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A special report prepared by Commerz Financial Products

Issuer: Porsche International Financing plc

Bank atlas 1997: The world's leading banks

Despite disappointing emerging market performance relative to the US and Europe over the last three years, investors are generally confident about the rest of the year. Euromoney's survey of 33 equity investors, many of whom run dedicated emerging market funds, asked them where they intended to start, stop, increase and decrease investment in the next six months. An overall ranking of each country (see table) was established by subtracting the number planning to decrease from the number of increases and doubling the scores for stops and starts. Predictably, investors found Russia and Brazil attractive, while concern about the property markets of Thailand, Korea, Malaysia and the Philippines dampened enthusiasm for Asia. Egypt and sub-Saharan Africa were popular candidates for new investment. Most investors maintained that risk in emerging markets is compensated for by their prices. Only one among the 33 polled was dissatisfied with recent emerging market performance and planned to decrease overall exposure. "I'm aware of the attractions of emerging markets," he said, "but they're good maybe one in four years. The rest of the time you're ultimately better off with the S&P 500 or the FTSE."

Greek banks will need to consolidate if they are to be competitive in the European single-currency system. Much as their officials dread the prospect, it looks as if the big state-owned banks will also have to privatize to get fighting fit. Privatization in Greece has not been undertaken at break-neck pace, but the second tranche of telecoms company OTE's float will be a big step forward. Philip Eade reports.

Can Ujiie clean up Nomura?

Coming to a screen near you soon, the all-singing, all-dancing dealing room. Gone are the days when dealers shied away from the prying gaze of television cameras.

Thailand's first yankee bond in five years has been a success against the odds. Did honesty pay off, or was it underpriced?

Borrowers: Borrowers start to play a strategic game

It was a twist of fate. In the same month as Jardine Fleming sacked one of its senior executives for being involved in gun-running for rebels in Papua New Guinea, another man with miltary ties was airing his views on the similarities of banking and soldiering in Fleming's monthly research reports.

Hillboot Intergalactic PLC,

Corporate risk management is advancing dramatically because of computer power, communications, the Internet, and the value-at-risk (VAR) concept borrowed from banks. Several companies are leading the charge, and attempting to quantify risks that aren't just financial. But can that help the treasurer do his job? By David Shirreff.