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Calpine Corp.'s term loan "B" moved higher last week as the company came out with its first quarter earnings report and revealed additional details of its announced plan to increase liquidity. The company's "B" piece traded in the 971/8 973/4 range, up from the 961/2 971/4 context, where the paper was quoted two weeks ago. The independent power producer's liquidity position looks better, said one trader. "A company like Calpine is going to be a little bit more sensitive to liquidity," he noted. Recently, the company received $105.5 million from a contract monetization and the restructuring of its interest in Acadia Power Partners.

Citigroup has hired Gordon Paterson to head its investment banking business in non-Japan Asia.

HSBC Asset Management has taken on industry veteran Blair Pickerell as its chief executive.

Japan

Hutchison Whampoa made a clever but controversial return to the dollar bond market on Tuesday when it tapped its $2.5bn 6.5% 2013 global issue for another $1bn, creating the largest non-Japan Asian bond.

The recent fillip in stock prices in Japan may provide sufficient impetus for Nikko Citigroup and Morgan Stanley to launch the long awaited Seiko Epson IPO.

Promina shares climbed 10% on their Australian debut on Monday as demand from foreign fund managers enabled the insurance and fund management group's IPO to defy market sceptics.

Oil companies CNOOC of China and PT Medco Energi of Indonesia made sensational returns to the international bond market this week highlighting investors' enormous appetite for top tier Asian credits.

Indonesia

Australia

ABN Amro and Deutsche Bank are preparing the first global securitisation for Australian Mortgage Securities Ltd (AMS).

Hong Kong