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BNP Paribas and Centroleasing have delayed PonteVecchio Finance 2, a Eu444m securitisation of equipment, vehicle and real estate leases, due to market conditions. BNP expects to launch the deal later this year. The decision to pull the transaction, Centro's second securitisation, after a month of marketing reflects weak market conditions and investor demand.

SG brought a rare French retail credit card securitisation to market this week, launching a Eu165m transaction for Banque Casino. Banque Casino was set up in 2001 by Groupe Casino (51%) and consumer finance company Cofinoga (49%) to provide funding for Groupe Casino's customers. Since then it has grown quickly, with Eu450m of outstanding loans by the end of 2002.

Bayerische Hypo- und Vereinsbank continued its spree of synthetic risk transfers this week with a Eu4.8bn securitisation of German residential mortgages, via bookrunners CDC IXIS Capital Markets and HVB. The deal is the latest in a series of synthetics planned by HVB to help restore its tier one capital ratios. The bank is also looking to launch a £578m CMBS, again lead managed by CDC IXIS and HVB.

The bank debt for bankrupt battery-maker Exide Technologies slumped this week from the low 60s with dealers quoting the market for the paper wide at 55-60. No trades could be confirmed. Last Friday, the Official Committee of Unsecured Creditors and R2 Investments filed a motion to examine the value of Exide's foreign subsidiaries and to analyze whether consolidation of such subsidiaries, which are not included in the bankruptcy proceedings, is warranted under the law. Consolidation of the subsidiaries threatens the liens held by the banks, according to the filing. Credit Suisse First Boston is the agent, representing lenders with about $700 million bank debt outstanding when the company filed Chapter 11 last year. Biagio Vignolo, Exide cfo, could not be reached by press time.

Hong Kong faces tough choices over its budgetary priorities. These will get little attention this year as the public focuses on the personal conduct of its finance minister. By Wong Kwok-keung.

A tale of two deals – win some lose some

Corporate governance, once a dirty word in Asia, is back in vogue, with governments and companies in Asia striving toward greater transparency and accountability. But do investors really care? By Ben Davies.

PAIN TODAY FOR (MAYBE) MORE GAIN TOMORROW

Market turbulence sparked by the SK Global accounting bombshell seems to have subsided somewhat. But fears remain over systemic risk. By Park Sang-soo and Long Pei-ling

After two years of technical, legal, accounting and regulatory manoeuvring, Bumiputra Commerce Finance has completed Malaysia's first ABS backed by auto loans. Hopes are now high that the deal could kick-start the country's securitization sector.

The unrelenting flow of investment money from Taiwan to the Chinese mainland poses serious problems for the island's banks. But the government is constrained by the need to balance market realities with political pressures. By Pauline Loong

January 1 - March 26, 2003