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Co-heads. They're everywhere. Perhaps it's a function of banking consolidation, but it seems to Asiamoney that the industry has been hedging its leadership bets. There is scarcely an example of a major investment bank that doesn't have at least one senior position shared by at least two people. Now, Asiamoney knows its football, and has seen the carnage that results from attempting to get two people to manage the same team. With this in mind, we decided to find two senior co-heads in Asian investment banking and ask them just how they go about working together without friction, overlap and divided leadership.

Just how big is Asia's hedge fund industry? In the absence of hard and fast numbers, we went to the experts. Niall Shiner, one of the founders of Eureka, a hedge fund consultancy, casts his eye over this untransparent sector – hedge funds and alternative investments in general – and tries to establish some solid facts.

Who are these people? The hedge fund industry in Asia is opaque and its characters largely unknown. But in trying to get below the surface to profile this growing sector, Pauline Loong finds that the high-flying risk-takers of a few years ago have been replaced by a new generation of professionals who, while no less colourful, project a saner image.

There is a new sport among Singapore analysts: predicting the future shape of Temasek's listed GLCs. Following the announcement of the Temasek charter on July 3, we contrast the opinions of four different houses on what comes next.

Getting the IPO of the Bank of China away with considerable oversubscription was a major achievement in a difficult market. But in some ways its success was assured – a combination of goodwill from big anchor names, followed by a typical herd mentality among the retail investor base. It tells us a lot about how investors make their decisions in Hong Kong. By Pauline Loong.

A Shenzhen battery manufacturer has set a new record in China's H-share markets. BYD, the country's largest manufacturer of rechargeable batteries, raised the equivalent of US$209 million including a greenshoe – certainly not the largest H-share issue ever, but easily the largest from a privately-owned company.

Singapore REIT market not ready to play Aussie rules

Shaikh Nizam Yaquby is a Shari'ah scholar, a holy man – and one of the most important people in the fledgling industry of Islamic banking. Why? Because he is one of a handful of people who can judge the Shari'ah compliance of financial instruments.

Last month we printed an interview with Dorodjatun Kuntoro-Jakti, Indonesia's co-ordinating minister covering finance and the economy, who had just signed an agreement with the IMF to extend its involvement in Indonesia to 2003. But Dorodjatun's views are not shared by all in his party, and in particular one of his predecessors, minister of state for national development planning Kwik Kian Gie. In this excerpt from a recent address, he states his case against further involvement with the IMF. He didn't get his way, but his views make interesting reading.

With new scandals and financial troubles announced almost daily, it is no wonder that the secondary market for distressed bank loans has been a hotbed of activity over the past few weeks. And so far, this week has been no exception as the paper of Qwest Communications and Crown Cork & Seal are rumored to have changed hands.

Wells Fargo and Goldman Sachs' refinancing credit for PETCO Animal Supplies is fully subscribed with the $193 million "B" term loan taken out with a new "C" loan. The new deal cuts the interest spread from LIBOR plus 3 1/2% to LIBOR plus 3%, while PETCO is also paying a 15 basis points fee for a capital expenditure amendment, said a banker. The refinancing trend is slowing but this deal could have been done 25 basis points tighter a few weeks ago, explained the banker. Since the original loan was set last fall, the leverage as measured by debt to EBITDA has gone from 1.5 times for the senior and 3 times total to 1.4 times senior and 2.6 total. The company went public in the first quarter of this year and repurchased $30 million of senior subordinated notes with some of the proceeds.

Lehman Brothers has flexed the refinancing credit for Regal Cinemas 1/4% after trying to get through the market with a LIBOR plus 2 1/2% deal that also attempted to ease covenants. "Lehman went out at 250 over, but had to flex upwards to 275," said an investor, who estimates the market has backed up from anywhere between 1/4% and 3/8% in the last two weeks. But Regal still gained a 3/4% interest spread cut, though the intention was for a 1% drop, said a banker, who noted the credit is now fully subscribed. As well as the lowered spread, the relaxed covenants on Regal disheartened some existing investors. One buysider noted that though he would not join in the credit for the above reasons, there would be plenty that still would.