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Strong liquidity helped buoy HCA's $8.8 billion term loan on its break in the secondary market; Delta Air Lines' unsecured bonds jumped 17 points to 58 on US Airways Group's proposal to merge with the airline and General Motors Corp. '33 bonds were up two points to 91 3/4 after the auto maker tapped the loan market for a $1.5 billion term loan.

Romita Shetty, a senior collateralized debt obligation official at RBS Greenwich, has resigned and is heading to Lehman Brothers in New York. It could not be determined what her new role would be by press time. Shetty was at RBS for two years and prior to that JP Morgan, where she was head of structured credit and alternative investments and global head of CDOs. She left JPMorgan in January of 2003 to take maternity leave. She had a hand in creating several innovative transactions, including BISTRO, which was one of the first large credit derivative securitizations.

Dealers in European loan-only credit default swaps appear set to agree on a contract that would allow for trades in both cancelable and non-cancelable forms.

Rabobank International has hired Arnaud Desombre, an independent commodities and futures trader, as head of equity derivatives trading for the Americas in New York. He will report to Mark Garbin, head of equity and fund derivatives for the Americas, a group formed earlier this year (DW, 5/12). The arm focuses on asset management, hedge fund, insurance company and pension fund clients and works closely with the London- and Hong Kong-based equity and fund derivatives teams led by Tony Turner.

Hedge funds are buying into Le-Nature's bank debt with the intention of suing agent bank Wachovia and the company's auditors, according to distressed traders.

Industrial and Commercial Bank of China breaks all records with its US$19.1 billion IPO, India's Tata Steel bids US$8 billion for Anglo-Dutch group Corus, and North Korea's nuclear test ruffles the markets - slightly.

Malaysia's Prime Minister Abdullah Badawi has had to endure a venomous stream of criticism from his predecessor as premier, Mahathir Mohamad. Cancelled industrial projects and allegations of nepotism have been at its core. But what some see as a healthy exchange of views, others fear could lead to an unsightly overthrow. Anne Hyland runs through the risks for one of south-east Asia's most stable countries.

Pakistan is utilizing its geographic proximity and social ties to the Middle East to gain vast swatches of foreign direct investment. It's a natural fit that leaves both sides comfortably better off. Patrick Butler assembles the facts and figures.

OPEC cuts oil production on fears of oversupply, Iraq says it needs US$100 billion to rebuild its infrastructure, and Dubai-based state investment vehicle Istithmar buys a 2.7% stake in Standard Chartered, leading to speculation of takeover interest.

Appointed chairman of Lenovo when aged just 40, Yang Yuanqing has overseen the PC firm's transformation into China's most recognized global brand. He stands as a role model for aspiring Chinese tech entrepreneurs, as his 52nd-place ranking in Asiamoney's list of the region's 100 most influential businesspeople indicated in September. Leigh Powell taps into the youthful leader's vision.

Guangzhou-based Hopson Development Holdings has been listed for more than eight years but only caught the eye of many investors in the last 18 months. That's partly because of the new management team appointed in April 2005, and partly because of what they've done to build the brand's market profile, launching an offshore bond issue and bringing in big-name strategic investors.

Widely viewed as a key architect of China's bond market, Gao Jian has many opinions on what should be done to open it up further. Elliot Wilson meets him at his Beijing offices to discuss futures and options, the key restraints on the domestic debt markets and his favourite Hollywood action movie.