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June 2005

Main

Cover story

The worm of doubt: credit-worthiness of monoline insurers

Credit downgrades: More or less junk

Watch out, financial engineers are about

Real estate

The future's bright for real estate finance

Issuers and investors adopt REIT approach

Conduits lead to new era in European CMBS

Is Japan's REIT boom for real?

Borrower awards

Borrowers awards 2005: Borrowers fly high through innovation

Middle East

Private problems limit Iran's banking system

Iran's business future fettered by politics

Roundtables

Covered bond debate: Covered bonds continue to seduce

Asian fixed income debate: Looking beyond the carry trade

Western Europe

Portugal: Eager for innovation

Greece tries to turn the credit corner

Research

Rishi Khosla, Copal Partners: The New Delhi pioneers on Wall Street

Editorial

The threats to bondholders

Front End

Better late than never

Why it's really easy being green

Bank staff get pickled, Korean style

Brittan takes on Germany

A bearable journey

Goldman pushes out the boat

Market leaders

Market leaders

Letters to the editor

Naked short selling: Letters to the editor. DTCC and R J Shapiro

Debt markets

US Debt: French banks launch into US mortgages

Soverigns: Market laps up Germany in dollars

Covered Bonds: Pfandbrief keeps new issue levels buoyant

Supranationals: EIB's 30-year bond is an old-fashioned deal

Debt: Market round-up

Structured credit

Correlation trading: Upheaval tests the resilience of structured credit markets

ABS finds a new equilibrium

Platforms jostle for CDS index space

Structured credit: Market round-up

Foreign Exchange

Electronic Trading: Who can challenge the dominant duo?

Market-making: EBS volumes continue to soar

Risk management: Leading banks seek better matching and netting for FX derivatives

Foreign exchange: Market round-up

Corporate finance

M&A: Debating the Goldman standard

Leveraged buyouts: Why LBO risk is over hyped

Regulation: Donaldson hits back at critics

Corporate finance: Market round-up

Equity markets

Trading: An algorithmic arms race

Regulation: Has anyone seen Reg NMS?

ECNs: Knight attains market data revenue opportunity

Investment: Investor expectations take a nosedive

Equity: Market round-up

Making sense of evolution

Fund management

Private Banking: Performance measures shake up high net-worth

Real estate: Record deal highlights German opportunities

Hedge funds: How bad was it for you?

Japan: A tough market to crack

Fund management: Market round-up

Asia Pacific

China: Exchanges try third time lucky

Fund management: ABF experiment reaches second phase

Korea: Korea continues its love/hate affair with foreign capital

LBOS: Private equity heavyweight launches dedicated Asian fund

Banking: Raid piggy to fix zombie

FX: Renminbi revaluation noise full of sound and fury

Asia: Market round-up

A tale of two worlds: China's markets

The changing face of Japanese borrowing

Latin America

Mexico: Election prospects unsettle investors

Dominican Republic: Sovereign sets template for debt exchanges

Ecuador: New president creates concern

Latin America: Market round-up

EMEA

Saudi Arabia: Sadafco issue opens new market

Russia: Putin's power comes under scrutiny

Ukraine: RZB to bid for Aval Bank

Fixed income: Debt set for rally, say analysts

Libya: Second energy tender set for June

Turkey: Unicredit and Koc buy YKB for €1.2bn

EMEA: Market round-up

Against the tide

Inflation will all end in tears

Financial Lawyer

Prospectus Directive poses risk to AIM deals

Flipside

Tales of the unexpected