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Investor appetite for SpectraSite Holding's credit facility more than doubled the amount from $500 million to $1.3 billion. The amended facility was signed this month, adding about 20 banks to the syndicate. A total of 50 banks are in the amended credit, said Steven Lilly, cfo. "We were quite pleased with the strong investor interest," he said. "The agents were very supportive, and the hold levels went down." SpectraSite, based in Cary, N.C., is one of the largest tower operators in the country. The company is also a leading provider of outsourced network services to the wireless communications and broadcast industries in the U.S. and Canada. The original $500 million facility was to finance the acquisition of 2,000 Nextel towers. The additional financing is for the acquisition of 3,900 towers of SBC Communications.

J.P. Morgan Chase, Bank of America, and First Union are in the market with a $500 million credit to refinance an existing deal for Caremark International, a Birmingham, Ala-based pharmacy benefit management company. A banker close to the deal said the credit is structured as a $300 million revolving credit priced at LIBOR plus 2 3/4 % and a $200 million term loan priced at LIBOR plus 3 1/2 % and it is expected to close by the end of March. Officials at Caremark could not be reached by press time. Early market chatter on the deal is that Caremark's institutional tranche is already oversubscribed as institutional players are showing a lot of interest.

J.P. Morgan Chase, Goldman Sachs, and Morgan Stanley Dean Witter launched syndication of a $400 million add-on term loan "C" to Level 3 Communications'existing $1.375 billion credit last week. Bankers noted that the strength of Level 3, reflected in its loans currently trading at 97/98, may prompt institutions to hold on to the existing term loan "B" priced at LIBOR plus 31/2 %. Calls to banks were not returned by press time.

Bank of America and Deutsche Bank held a bank meeting last week to launch syndication of a $150 million add-on to the existing credit of FairPoint Communications, Inc. The new credit adds $75 million to both an existing $67 million term loan "B" and $70 million term loan "C."

Australia's debt capital market is the most sophisticated in the region, and the potential is there for it to grow – but where is the supply going to come from? By Chris Wright

The 2000 year-end was a flurry of MBS activity in Australia. Investors hardly had time to develop their Christmas holiday snaps before National Australia Bank set a new benchmark for Australian originators with the launch of its global RMBS. Hard on its heels were three further term securitization issues each sporting an enticing new asset class. Mark B Johnson reviews the increasingly diverse world of Australian structured finance.

Australia's economic outlook is heavily dependent on the state of the US economy. That's a tough problem for a country that has already faced a year of distortions to its economic data. By Chris Wright.

Last year, the Australian stock market stood firm – no longer are the country's leading indices vulnerable to the vicissitudes of global commodity prices. Australia is now a broad-based services economy and the market is host to a diverse range of innovative, well-managed companies with a deserved reputation for their focus on shareholder value. Mark B Johnson reports.

In early February, at HSBC's Hong Kong headquarters, Asiamoney and HSBC jointly hosted a roundtable on cash management issues across the region. E-commerce – and the human barriers to its widespread acceptance – dominated the discussion.

Asiamoney's analysis of the health and efficiency of Asia's strongest banks, compiled together with Fitch IBCA, Duff & Phelps, reveals some surprises. But the name at the top surprises no-one: Hang Seng retains its top spot.

In early February, at HSBC's Hong Kong headquarters, Asiamoney and HSBC jointly hosted a roundtable on cash management issues across the region. E-commerce – and the human barriers to its widespread acceptance – dominated the discussion.

Custody, once a word for safe-keeping and settlement, now spawns a variety of value-added services as banks tap into profitable new areas to offset tough competition and wafer-thin margins. By Ben Davies.