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The euro-denominated corporate bond market kicked off last year in euphoric, uncritical mood. This year investors have become more choosy and demanding, and the glut of telecom issuance has distorted pricing. Ben Beasley-Murray reports

On mergers, the internet and competition

Author: David Shirreff

Author: Julian Marshall

Author: Mark Piper

Fancy Taif rather than Tenerife for your next summer vacation? Reckon property prices in Riyadh have more upside potential than those in Rome? If so, why not take the next flight to the Kingdom of Saudi Arabia? Although you’ll need a visa, you may soon be able to acquire one without jumping through the tortuous hoops of finding local Saudi sponsors prepared to vouch for your good character. Saudi Arabia, historically fortress-like in its approach to uninvited guests, is starting to open its doors to unlikely visitors. The Kingdom has just passed a new investment law described in a recent report published by the Saudi American Bank (Samba) as a “U-turn away from the old investment system”. It is also gearing up to give foreigners direct exposure to a stock market that has so far been accessible only via a single investment trust and (more recently) mutual funds. New legislation is being prepared that will allow foreign individuals to buy Saudi real estate. And senior Saudi policymakers are even talking seriously about more tourism – not just of the local, regional or religious variety, either. After all, the thinking seems to be, other Gulf economies have seen tourists landing on their shores, and survived. So if western visitors can be persuaded to dress sensibly, and to resist the alcoholic temptations of duty-free shops en route, where is the harm in encouraging a limited number of them to spend their dollars, pounds and euros in the Kingdom?

Abbey National's eye-catching mortgage-backed securitization (MBS) programme has touched a new height with its £2.25 billion ($3.375 billion) Holmes Financing 1, the largest ever securitization of European mortgages. Brian Morrison, the bank's director of treasury services and international, says making the bonds fully SEC registered opens up a vast investor base in the US. "This takes us into a new ball game, which is the really big market," he says.

Author: Amber Pierce The Natural History Museum in London was the setting for Euromoney’s first foray into hosting a dinner for the annual awards for excellence. In all 550 bankers and their entourages turned up on the evening on July 12, several fresh from taking part in the 3.5 mile Chase Challenge run in Battersea Park (at least we hope they were fresh).

Since Bashar al-Assad was elected as president of Syria to succeed his father, Hafez al-Assad, with a surprisingly low 97.29% of the vote - his father pulled in over 99% of the vote when he was re-elected - there have been mutterings that Syria might be looking to open up and reform the country's Wnancial sector. The international banking community, however, seems less than excited and in some cases extremely sceptical.

Author: Gill Baker Thailand has a huge number of debt restructuring cases and non-performing borrowers but they are steadily being dealt with. And the signs are that the authorities are starting to break the back of the problem, although there is still a long way to go.

Author: James Smalhout Those tough guys on the Bank of Japan’s policy board did the right thing in spite of themselves when they met on July 17. The group had been flirting since April with the idea of ending its policy of zero overnight interest rates. The rate first hit zero in February 1999. In the end, they voted not to hike it, but threatened to do exactly that if Japan’s recovery continues much longer. Only the bankruptcy of the Sogo department store a few days earlier made the policy board flinch.

The merged UBS found itself with two brand name asset managers: Brinson Partners and Phillips & Drew. Trouble was both were performing badly looking for value in markets that only rewarded growth. Investors lost their patience and finally star managers Gary Brinson and Tony Dye quit. Where do they go from here? UBS is merging the operations but keeping the names. The philosophy also stays on a bet that the pendulum has swung back and value investing will again produce results. Julian Marshall examines the chances