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Among the candidates to blame for starting the emerging-markets crisis are leveraged hedge funds, foreign investorpanic, bad IMF advice, overvalued currencies and crony capitalism. A new scapegoat is the reckless Asian corporate, which overborrowed cheap dollars and expanded too fast: its bad risk management scuppered entire economies. Isn't this latest thinking just a plot by the World Bank to impose laisser-faire capitalism on the whole world? Brian Caplen reports.

The difficulties faced by one quality borrower in 1998 contain lessons for all. Toyota Motor Credit Corporation ­ the captive financing vehicle for Toyota's US sales subsidiary in the US ­ has traditionally been one of the most sought after names in the Eurobond market. The scarcity value of its name and the strength of Toyota meant that deals came to the market tightly priced and then tightened further on launch. The bonds then disappeared into the safe hands of Europe's buy-and-hold ­ largely retail ­ investor base.

Highly rated borrowers fared better during last year's crisis than lower-rated credits. But spreads on their bonds still widened sharply. The bonds that held their price best were not just those of issuers with little exposure to emerging markets but those that were most liquid. By Luciano Mondellini

Deals of the Year

Deals of the Year

Deals of the Year

International Equities: Issue now - before the next crisis

Deals of the Year

Deals of the Year

Deals of the Year

Deals of the Year

Smart investment bankers - the type who managed to turn catastrophe risk into an investment-grade asset class - should be eyeing up the fruits of litigation reform in the UK. By Christopher Stoakes