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Who pushed NatWest?

From the mid-1990s enabling legislation and corporate issuance guaranteed a rapid take-off for Japan's securitization market. But economic recovery, recapitalization of the Japanese banks and their renewed enthusiasm for holding corporate assets may leave the market dependent on consumer finance and residential mortgage deals. This might not be enough to sustain the sector. Luciano Mondellini reports.

Want to buy a bank stacked full of bad loans and losing money? The Czech Republic may be able to oblige. While the second-largest, Ceska Sporitelna, looks like going to Austria's Erste Bank, the biggest, Komercni Banka, is still up for grabs. Finally, after years of dithering and excuses, bank privatization is now happening. But the assets are worth much less since the banks ran into serious trouble. Czech government problems don't stop there. Many companies the banks lent to are floundering, capital markets are still in their infancy and the legal framework falls short. The Czech Republic is a case study of how not to handle transition. Brian Caplen reports.

Privatization is still keeping lawyers busy the world over - and benefiting from the vital contribution they have to make. By Christopher Stoakes

It has been a banner year for new issues of convertible bonds, with many forces working together, especially in Europe, to support the primary market. Low interest rates and hopes for equity market growth have prompted more and more investors to buy convertibles and the pressure on companies to enhance shareholder returns and to unwind cross-holdings has prompted the issuers. High stock market volatility, following last year's financial meltdown, has also helped the market. This is the full text version of a roundtable discussion, exclusive to Euromoney On-Line.

NatWest gambled on bancassurance, lost its acquisition target and its chief executive and triggered a raid on itself from Scotland. Many in the City of London are pointing the finger of blame at adviser JP Morgan for encouraging NatWest's delusions. How did an investment bank that prides itself on telling clients which deals not to do get so much egg on its face? Marcus Walker reports

When the president gets tied down

When the president gets tied down

The amorphous sector challenge

E-Force One glides into the Gare du Midi, Brussels. The band strikes up buongiorno il duce and Prodi emerges from the presidential train, glowing from his triumph at the G3 summit in Bruges.

The amorphous sector challenge

Keeping faith from bust to boom