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Rock star David Bowie has thought of an ideal birthday present for himself. The singer, who went by the name of Ziggy Stardust in the 1970s, turns 50 this month and is considering a $50 million bond issue.

With foreign investment flowing in, Mexico should enjoy two years of economic growth. But can it sustain the recovery without another crash? By Jennifer Tierney

Poll of Polls: The rise of DMG

The jumbo Pfandbrief was designed to attract international investors to what had been largely a domestic German debt instrument. Until recently, though, it was being marketed as if Germans were the target. Non-Germans want clearer pricing information, conventional credit ratings and more warning of upcoming issues. Some issuers are responding, not least because the Pfandbrief looks like being Germany's main contender in European debt markets when a single currency is instituted. Antony Currie reports.

Deutsche Morgan Grenfell makes waves in the 1996 poll of polls with a strong performance in underwriting, trading and advisory work. Other names to note for 1997 include the newly formed Chase, the highest climber, as well as ABN Amro and Nomura Securities, all of which move confidently up the ranking. By Rebecca Dobson.

Meet Europe's biggest investor: Diethart Breipoh, Allianz

As the world enters the fifth year of economic growth, regulators, shareholders and creditors of international banks must be starting to wonder what horrors are building up on the banks' balance sheets. Disturbingly, the problem loans if they exist will probably be hidden from public scrutiny in the form of bilateral lines. No doubt they are being justified to the banks' internal credit committees by that well-worn excuse that they are essential to maintain relationships with clients that offer other, more profitable business.

In which Ingersoll and Komarovsky are sent on a course to learn that "ethics" is not just a county to the east of London.

Banco de Poggibonsi e di Colle Pottine,

In their desire to get a head start over each other in India, Wall Street investment banks have forged joint ventures with local partners. Three US banks JP Morgan, Merrill Lynch and Goldman Sachs have adopted this strategy. Surprisingly, all three have agreed to remain minority shareholders in the ventures even though the law permits them a majority holding. Pressures may be building, though, for the US banks to buy out their local partners.

Who is going to end up in control of Russia's leading industrial companies when the period of restructuring that has followed privatization finally draws to a close? More evidence emerged in December that it's likely to be the 46 financial-industrial groups (Figs) that have sprung up over the past three years. Last month two of them, Most Bank and Alfa Bank, came forward as the leading contenders for a large stake in a new holding company that will control the telephone sector. The Figs already link together over 60 banks and 20 other major financial institutions as well as 650 industrial giants including Norilsk Nickel, the world's largest nickel producer, and oil company Yukos.

Gimmick, party trick or great leap forward in the international capital markets? The Euro-Asian bond has no shortage of detractors. Those who have promoted its benefits usually those who have lead managed the deals maintain it has the best features of the Dragon bond, which was the first attempt to create a bond specifically for Asian investors.