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President, Bank of America, Asia

Issuer: Allianz Size: e3.5 billion to e4 billion Bookrunners: Citigroup, Deutsche Bank, Goldman Sachs, UBS Warburg

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.

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.

CEO, Coller Capital

Few people would want Michael Conolly's job. As the chief financial officer of Portugal's state-owned carrier TAP, he faces all the problems his airline peers are struggling with, plus a few that are specific to his own company.

Financial markets seem to be assuming a short, sharp US assault on Iraq with finite post-war costs. But there's well-documented evidence that Iraq is only the first step in a strategy of total war that could undermine both the US and global economy.

Issuer: Deutsche Telekom

Paul Myners' address at Institutional Investor's European equity research awards' dinner was a neat second act to New York state attorney general Eliot Spitzer's attack on US equity research analysts at the magazine's awards dinner in New York in November.

With so many corporates under pressure to raise cash, and understandably loath to sell off holdings at depressed prices in a weak market, the hunt for higher valuations is driving a wave of complex structured equity deals.