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Partly by luck, but as much because it was well structured, well organized and guaranteed to run to deadline, Brazil's auction of the state's controlling stake in telecoms provider Telebrás was a roaring success. Michael Peterson reports on why it came out as Euromoney's privatization of the year. Also, Brian Caplen looks at other notable Latin American deals and deal-makers of the year.

Whenever JP Morgan and Goldman Sachs in London manage to poach staff from each other, it usually leads to a bout of cheering and high-fives in the relevant office. No doubt much of the rivalry comes from the close proximity of their headquarters, which are less than five minutes' walk from each other near Blackfriars Bridge.

Minos Zombanakis is a pivotal figure in the history of the Euromarket. Known in the 1970s simply as "the Greek banker" (he was reckoned to be the only one of any note on the international scene), he was a combination of financial visionary, smooth salesman and masterful self-promoter. As one rather hostile magazine article remarked about his assault on the syndicated loans market: "It was one part nerve, one part histrionics and several parts pure fluff, but it did the job."

It's a firm that revels in its sense of history and values its independence. What it does, it does well - clearing, mortgage bonds, niche investment banking and just a little bit of prop trading. Nick Kochan goes inside Bear Stearns and gets a verbal memo from its combative chairman "Ace" Greenberg.

Deals of the Year

Telecommunications: Ways to survive a sea of troubles

Poll of Polls: Warburg's excellently average performance

Poll of Polls: Warburg's excellently average performance

Asset Management: Allianz wants other people's money

If the systems changeover for the euro turns into chaos, then the proprietor of a greasy spoon café in the City of London might know why.

Another euro-related operational issue has cropped up. Banks have tended not to charge each other for the provision of intra-day liquidity, but the euro payment systems will change all that - at least that's what bankers are predicting.

While all eyes are on the birth of the euro, a region not so long ago written off is quietly rebuilding. In Thailand, interest rates are falling 25 basis points a week. The Republic of Korea looks likely to be upgraded as its current account swings from a 1997 deficit of $8.2 billion to a projected surplus of $40 billion in 1998 - a change equivalent to 16% of GDP. Even in Malaysia - where the situation is complicated by the regulatory environment - the stock market is booming. What they said could not happen is happening. Asia is exporting its way out of trouble.