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As Seoul Bank faces being dragged into the government's financial holding company, CEO Kang Chungwon explains how he plans to get the bank back on track.

Securitizing telephone bills could become the new wonder medicine for stricken European telecoms companies to reduce their debt burden. An asset-backed transaction offers the invaluable advantage of not increasing a company's debt ratios - as do normal bonds - and it also generates financing at a much more attractive price, with spreads roughly 20-30 basis points lower than secondary level single-A telecom straight bonds. As for equity, deals are going to be a tough sell for telecom companies with their shares prices at all time lows. They are therefore increasingly looking into selling their future revenues.

The Financial Services Authority will set up a new market abuse regime next year, but with the proposals on the table, City lawyers doubt that it will make their lives, and those of their clients, any easier. By Richard Tyler

The arrest in New York of the Kremlin's top property manager Pavel Borodin, on a Swiss warrant issued almost a year ago, leaves president Vladimir Putin with a tough choice. Is he willing to sacrifice one of his own for the sake of Russia's reputation?

Issuer: Allianz Deal: market index-linked equity security (miles)Amount: e2 billionDate: December 14 2000Lead manager: UBS Warburg

Issuer: Mini-Trups (special purpose vehicle)Amount: $241.7 millionDate: March 23 2000Bookrunner: Salomon Smith Barney

Acquirer: NiSourceType of deal: hostile acquisition of Columbia Energy GroupAmount: $14.7 billionAdvisers: Credit Suisse First Boston; Wasserstein Perella; Barclays Capital (financing)

The senior government official shook his head vigorously in affirmation. "Yes, Japan's budget deficit will grow. Yes, there will be a government bond crisis." Then he said: "The best scenario for Japan would be an earthquake that struck the downtown headquarters of the ruling Liberal Democrats when all its senior politicians were there. Then we might get some of the reform Japan needs."

Issuer: Hutchison Whampoa Ltd Amount: $2.5 billion Type of issue: exchangeable bond Date of issue: January 8, 2000 Bookrunners: Goldman Sachs, Merrill Lynch

Issuer: IxiaAmount: $82 millionDate: October 17 2000Bookrunner: Merrill Lynch

Issuer: Krispy Kreme DoughnutsDeal: IPOAmount: $72.5 millionDate: April 5 2000Bookrunner: Deutsche Banc Alex Brown

Thus far, two mergers in Singapore’s financial sector have failed to go through, and several cross-border ventures have gone awry. Find out why.