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The transfer of risk via the CMBS market has been the most popular method among banks over recent years. But diversification of distribution techniques via syndication, portfolio trading and other structured transactions is becoming increasingly important.

A reformist management team at the Central Bank of Russia, and a welcome sense of realism among the survivors of the August 1998 financial sector meltdown, means that Russia's banks may at last be set to regain the confidence of both the Russian public and international investors. Guy Norton reports. No wonder the average Russian looks so tired - and no, it's nothing to do with having to cope with the harshness of the average Russian winter nor the trials and tribulations of Russia's own unique take on market economics.

The European real estate market has learnt much from its US counterpart, not least the concept of the real estate mortgage investment conduit, to the extent that questions are beginning to emerge about whether or not there are too many banks in the business.

The winners of EuroWeek's MTN awards 2002 were decided based on a series of interviews conducted in February 2003. Our journalists visited all of the top dealers in the EuroMTN market to compile these awards. Here, Jonathan Sibun explains the process.

After a marketing push from Spanish banks, European investors understand the qualities of cédulas, which has led to tighter spreads in the secondary market. Nevertheless, questions remain over pricing and execution in the primary market. The two issues will have to be overcome if the new cédulas territoriales market is to prove as successful as its hipotecarias counterpart. Neil Day reports.

The Russian syndicated loan market is thriving and some bankers believe that this is the year that some of Russia's top oil and gas companies will be able to push for unsecured facilities. New lenders are flooding into the country and competition for mandates is intensifying, which has resulted in pricing moving south and tenors being pushed longer. Colette Campbell reports.

With nearly $2bn of offerings from the country last year and a rapidly building pipeline of deals, 2003 promises to be a rewarding year for Russian equity issuance. But success is far from guaranteed: not only do many of the old problems remain, but there are some new hurdles as well. Steve Metcalfe reports. All the signs are point to increasingly positive sentiment towards Russian equities. On a grand scale, BP's $6.75bn deal with Alfa Group has investors taking a fresh look at the country - the logic being that if a businessman as canny as BP's chief executive Lord Browne is investing, Russia must be a good opportunity.

This year, for the first time, EuroWeek is proud to announce the winners of its MTN awards. The winners were chosen by EuroWeek 's MTN journalists after a series of one-on-one meetings with the MTN market's leading dealers. We think that they reflect excellence and innovation in the market, and we hope that they serve to encourage more of the same.

This year, for the first time, EuroWeek polled the market's leading houses for their views on the challenges to be faced in the year ahead, their MTN capabilities and their relationships with issuers. Jonathan Sibun reports.

The commercial mortgage backed securities market is expanding rapidly and this has allowed banks, including Aareal and Eurohypo, to develop their fluid buy and sell strategies in the real estate market. However, senior bankers suggest that much still needs to be done in Europe to match the impressive US market.

Aareal Bank, born out of the old Depfa Bank, operates on a new model for international real estate that is free from the restrictions of the German Mortgage Bank Act - and is a frontrunner for the sector that is encouraging rivals to adopt a similar business strategy. With the incalculable benefit of hindsight, the analysis published by Credit Suisse First Boston (CSFB) on the old Depfa Bank in October 2000 could scarcely have been more accurate.

The Pfandbrief market is in a state of flux. Barely a week passes without news of a downgrade, restructuring or regulatory move, as issuers contend with a deteriorating economy at home and greater competition abroad. But treasury officials at Germany's mortgage banks are optimistic that the market's initiatives could see a return to the good old days of five years ago. Neil Day reports.