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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.

The Asian Development Bank's May governors meeting included sessions where bankers spoke candidly about the problems faced by the region's financial sector.

Why can Polish companies raise $1 billion a year by floating new stock in Warsaw while their counterparts in Prague come up with zilch? Andrei Shleifer of Harvard University thinks he has the answer and presented some of his latest research, joint work with Edward Glaeser and Simon Johnson, at the US Federal Reserve last month.

The nature of sovereign debt reschedulings is changing as private sector bail-ins of diverse groups of bondholders replace the Brady-style deals that used to be negotiated between borrowers and tight groups of creditors. Lawyers have their work cut out.

It wasn't so long ago that fund managers, investors and equity analysts joked that Chile was like a popular make of cockroach trap that worked by luring the critter inside a box whose door wouldn't open outwards.

With its e2.5 billion 2010 benchmark international bond launched in February, Greece has, in capital market terms, established itself as a de facto member of the eurozone. The launch price of 53 basis points over Bunds was the lowest cost of borrowing for Greece ever on such a deal, and marked a substantial reduction from the spread levels on previous deals in the high 50s.

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.

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.

A single organization did more than any other last year to breath new life into the market for Japanese international borrowings. It goes under the unfamiliar name of Japan Bank for International Cooperation or JBIC - pronounced Jaybic - as almost everyone who deals with it now calls it. JBIC made two landmark issues last year: the first in early February was an innovative $1 billion floating-rate note issue under its old name of Export-Import Bank of Japan (Jexim); then in October JBIC launched its new name with a 10-year $1 billion fixed-rate offering in the Eurodollar market.

Whatever criticisms may be made of Ana Patricia Botín, she certainly inherited her father's entrepreneurial talent. During her 10 years at Santander she pushed the investment bank forward at a hectic speed, recruiting top bankers and at one stage harbouring ambitions that it could become a global player. The emphasis was on emerging markets, however, and she firmly implanted the Santander Investment franchise in Latin America such that when the bank wanted to acquire retail banks in the region, experienced dealmakers were in position to negotiate for them. Ana Patricia didn't stop there. Her vision was to have a huge flow of emerging-market securities that could add to the Latin flow already going through the New York and London hubs to investors. She was expanding Santander into Mediterranean countries such as Egypt and Turkey and when the Asian investment bank Peregrine failed, she picked up a team of 130 equities specialists in February 1998. She also took on the running of the Latin American retail banks and headed the search for a bank in Portugal. In late 1997, when Santander Investment was merged into the commercial bank, she acquired responsibility for wholesale banking and treasury.