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Can Germany's Bund become the sovereign benchmark bond in Europe after the introduction of Europe's single currency in 1999? The debt office in Bonn and the Bundesbank have both made urgent reforms, but the government continues to shirk vital decisions. And the lacklustre performance of the government suggests that borrowing targets may be missed. The consequences will be serious both for interest rates and Germany's standing in European capital markets

Not only equity markets deserve the rough side of Alan Greenspan's tongue, say the market bears with increasing ferocity. Look at the debt markets. Fools are rushing into longer risk and less safe credits which should be the hunting-ground of specialists, warn the Cassandras of the capital market.

The vogue for euro-linked paper offers German issuers a chance to detach themselves from the fortunes of the Deutschmark bond market. Some big issuers believe the domestic bond market will continue to have plenty to offer; others are betting that the new European currency, the euro, will offer the liquidity they seek

February is the festive season for London's trading community; another record year for bonuses has the City festooned in bright new ties, sharply cut suits, and swaying to the sound of champagne corks. "You all look pretty well on it", commented Eddie George, governor of the Bank of England, in his opening address at the Euromoney international bond conference. That's hardly surprising when a top earner can have a bonus as high as eight times his salary. But the champagne-induced hangovers of celebrating traders are nothing compared with the headaches high bonuses are causing their managers.

Quality and quantity now characterize the Eurosterling marketplace. A growth in corporate paper and Fannie Mae's issue ­ the first sterling global ­ are factors attracting global investors. Katherine Baxendale reports on the forces behind the rise of the sterling bond.

What's the fastest way to the top of the international fixed-income ladder? Try a senior managerial stint at Credit Suisse First Boston in New York.

Why stay in Manhattan when taxes are lower and quality of life higher in nearby Greenwich? Financial institutions are overcoming their psychological bond with New York City and flooding into this leafy, wealthy suburb. Michelle Celarier reports on the burgeoning business community.

It was billed as Germans versus Brits: dull types from Deutsche clashing with wild City traders. But the DMG battle turned out differently. A hands-off approach has left transatlantic stars to build up the business. They get along fine, it's just that the Americans are winning. Steven Irvine reports.

With interest rates so low and optimism for emerging markets so strong, investors are willing to take greater risks to achieve higher yields. So theoretically it's a good time for Côte d'Ivoire to unveil a plan to reschedule its debt via a Brady plan, only the second in Africa after Nigeria's. However, bullishness about emerging markets could be an obstacle to the Ivorian Brady plan, which is due to be implemented by the second quarter of 1997.

Competition drove white-shoe Morgan Stanley and blue-collar Dean Witter into a merger. Could other improbable matches be on the cards? Michelle Celarier assesses the implications of the union that took everyone by surprise.

DLJ is far from anyone's idea of a global investment banking powerhouse. But in important markets, such as high-yield debt or US equity underwriting, it has suddenly become a top player. Now the "the little firm that became big", as DLJers like to describe their bank, is moving overseas. Peter Lee reports.

When Austria's coalition partners horse-traded the sale of Creditanstalt in January, it spelled the end of a venerable bank. But Gerhard Randa, chairman of predator Bank Austria, sees its absorption as a chance to put an Austrian bank into the big league. Not everyone agrees. And they don't like the way Austria's politicians stitched up a deal that had nothing to do with market forces and everything to do with Viennese power games. David Shirreff reports on a very Austrian privatization. Additional reporting by John McGrath.