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The killer from Manila

JP Morgan won plaudits for altruism when it donated RiskMetrics, a market volatility matrix, to the financial world in 1994. RiskMetrics also proved a superb way of marketing the Morgan name. Now JPM is at it again with a release of CreditMetrics for global consumption.

"It's turned out to be what we think is a perfect balance of our cultures and backgrounds - both China and Scotland," says Ian Wilson, Standard Chartered's general manager for Hong Kong, China and north-east Asia.

Two bulls in two pens

When Australia's corporate bond market looked like taking off twice before, it soon fell flat on its face. Things are different this time, bankers argue. Government borrowing is being cut back and pension funds have increasing amounts to invest. So spreads are narrowing and smaller corporates at least are taking the hint. The blue chips still need some persuading. Albert Smith reports.

FX Poll 1997: Taken aback by a leap forward

Were membership of Emu solely a question of economic performance, Denmark would enter from the outset on January 1 1999. After a harsh fiscal consolidation programme that has been going on for over a decade, Danish state finances are now in better shape than in almost any other European country.

Two new European-currency corporate high-yield bonds appeared last month, opening what could soon become a thriving sector of the international bond markets. The welcome which supposedly credit-risk-averse European bond investors gave to the two deals was quite spectacular.

Banks are constantly exploring new and cheaper ways of raising and using capital. After Tier 1 (shareholders' funds) and Tier 2 (debt capital) comes Tier 3 to support short-term trading positions. But only the adventurous Dutch have put Tier 3 to use. There seems to be more mileage in clever structures such as callable perpetuals. Jules Stewart reports.

FX Poll 1997: Taken aback by a leap forward

Issuer: Household International

Rarely has a deal triggered such animosity: joint lead managers who couldn't bear the bookrunner; unreturned telephone calls; alleged breaches of a gentleman's agreement. That's if you believe the members of the syndicate. But if you believe the bookrunner, the other banks are "squawking" in their own dream world. Amid such squabbling, the $1 billion debut by the central bank of the Philippines had to be pulled at the last moment - leaving behind recriminations that will sour the Asian capital markets for years. Steven Irvine reports.