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At this year's Euromoney borrowers and investors conference, one of the bond market's most respected and outspoken heads of borrowing will be notably absent from the borrower panels and roundtables. Mark Cutis, former treasurer of the EBRD, has jumped back into the banking world, whence he came following stints at Merrill Lynch and Dresdner Bank. After six years at EBRD - he originally committed to stay for just 18 months - he now sits on the management committee of Nomura International, running its international market division.

Can Ujiie clean up Nomura?

April is the cruellest month, wrote TS Eliot. Chinese investors may beg to differ. They found May pretty cruel. In the past month the Beijing authorities have declared war on China's two principal stock markets, rattled by alleged speculation. This had carried the Shanghai domestic share index to gains of 55% since January, and pushed Shenzhen up 75%. By the time Beijing decided to act the two markets were on P/E ratios of nearly 50 times historical earnings. But at first Beijing's usually subtle hints had no impact on a market convinced of its own immortality.

Borrowers are wondering how European monetary union (Emu), if it happens, will affect their credit ratings.

The European Investment Bank, Euromoney's borrower of the year, is snapping at the World Bank's heels with careful timing and improved investor relations. Russia, best debut borrower, excited the market with its $1 billion and Dm2 billion opening salvos. While the experienced team in Buenos Aires makes Argentina our top emerging market borrower a few lines.

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Borrowers: Borrowers start to play a strategic game

New president Junichi Ujiie says he wants to introduce radical change to clean up and modernize Nomura Securities. If he succeeds, the Japanese house could pick itself up from its recent scandal and bounce back to become a global financial power-house. But first Ujiie must halt the bloody factional infighting that marred the term of his predecessor, Hideo Sakamaki, and wipe out the pernicious influence of two former presidents, the Tabuchis. Garry Evans reports.

Saudi Arabia's capital markets will require reform and liberalization if the kingdom is to build a dynamic economy on what is left of its oil wealth. The Saudi authorities are as aware of this as outside observers and their own bankers, but have been ultra-cautious about implementing change. Philip Moore reports on signs of a quickening pace.

The new UK Labour government has won fans in the City of London by announcing, after only a few weeks in office, a wholesale reform of financial regulation.

Despite the hardships caused to African countries by the 1980s' IMF and World Bank structural adjustment programmes, there have also been benefits. Market-determined exchange rates, interest rate liberalization, privatization, private sector budget deficit management and the removal of price controls have injected new life into African business. Philip Eade profiles some of the continent's listed companies

With Russian issuance still in its early days, any new bond is a source of interest and speculation. The City of Moscow's debut didn't disappoint. Charles Piggott reports.