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Brazil set out on a new course in 1999, both in the management of its economy and in its approach to the international capital markets. Concerns over the country's deficits provoked huge capital Xight and a currency devaluation last January. But Brazil did not tip over into crisis. President Fernando Enrique Cardoso, Wnance minister Pedro Malan and central bank governor Arminio Fraga have pushed through tough measures: cutting spending and increasing taxes so as to produce a primary (before debt service costs) public-sector surplus of 3% of GDP. This is the target for the next three years.

Issuer: Phillips Petroleum Co

The spilling over of Nasdaq volatility into emerging-market bonds has not amused their issuers. How can the fortunes of an internet start-up in Atlanta be intelligently compared with those of a tropical commodity producer, they ask, never mind that one is a company, the other a country?

In order to combat the Taiwan stock market's infamous volatility, oYcials in Taipei have come up with the idea of a National Stabilization Fund (NSF), whose job it is to intervene selectively and dampen down sharp stock market falls.

Long-time observers of European banking may feel they have heard enough about banking alliances. Time and again these have been launched amid great fanfare only to come to little. BSCH's task is to convince investors that its alliances contain greater substance.

The wisdom of spending $10 billion buying Latin America banks has not always been crystal clear to analysts but the results are starting to come through. In the first quarter, BSCH's Latin American banks earned nearly $200 million, 69% up on the first quarter of 1999, and roughly 40% of the total. By contrast Spanish retail banking managed a meagre 4% increase in profits.

What do you give to a man who has everything? For her husband, Alison Lutnick chose a round of golf with Tiger Woods. For $51,000 husband Howard, CEO of inter-dealer broker Cantor Fitzgerald, joined three others in playing 18 holes with golfer Woods last month.

After issuing the largest dollar deal ($1 billion) in December 1998, Telekomunikacja Polska (TPSA) delivered the largest euro-denominated corporate issue from the region in October 1999. It was another textbook deal.

Chilean telephone company Compania de Telecomunicaciones de Chile's (CTC) Wve-year e200 million bond deal last July was one of the brightest and most fought over deals to come out of Latin America in the past year. Mandates to bring Chile's leading telecom company to the market were hotly contested. They eventually went to Germany's Dresdner Kleinwort Benson and Spain's BBV. The two bookrunners, helped along by JP Morgan and ABN Amro as joint leads, managed to bring the deal to market at incredibly tight margins.

When a number of Korean Wnancial institutions were looking to raise capital through a bond issue, Hanvit Bank beat them all. Then Hanvit dared to make its issue a two-tranche deal and raised $850 million.

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