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A Hong Kong for eastern Europe?

The Russian equity market came of age in 1996. Prices doubled and the range of investors broadened to include some of the world's largest institutional investors. Will the boom continue in 1997? Peter Lee reports.

Gimmick, party trick or great leap forward in the international capital markets? The Euro-Asian bond has no shortage of detractors. Those who have promoted its benefits usually those who have lead managed the deals maintain it has the best features of the Dragon bond, which was the first attempt to create a bond specifically for Asian investors.

Late last year the fledging market for syndicated loans to Russian banks witnessed its most ambitious and successful deal to date. Tokobank, in its first syndication, raised $85 million at a spread of 4H% over Libor. This was the first loan for a Russian bank at a spread below 5% and more than twice the size of any other such deal.

Poll of Polls: The rise of DMG

It's 2003 and European monetary union (Emu) has gone badly wrong.

In their desire to get a head start over each other in India, Wall Street investment banks have forged joint ventures with local partners. Three US banks JP Morgan, Merrill Lynch and Goldman Sachs have adopted this strategy. Surprisingly, all three have agreed to remain minority shareholders in the ventures even though the law permits them a majority holding. Pressures may be building, though, for the US banks to buy out their local partners.

Rock star David Bowie has thought of an ideal birthday present for himself. The singer, who went by the name of Ziggy Stardust in the 1970s, turns 50 this month and is considering a $50 million bond issue.

Tight-lipped Russian officials eventually warmed to their task at roadshows worldwide. It was Russia's return to the international capital markets, its first sovereign issue since Tsarist days. For the bankers involved in the $1 billion deal it must often have seemed like trying to resurrect the mammoth. Peter Lee reports on a complicated birth

Austrian equity visionaries remain optimistic that Vienna can yet become the market for trading in eastern European stocks. But it's likely to take more than the current reforms to lift a dismal equity performance. John McGrath reports.

Japan's public-sector institutions have the luxury of borrowing with a guarantee from their government. But they waste the opportunity, paying as much as 10 basis points more than they should for funds. The reason: lack of professionalism and bureaucratic meddling. Garry Evans reports.

As the world enters the fifth year of economic growth, regulators, shareholders and creditors of international banks must be starting to wonder what horrors are building up on the banks' balance sheets. Disturbingly, the problem loans if they exist will probably be hidden from public scrutiny in the form of bilateral lines. No doubt they are being justified to the banks' internal credit committees by that well-worn excuse that they are essential to maintain relationships with clients that offer other, more profitable business.