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Issuer: Republic of Panama
Amount: $500 million
Launched: February 10
Lead manager: BankBoston

A special report prepared by ING Bank Eurasia

Fannie Mae's £1 billion five-year issue ­ the first Eurosterling global ­ caused "the curtain to rise on the global sterling stage", says Abigail Hofman, managing director of debt capital markets and global head of origination at BZW.

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

The world's biggest privatization programme is being lined up in Brazil. Individual states and municipalities are joining the federal government in a sell-off jamboree. Proceeds could top $13 billion during the coming 12 months alone. Besides the money, the sales will bring in new management to help awaken the fabled sleeping giant, as Michael Marray reports

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.

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.

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.

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.

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.

"Much may be made of a Scotchman if he be caught young." So Dr Johnson had it. In the case of the Hongkong and Shanghai Banking Corporation, an institution founded by Scots and still governed by one, it has grown to be the world's most profitable financial group. The unique international officer culture that has driven it – young men caught young, trained up, messed together, posted, reposted, in the bank for life and rarely back in the UK – will have to change, but it's bending and adapting rather than breaking. Steven Irvine reports on its fitness for the 21st century.