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Stuart Gulliver, co-head of HSBC’s corporate, investment banking and markets division, said at an analyst’s conference last Thursday (November 27) that the bank’s equity division was facing further staffing cuts, though he denied this amounted to an exit from equities.

What are the latest developments at HSBC, where chairman Sir John Bond has already received one of our premier nominations for Banker of the Year 2003. In the UK, his only rival would be Fred Goodwin of Royal Bank of Scotland but, although RBS is spreading its wings, especially in the US, it has a long way to go in Europe and Asia before it could be described as a global bank.

HSBC and SMBC have won a mandate for a Eu500m facility for AKK, the Republic of Hungary’s debt agency.

Hypo Real Estate Bank International will launch the inaugural issue from a new Eu10bn MTN programme in January after holding roadshows this month and next to familiarise investors with its credit.

Rating: A+ (Fitch)

Rating: A2/A-/A

First minted in 1998, the euro has lost some of its shine. In countries like Sweden and the UK the currency is not yet welcome; in other countries that have already opted in, many of its citizens — and economists — want out. But in a financial markets context the euro has lost none of its lustre. Here, introducing a single European currency has acted as an invaluable key for borrowers and lenders, opening new markets and allowing deal structures and sizes never possible before. Neil Day maps out the new market’s milestones.

Rating: Aaa/AAA

Banks have submitted proposals for an A$850m refinancing package for APN News & Media. Grant Samuel is adviser on the deal.

Rating: A2/A-

Rating: A2/BBB+/BBB+

The Bahrain Petroleum Corporation (Bapco) will be coming to the market soon for a $650m loan related to a refinery project.