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EuroWeek's EuroMTN issuer survey 2002 asked the market's borrowers to air their opinions on which dealers are performing and which are not. A cross-section of the market was polled. Supranationals, government agencies, banks and corporates are all represented. So too are the triple-As, the unrated, the market veterans and the MTN novices. Responses came from the UK, the Nordic region, the US, and continental Europe. Adam Grossman reports on what they had to say. Borrowers' MTN business

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HBOS is one of the most prolific issuers in the private market. The double-A borrower's issuance has surged since the merger of Halifax and Bank of Scotland took effect last year, making it the fifth biggest issuer in the last quarter. While other issuers complain of difficult market conditions, HBOS has been a net beneficiary of a flight to quality. In a rare interview, HBOS's head of debt capital markets, Tony Main, tells Chris Newlands and Adam Grossman what changes need to be made to continue this success in the future. Tony Main has worked in the City for over 20 years. His background over the last 10 - 15 years has been predominantly in swaps, and he joined Halifax just over four years ago to set up its interest rate swap desk. Main was appointed head of the funding and money markets desk at Halifax two years ago.

The leveraged buy-out of Haitai Confectionry is widely seen as the most important template for Asian leveraged deals to date. Benefiting from the new Korean Corporate Reorganisation Act, the deal included a number of notable firsts for Asian LBOs, such as the inclusion of a tranche with a seven year tenor, and the arrival of the 'B' loan which brought in institutional investors. The story of Haitai Confectionery is an object lesson in the virtue of resisting the temptation to hurl the healthy baby out with the soiled bathwater.

When Moody's raised Spain's rating to Aaa at the end of 2001, Spain joined the leading pack of European member countries. But the hard work is not over as the sovereign wants to persuade the other two agencies of its triple-A qualities. Meanwhile, Instituto de Crédito Oficial and the regional governments hope to see their performance improve in the kingdom's slipstream. Neil Day reports. What were you doing on December 13, 2001? With no euro to prepare for or millennium bug to exterminate, most of us were probably winding down for the year, getting ready for a holiday break, doing some last minute shopping for presents, and looking forward to - or recovering from, in some cases - the Christmas party season. As a result of all the festive activity, it passed many people by that in Madrid the Spanish treasury had something of its own to celebrate.

After the economic crisis of 1997, the need for financial and corporate restructuring in Asia was plain for all to see - especially the private equity houses and their lenders. But the expected buy-out business has emerged from an unexpected market. Most activity has come not from Japan, so in need of reform, nor fast growing China, but South Korea, which has opened up to foreign investment and given the leveraged finance market some landmark transactions. One of the good things about football is that success is very easy to measure. Merit may be more elusive, but nevertheless for teams outside Europe and South America, reaching the semi-finals of the World Cup is an undeniable, quantifiable success.

The Russian market has thrived so far this year. Top tier oil and gas borrowers have negotiated longer tenors, less complex structures and tighter margins. Banks are also getting the chance to tap the loan market, as well as a diverse range of corporates beyond the oil and gas sector. However, many bankers believe that although appetite remains strong for some Russian credits, many lenders could be left unable to soak up the volume of debt requested. Colette Campbell reports. Russian borrowers this year have continued to raise larger amounts at longer tenors with tighter pricing. But the sustainability of this loan issuance for some of Russia's well known borrowers is being questioned.

Compared with the US and Europe, the intriguing Asian leveraged loan market is in its infancy. However, the last two or three years has seen liquidity grow. The success of early deals has left a broader range of investors feeling more comfortable with the concept of buying into leveraged facilities. And the returns available on leveraged loans look increasingly attractive against those on corporate loans.

Apart from a few notable transactions such as the ASAT deal, the high yield market in Asia remains undeveloped and unreliable. However, mezzanine finance is beginning to take off. Firms hoping that the growth seen in Korea will spread throughout the region include Intermediate Capital Group (ICG) and Search Group. Can they persuade investors to embrace the product?

The Asian economic crisis of 1997 did not give rise to the birth of a private equity market in Asia but it was responsible for changing the way private equity houses looked at investment opportunities in the region so comprehensively as to make the new template virtually unrecognisable compared with its predecessor.

Foreign direct investment in Russia has largely been conspicuous by its absence to date. But there are signs that the country may at last be beginning to attract the foreign funding necessary to unlock its huge economic potential. Guy Norton reports. Russia may be firmly back on the radar screens of both international debt and equity investors, but foreign direct investment has proved much more difficult to attract. Indeed, in absolute terms foreign direct investment has been on a downward trend since 1999. According to the Central Bank of Russia, FDI in 1999 reached $3.3bn, but has since slipped to $2.7bn in 2000 and $2.5bn in 2001. As a result, FDI in Russia accounts for less than 1% of Russian gross domestic product, far below the 5%-10% which is common across central and eastern Europe.

Private deals surge in MTN market