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Hong Kong's financial secretary Donald Tsang, who successfully used market intervention to see off speculators, has warned his peers against overreacting to the threat posed by hedge funds.

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.

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.

Russia's freeze on payments to creditors overseas raises the usual questions asked when a country defaults. Christopher Stoakes gives some answers.

Type of deal: Block trade of BSkyB shares

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.

Shielded from the full force of international competition, suckled by a government with a voracious appetite for debt, banking in Turkey has long been a very profitable business. But the country's big family-owned banks know this state of affairs can't last for ever. They are investing in technology and broadening their business mix. And any foreigner with a $2 billion appetite for Turkish risk might find a welcome in at least one bank boardroom. Metin Munir reports.

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.

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.

Russia will probably default on its Eurobonds. Other sovereigns may well do the same. That's not such a big deal, say the markets. It's all in the price. But are they ready for the consequences? The Euromarkets have grown up with the idea that Eurobonds are immune from rescheduling. But every debt crisis in history has been messy; the instruments involved have been discredited for years. What happens when international bond default becomes normal again? Antony Currie reports.

While taking flak over job losses and cost-cutting, senior bankers claim their measures will provide shape for future growth. It's now becoming clear how this will look with emerging-market operations closing while the euro and private equity take the limelight. Peter Lee reports.

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."