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Issuer: State of New Jersey

The fun has begun. Bayerische Vereinsbank and Bayerische Hypobank announced a "merger of equals" on July 21. They broke the log jam that has been stalling jumbo deals in Germany. The speculation that Allianz might push Dresdner Bank and Hypobank together is over, at least for the time being. The focus now is on a possible fusion of the two Frankfurt giants, Dresdner and Commerzbank, although much depends on the personal chemistry at the top.

Pfandbriefe leave their Mark

So much attention is being paid to reforming America's strict banking laws these days that few seem to spare a thought for the committees at the House of Representatives which have to decide on the issue.

Federal Reserve Bank of New York,

The competition in Asia from US investment banks has led to new approaches and ideas in equity research. But the old problems remain. Corporate sensitivity makes most analysts reluctant to stick their necks out. And the increased competition has led to star analysts moving to whichever firm will pay them most. Robert Minto reports.

Austria's futures and options exchange has stolen a march on its larger international competitors with a booming trade in eastern European equity derivatives. Hopes are high for the latest offering, a Polish index product. By TJ Kim.

As the tobacco industry and the US government inched towards finalizing their historic $368.5 billion settlement on tobacco-related health claims, the news for the powerful industry was none too good. President Bill Clinton criticized the deal for undercutting the Food & Drug Administration's regulatory authority over tobacco. Joe Camel, the cartoon character that became a symbol of teenage nicotine addiction in the US, was relegated to marketing history by maker RJ Reynolds. And there was growing congressional criticism of the settlement's proposal to make the payments tax-deductible, which the White House said would rip a hole in the federal budget. Any deal must ultimately be approved by congress, and signed by the president, which is not expected until next year.

Aside from the odd foray into the yen market, Fannie Mae has always been a devout US dollar issuer. But, since the start of 1997, something has changed. Of the 11 international bonds the US agency has issued this year, only three have been in its home currency. Does this signal a definite shift in Fannie Mae's borrowing strategy?

When the European Central Bank takes control of monetary policy, what's left for the mighty Bundesbank? And how mighty is it? Its scrap with Bonn over the revaluation of its assets suggests that the central bank tends to back down under pressure. Laura Covill reports.

It's tempting for investment banks to promote themselves as "one-stop shops", offering every kind of financial expertise, including lending. It may be good for their client relationships, but it probably doesn't earn them any money. By Laura Covill.

Richard Wood's agreeable daily commute consists of a stroll across Prague's St Charles Bridge while he looks at the castle and swans and thinks about what he has to do that day. "It beats the tube," he says.