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Awards for Excellence 1999

An M&A flood has shaped the financial markets landscape of the past 12 months and seeped into almost every category of our global awards for excellence this year. Lots of banks and investment banks are riding the tide but none more so than Morgan Stanley, our best investment bank of 1999 and best M&A adviser. More than ever, acquisitions have been financed by big loans. That has helped underscore the dominance of Chase, our best bank. Citigroup's success in many categories provides evidence that Citi and Salomon are confounding the sceptics and learning to work together.

Every chief executive in Europe should heed the lessons of Telecom Italia's defeat. No company is beyond attack and the art of how to fight a hostile raider must be learned, or relearned, urgently. Olivetti's was a daring stroke, inspired by Roberto Colaninno's ambition and by a group of advisers each believing their improbable target was attainable. But its assault was as blunt and simple as a battering ram.

Henry Grunfeld died on June 10, a few days after celebrating his 95th birthday with his family and close colleagues. He had maintained his regular attendance at his office at Warburg Dillon Read, and his interest in the business and activities of the firm, until the day before his death.

With jumbo syndicated loans generating large fees - $600 million for Olivetti's deal alone - syndicated lending is suddenly a big revenue earner for investment banks. But how much old-fashioned lending business is there left for the market's smaller players? Jack Dyson reports.

Miguel Angel Rodríguez was elected president of Costa Rica on one of the most reformist platforms the country has ever seen. One year into office he talks about how to end inflation, the difficulties of pushing through privatization and how soon Costa Rica should embrace the dollar.

Manuel Hinds finishes his term as finance minister of El Salvador this month. He is proud of the government's achievements but sees one large piece of unfinished business - getting rid of the national currency.

An interesting document, which came into Euromoney's hands, maybe sheds some light on the furore in Japan about deals allegedly designed to defer losses over future reporting periods. David Shirreff reports

What does the birth of a big new capital market in euros mean for the world's existing pool of liquidity, the US market? So far, few US borrowers have issued in euros, but they, along with American investors, are keeping a keen eye on the development of the market

Laisser-faire never was quite what it seemed. It required a lot of state power to create and a lot of state power was acquired under the guise of free markets. The process hasn't finished yet. Globalization, far from undermining the nation state, is fostering stronger governments capable of standing up to the new forces. Laisser-faire is over, re-regulation has begun and welfare spending is about to rocket, especially in the emerging markets. The 21st century will witness more varied forms of capitalism than ever before, each with a differing role for the market and a strong role for the state, argues Brian Caplen