Making it tougher, the country's debt managers must trade their way out of potentially loss-making currency options positions built up years ago. The rise of the continentals Merrill Lynch and SBC Warburg are the leaders in Eurobond trading according to this year's poll. ABN Amro, DMG, Morgan Stanley and JP Morgan all score well. The capital needs of Gulf states demand open regional financial markets. This could be the last big year for privatization equity sales.
Banks are inventive when meeting capital levels required by regulators.
The Australian domestic corporate bond market has sprung back to life. As funds flow into Latin America, business grows for custodians. The dash from debt Finnish companies are funding with equity, privatization is booming. All material subject to strictly enforced copyright laws.