Citi CEO Vikram Pandit outlined a plan to shed more than US$400bn of assets in a presentation on Friday. Pandit remains opposed to a break-up of the bank, though his current structure would allow a relatively easy divestment of Citi's credit card business. Investment banking management tweaks continue as he tries to revive the bank's fortunes. Jon Macaskill reports.

The corporate bond market has enjoyed a turnround in fortunes since early April, demonstrated by a surge of new issuance, sharply higher book sizes and positive secondary market performance. However, signs have begun to appear that the rally might be overdone and the sector's prospects might now be less rosy than those for financials. Andrew Perrin and Malini Menon report.

The way that European commercial property is funded is set to change. With the CMBS primary market showing no signs of life and bids in the secondary market staying stubbornly away from offers, market professionals are desperately casting around for new funding mechanisms. Many think the future will be with simple fund structures, writes Jean-Marc Poilpre.

Continued market uncertainty is leading to rapid changes in behaviour and product interest from clients. Many hedge funds, hit by unrealised losses on complex products, are switching to basic equity baskets that provide the liquidity they need for macro trades. At the same time, institutional investors are moving in the opposite direction up the risk curve, particularly in markets such as dividend swaps. Owen Wild reports.

In a very liquid market syndicating a jumbo loan is not necessarily hard labour, but in a credit crisis selling down large sums – even for the best corporate credits – can be a challenging proposition as banks seek to shore up balance sheets and quickly shift loans to the capital markets. Ouida Taaffe reports.

Months after losing its gaming licence in New Jersey, Tropicana Entertainment finally sought bankruptcy protection last week. While losing its licence was a lethal blow, poor management and poor traffic also threatened the casino operator. As US consumers prepare for a recession the whole sector seems poised for a collapse. Joy Ferguson and Philip Scipio report.

Brazil covered itself in glory last week when it turned common wisdom on its head and set a new floor for emerging market transactions after a deft US$500m reopening. Pricing its concession like a Triple A sovereign, Brazil distinguished itself as a swathe of LatAm credits anxiously sought to set benchmarks for high and low-grade names. Anthony Dovkants and Paul Kilby report

A rare window of improved sentiment was not enough to ensure a successful conclusion to the Hong Kong IPO of E-Land Fashion. The decision to pull the deal after books closed highlights widening valuation expectations between issuers and investors, as Fiona Lau reports.

Financial services firms continue to target high-equity content convertible securities as a way to deal with problem assets. Ongoing disruptions in the credit markets have, in turn, made shareholders an important target for capital-raising activities. Issuance of convertible preferred and mandatory convertible securities last week topped US$20bn, more than three-quarters of overall activity for the year. Stephen Lacey reports.