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Until a few months ago syndicated lending was a borrower's market. Banks were desperate to do deals and offered seductive terms. Now the bankers have stopped calling. They're sitting back and revising the rules of the game. From now on they want it played on their terms. Michael Peterson reports.

Yet more losses are rumoured at Warburg Dillon Read, this time in the bank's European closed-end fund sales department. The team tracks, researches and makes markets in closed-end funds, has 40 dedicated analysts and salespeople, and is the biggest player in the market.

Have we seen the worst? That's the question bankers, issuers and investors are asking after the spectacular recoveries in several emerging stock markets and the reopening of various sectors of the bond and equity markets.

In the wake of the global economic crisis there are victims on both sides. Investors have excess cash but are afraid to move it. Issuers need to raise capital but are afraid to sacrifice their hard-won reputations with issues that flop.

Oyak Bank is unusual in two ways. It is one of the few banks in the world wholly owned by an army and it is the only Turkish bank run by an American. But that American, Mark Foley, considers himself to have gone more than a little native.

If 145 simultaneous sell orders are booked, suspicions are bound to arise.

Type of deal: Block trade of BSkyB shares

Malcolm Turnbull - lawyer, writer and, more recently, investment banker - seems to have the knack of profiting from difficult times. In 1987 he co-founded an investment bank four months before the world financial markets collapsed. The crash had caused much of corporate Australia to become disillusioned with their existing financial advisers, leaving the door open for Turnbull. "A new bank like ours, which had given no bad advice (only because no one had asked for it) was able to offer a fresh prospective. We got off to a good start."

Credit analysis based on equity prices is the basis of models built by KMV Corporation to log expected default frequencies (EDFs) for single companies and credit portfolios. Is this state-of-the-art or already passé? Euromoney editor Simon Brady grills KMV CEO David Nordby, and managing director Peter Crosbie, on the models' vices and virtues.

When Meriwether invited Union Bank of Switzerland to eat a special dish with him at high table, it seemed too good to be true. It was. Why did a bunch of Swiss bankers rush in where the rest of Wall Street feared to tread? By David Shirreff.

The sale of ABN Amro's merchant banking subsidiary, MeesPierson, has long been expected in the Netherlands. Selling it to the Dutch-Belgian group, Fortis Investments, has raised a few eyebrows, but is it part of a wider strategy that Dutch financial institutions are following to position themselves for the coming of the euro? Antony Currie reports.

Since 1927, when the first American depositary receipt was launched by JP Morgan for UK department store Selfridges, thousands of non-US companies have used ADRs to list in New York. This has enabled them to sell their equity to US institutional and retail investors in a manageable form. In 1990, global depositary receipts (GDRs) were created for companies that wanted to list and trade on other exchanges, notably London and Luxembourg.