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Stop-go state sell-off

Stop-go state sell-off

Pedro Solbes, Commissioner for monetary and economic affairs, European Union

Japan's new leviathans

When cutting costs is not enough

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

Edited by Antony Currie

It's been going on for seven years, and has taken up more of the US Federal Accounting Standard Board's (FASB's) time than any other rule. US bankers and issuers hate it, claiming it will force an unwanted change in borrower strategies and will even hit earnings. They've lobbied Congress to get it nullified, and the board has responded with a year's postponement and by changing some of the strictures. Yet still the complaints roll in from those few who claim to understand it. Systems still aren't ready, and there is less than a year to go before it comes into effect. Who'd have thought that an accounting rule-change could cause such a furore? Antony Currie reports on the dilemmas and debates around rule FAS133

Citigroup's latest acquisition

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.

A new breed of deal-makers

It's been a rollercoaster ride. First investors were desperate to buy any stock available, now they are withdrawing funds. But how much is the grey market to blame? Laura Covill reports.