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Recommended firms Tier 1 Allen & Overy Baker & McKenzie Grszczynski I Wspolnicy Attorneys at Law Weil Gotshal & Manges Tier 2 Clifford Chance Janicka Namiotkiewicz i wspolnicy spolka komandytowa Dewey Ballantine Grzesiak Linklaters White & Case W Danilowicz W Jurcewicz I Wspolnicy There has been little cheer in the Polish capital markets this year. Although inflation has been brought under control, the country continues to face stiff economic challenges and its markets have reflected that with a dearth of new offerings.

Recommended firms Tier 1 Galicia y Robles SC Mijares Angoitia Cortés y Fuentes SC Ritch Mueller SC White & Case Tier 2 Creel García-Cuéllar y Müggenburg SC González Calvillo SC Holland & Knight – Gallastegui y Lozano Jáuregui Navarrete y Nader SC Kuri Breña Sánchez Ugarte Corcuera y Aznar Martínez Algaba Estrella de Haro y Galván-Duque Santamarina y Steta SC In 2006, the Mexican initial public offering (IPO) market has grown by over 21 times. January to September saw $1.232 billion of offerings compared to only $58 million in the same months of 2005, according to Dealogic. Such results go a long way to proving predictions that improved corporate governance would increase foreign investment.

Recommended firms* Tier 1 Gorrissen Federspiel Kierkegaard Kromann Reumert Tier 2 Bech-Bruun Plesner Svane Grønborg Tier 3 Accura DLA Nordic Jonas Bruun *This table reflects the banking and finance capability of law firms, including capital markets The waters of the Danish equity market are starting to stir again. October saw the IPO of insurance company TrygVesta. At €838 million, it was Denmark's biggest flotation in a decade, and investors in the country are clamouring for more. ISS, whose sale to private equity investors paved the way for the €13 billion leveraged buyout of TDC, is among targets being mooted for re-listing. Denmark's biggest energy company, Dong, is also gearing up for a listing in 2007, which promises to be the country's largest ever IPO.

Recommended firms Tier 1 Davies Ward Phillips & Vineberg Osler Hoskin & Harcourt Stikeman Elliott Torys Tier 2 Blake Cassels & Graydon Goodmans McCarthy Tétrault Tier 3 Fasken Martineau DuMoulin Ogilvy Renault Canada experienced rapid and impressive growth in its Maple bond market in 2005 after lifting an anachronistic law limiting pension plans' ability to invest in foreign issuers. The overall capital market appears to be stabilizing this year as figures for bond issuance and initial public offerings (IPOs) have begun to plateau.

Bond issuance enjoyed healthy growth this year in Australia and the Kangaroo bond market (debt securities issued in Australia by foreign investors) showed no sign of losing momentum – 2006 is expected to be another record year. One area of new business is expected to be AAA-rated supranational borrowers or agencies in Europe, which have yet to invest in any numbers in the Kangaroo bond market.

New templates have caused an explosion in synthetic CDOs

A friendly, flightless and happy-go-lucky bird, the dodo got left behind by evolution. With no natural predators, it was defenceless against the settlers that hunted it and died out on the island of Mauritius in 1681. It is the paradigmatic example of how a failure to change and evolve can lead to rapid extinction.

Tender offers are a new phenomenon in Brazil, and are raising difficult legal questions as a result

A new flexible structure from Carrera will be much copied

Growing IPO activity over the past year in contrast to declining figures for bond issuance suggests a potentially unbalanced capital market in Japan's recovering economy. But volatility has had one benefit – a surge in the popularity of high yield bond issuance.