the depreciation of the dollar, commodity trading advisers produced returns of 18.33%.

Despite the continuing weakness of equity markets, institutional investment in hedge funds has grown only slowly.