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  • Few people know currency overlay - an industry always on the verge of maturing - better than Neil Record, chairman and CEO of Record Currency Management. According to Mercer Investment Consulting, the company he started was awarded the world's first currency overlay mandate in 1985, when the Water Authority Superannuation Fund asked it to implement a dollar-based hedge.
  • CEE issues have innovated on several fronts this year. Bulgaria made Europe’s first Brady exchange, Poland revived sterling sovereign issues and Gazprom launched Russia’s biggest ever domestic corporate bond.
  • Lehman Brothers' trials and tribulations with its wayward chef continue (see Euromoney, November 2002).
  • The volume and sophistication of Poland’s debt strategy last year made it the golden mandate for emerging-market debt teams. And they’ll be chasing Poland hard in 2003. But could its public debt prove too large even for this masterful finance ministry to handle?
  • CEO, Duke Street Capital
  • Riba, Gharar, Murabaha, abba, Ijarah, Salam, Istina, Sukuk, Mudarabah, Musharaka, Takaful
  • Merrill Lynch wins a special award for most improved bank in fixed income partly because it has overhauled its technology, It has rolled out a number of new features, many of which are very sales-friendly. And it has done all this cheaply.
  • A quick look through the other categories in this year's internet awards reveals a list of participating banks including JPMorgan, Citigroup, Goldman Sachs, Royal Bank of Scotland, Deutsche Bank, Barclays Capital, and plenty more. All of these are good loans houses. None of them thought they had a loans website that was good enough to be considered for this award. Clearly, this area is neglected online.
  • Creditex is an interdealer credit broker that finalizes all trades over the phone. But it uses the internet to deliver real-time prices and historical data in a way that greatly adds to the market's transparency and speed.
  • Runner-up: UBS Warburg
  • Runner-up: JPMorgan
  • The leveraged buy-out market in Europe is booming as shareholders press European companies to focus on core businesses and indebted firms shed assets. Even after private equity firms’ write-downs of portfolio companies, there’s lots of capital chasing bargains.