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Consolidation continues to shake up the tables as restructuring sweeps both developed and developing nations alike. Research by Andrew Newby.

It might not have the funding needs of the World Bank, the US agencies or large corporates such as Ford, but the Inter-American Development Bank has done a good job of keeping its name in investors' minds by appealing to the leitmotivs of fixed-income investing: keep it big, and keep the investors informed

Not everything that has happened to Barclays in the past few years has been positive. But behind the scenes, the UK financial services group is gaining a clear reputation for the growing sophistication of its capital and balance-sheet management. Two recent deals, both linked to balance-sheet management, have greatly enhanced the bank's reputation, both as a borrower and as an innovative deal maker.

Foundry Networks makes the gigabyte ethernet switches that help internet companies to avoid bottle-necks on their systems. Last year it decided to go public. Its bankers, Deutsche Banc Alex Brown, worked out a pricing range of $14 to $18, eventually priced above the range at $25, and by the end of the Wrst day you could get hold of them for $156.25 apiece - a 525% Wrst-day pop (these numbers are before a two-for-one stock split).

The Spanish have proved themselves masters of the bank merger. Successfully integrating two differing cultural entities, the merged Banco Santander Central Hispano has within a year become a European force to be reckoned with. Neighbours take note.

The contrast could not have been greater. Each of the two 40-somethings heads one of Thailand's largest banks, having inherited their family mantles. Both have managed to keep their banks afloat during a tough three years that has seen other institutions collapse or be taken over by foreigners. Both also have degrees in chemical engineering from US universities.

Largest banks by country

Largest banks by country

Largest banks by country

They're shark-infested investment waters out there. Nasdaq, the US tech sector index, continues to plunge and most indices worldwide are now well down for the year. The US March inflation figures started the rot, even though April's appeared more benign. Real GDP and employment cost data for the first quarter of 2000 show a red-hot economy with rising labour costs. It would have been difficult to invent a more bearish set of macro numbers. So it was no surprise that last month the US Federal Reserve hiked the interest rate by 50 basis points and indicated that it was ready to raise it again unless there were signs of a slowdown. There won't be, so expect another 50bp before the summer is over.

Wholesale financial services firms have made great play of their internet ventures in the last year, seeking to present themselves both as being internet-enabled and as pioneers in reshaping financial markets. Yet in reality few firms have done any more than take their traditional businesses and put them online. The true capacity of the internet to transform financial market structures has yet to be unleashed, although pure trading is changing fast. Maybe some of the self-styled pioneers want to hold this transforming power in check. They won't succeed for long, reports Antony Currie

Kazakhstan launched its comeback deal in September 1999. A Wve-year $200 million issue demonstrated that Kazakhstan, despite being rated single-B and a neighbour to troublesome Russia, does have access to the international markets. The bond was, in fact, the Wrst issue from the Commonwealth of Independent States following the Russian crisis of August 1998.