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In 2001, Depfa Bank's securitisation of commercial mortgages on top hotels set a standard for deals in the sector. Those assets have held up relatively well, and a new portfolio is being prepared by Aareal Bank. The problem is, with the Iraq war under way and the global economy stalling, it isn't at all clear that the industry is robust enough for the deal's successor, Global Hotal Two. Henrik Bartl, head of Aareal's hotel financing team, discusses the waiting game. Given today's prevailing global macroeconomic and geopolitical climate, investors scarcely needed Moody's to remind them, in mid-February, that the hotel industry remained in poor shape. "Despite an initial improvement in occupancy rates and an upturn in travel in the first half of 2002, the plight of European hotels has subsequently worsened due to the geopolitical situation, the continuing economic situation, terrorist risk and the consequent contraction in the global travel business," Moody's commented.

With FDI levels still lagging far behind neighbouring China, the news of BP's record-breaking $6.75bn merger with TNK is doubly welcome. Will the news be enough to kick-start greater FDI inflows into Russia? Kathryn Wells reports. One swallow may not make a summer, as the saying goes, but then few swallows are as valuable as the $6.75bn merger recently announced between Russia's Tyumen Oil Company (TNK) and BP, Europe's second largest oil company.

Bankers are preparing themselves for an explosion in the CMBS market, as signs point to a fast-broadening investor base. And, as European buyers grow more sophisticated and add to their credit expertise, demand for asset backed securities, particularly commercial mortgage ones, is building. An assessment of the size of the cash investor base for CMBS in Europe cannot simply be based on the absolute size of the market, much of which is accounted for by writers of credit default swaps such as US monoline insurance companies.

It is fitting that the last to be announced should be the most sought- after award of all - the Star of Leak Table award for press exposure.

Another year, another covered bond market. While that may not be strictly true - on average, a new market appears roughly every two years - the opening of the Irish market by Depfa in February could easily have been dismissed as merely another variant on of a centuries old theme under the shadow of more weighty events elsewhere. However, a veteran of the international markets, Depfa made sure that its entrance could not be ignored. Neil Day reports. Depfa launched its Eu3bn minimum five year landmark at the end of February via Credit Suisse First Boston, Deutsche Bank and Morgan Stanley. Strong demand for the Irish debut and a Eu5bn book enabled the issuer to increase the size to Eu4bn at a re-offer of 4bp over swaps.

Land Nordrhein Westfalen set up its programme late last year but has won the respect of its dealers with an innovative and flexible issuance strategy. Jonathan Sibun reports on how Nordrhein Westfalen became the EuroWeek New Borrower of the Year 2002.

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.