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Qantas has cruised relatively unscathed through the past two years, benefiting indirectly from the bottoming out of the aviation industry. But the real test is to come. Bina Brown reports.

Macquarie Bank is the winner of the Asiamoney Australian securitization deal of the year with its Synthetic Master Asset Receivables Trust (SMART) Series 2002-1 which promises capital and risk management solutions for other banks.

The remarkable progress of the Australian securitization market in 2002 looks set to continue with the promise of yet more growth and diversification, rising offshore issuance and greater foreign investor participation in local deals. Mark B Johnson reports.

Caution was the watchword in the financial markets in 2002 but that didn't stop some great deals getting done. If anything, it meant that a number of landmark transactions took shareholders and investors into account even more than before. Fiona Haddock reports.

The Australian financial sector has every reason to be smug. While other OECD countries saw their markets struggle last year, Australia rode 2002 with relative ease. Fiona Haddock reports.

Taiwan's first ever asset-backed securitization deal is complete at last. Will the Industrial Bank of Taiwan CLO arranged by the ubiquitous SG Investment Bank open the floodgates to originators eager to sell off a broad array of asset classes? Mark B Johnson reports.

A chapter by Westpac Institutional Bank

Dealogic's league tables provide a snapshot of 2002. Find out which banks reigned supreme last year in terms of volume of deals.

Business travellers are sticking with the names they know and trust in Asia. The Ritz-Carlton Millenia in Singapore, the Oriental in Bangkok and the Peninsula in Hong Kong again rank as Asia's finest hotels, and Singapore Airlines continues to rule the skies. Poll research and story by Olivia Chow and Robert Law.

March 2003

Despite the general economic malaise, optimism abounds in the European real estate market - and for good reason: growth remains positive, research is improving all the time, depreciation is now factored in effectively, restrictions on excessive developments are in place, controlled inflation is central to government policy, and the capital markets have become a key provider of not only policy but also discipline.

Aareal Bank's Eu1.47bn Global Commercial One deal provides a talking point for German market watchers: it had a distinctive structure and an unusually diverse portfolio. The bank hopes to use the Global model again soon, only this time without the interest sub-participation allowance. How will the disappearance of this concession affect Aareal's plans, and those of other German issuers? For the most graphically illustrative example of Aareal Bank's buy and sell strategy, look no further than Global Commercial One, a Eu1.47bn synthetic securitisation of a portfolio of US and European commercial mortgages.