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It's clear why Vodafone conquered Mannesmann. Vodafone won because it paid to win, using its powerful stock. Its shareholders supported its share price and thereby its bid because they believed its story: that big is best in the globalizing telecoms game. And they feared failure might burst the telecoms bubble. What's less understood is how Mannesmann lost. It gave away the early momentum through bungling, suffered splits in its defence advisory team, and came within an inch of winning the hand of a French rescuer, only to hesitate. Klaus Esser made Mannesmann a top company, but his risk-taking triggered this contest and shaped its outcome. We also reveal the battle that raged beneath the surface between Goldman Sachs and Morgan Stanley during the biggest hostile takeover of all time.

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Author: David Roche

Author: Michael Peterson

Author: Jules Stewart

Bonds Syndicated loans Mergers and Acquisitions US deals of the year

Last year bond investors only had to pick the right country to make profits in Asia. This year the focus is on individual credits, and there are plenty to choose from. Investors need to do their homework. Governments and corporates are issuing fast and furiously. Corporates want an alternative to bank lending, over-reliance on which, they say, caused some of their past troubles. Governments are issuing even when they don't need the money, to create a domestic market and build up a curve. Pauline Loong reports on Hong Kong, Singapore, the Philippines and Indonesia, Dominic Jones on Korea and Taiwan, Gill Baker on Thailand and Malaysia.

Sophisticated derivatives players are still searching for the best way to sell their wares. With specialized derivatives teams? Or along with the cash products? David Shirreff reports

In theory Turkey should be a paradise for engineers, construction companies and banks involved in the electricity sector. Consumption is far outstripping supply and in theory state monopolies are being opened up to privatization and foreign investment. In practice these developments are entangled in the bureaucratic, constitutional and financing red tape that afflicts almost all enterprise in Turkey. Then there's the tangled geopolitics of gas supply from neighbours. Metin Munir reports

The techniques of securitization, developed for shifting loans off your balance sheet or refinancing consumer lending, are being applied to a growing variety of tasks. The experts are marketing their box of tricks to anyone with a predictable cashflow. The US asset-backed market is large and diverse, but mostly commoditized. Some of the more inventive applications in 2000 may be seen in Europe. Marcus Walker reports

Another year and the latest borrowing fashions are already on display. This year's look is big and liquid. Rather like last year's in fact, but even bigger. Are top-rated issuers getting carried away by the benchmark trend? By Michael Peterson