GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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June 2004

Main

Top stories

Mack builds a new CSFB

CSFB: Up for sale?

Anniversary edition

Founding fathers and 35-year-olds

Borrower awards

Reflation trade losers rush for the exits

Europe's high-yield learning curve

Borrowers awards 2004: Best borrowers adapt to investor worries

Japanese corporates test the waters

Debt markets

Trustees face up to heavier burdens

Western Europe

Strong performers show their vulnerability

Emerging Europe

Turkey fails to abolish surprise

Corporate governance takes a leap forward

Roundtable

The $1 trillion growth market

Asia Pacific

UBS: From Swiss bear to Asian bull

A setback for China’s Hong Kong listings hopefuls

Private banking

Private banking: How to invest that spare $20 million

Central America

Central America pins hopes on free trade

Equity markets

Banks hire corporate brokers to win deals

A success story everyone wants

Big interest in a discarded toy

Bank atlas

Bank atlas 2004: Good times ahead for banking

Editorial

End of market consensus and easy money

Front End

King shows liking for dosh and Becks

Two for team at ABN

Cottoning on to Deutsche confusion

Promoters welsh on IR tax deal

Don braves gruff rebuffs

Tiger Tim’s growl keeps Paribas at bay

Breakingviews

You can’t be sure of Shell

BAE fights the good fight

Sarkozy turns his back on Anglo-Saxon liberalism

Market Monitor

Barclays outsources cash management to Deutsche

Citigroup waits to pounce in Japan

CLS solidifies its position

M&A on a fast upward track

Siemens and SecDebt target invoice debt deals

Lehman's quiet consolidation

Emerging markets

Yukos helps push down the Russian index

EU clears path to WTO accession

Sakhalin Energy saves whales, cuts CEO adrift

Russia: Mortgage reforms set to bring market to life

Private banking to take off

Islamic bankers take the measure of Isda

Deal Insider

AFD highlights new French tier 1 opportunities

RBS funds for US expansion

Against the tide

Equities look the best bet for a sweet but short uplift

Flipside

Singapore gets Goh ahead for hands-off government

People

Igor Yurgens

Sandra Manzke