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Brazilian minister of Foreign Relations, Celso Amorim, spent the weekend in Geneva, Switzerland, trying to push forward negotiations in the World Trade Organization (WTO). However negotiators from the more than 180 member countries of the organization were unable to achieve the progress they had hoped in drafting the 'modalities document', by the April 30 deadline set at the Hong Kong Ministerial Summit in December of last year. Agriculture is the issue impeding the negotiations. Modalities include deciding the formula for tariff reductions, the products considered sensitive, and safeguards.

Deutsche Bank has hired a new trader, John Fisher, v.p., from SunTrust.

Credit investors are rushing to unwind long bond, short iTraxx Crossover positions because the play has flipped from a positive carry to negative. Traders say the combination of widening cash spreads and tightening synthetic spreads has reduced returns on the strategy and prompted the sell off. One London-based strategist noted the sell off has contributed to the sharp rally in iTraxx Crossover spreads, which have tightened around 40 basis points since Easter, to 224 bps on Monday.

Russian President Vladimir Putin threatened Western Europe with a redirection of Moscow’s energy “rivers” to Asia at a joint press conference in Tomsk, Russia, with German Chancellor Angela Merkel. The press conference marked the conclusion of the eighth German-Russian Summit. Two weeks ago the head of Gazprom warned the EU to allow his company to develop networks in Western Europe or face supply cuts.

World Bank President addresses the nation

BenQ, the flat screen to computer storage maker, is looking for a syndicated loan of NT$10bn to boost its new mobile phone unit.

Rating: Ba2/BB-

Rating: Baa2

Despite volatile market conditions and the poor performance of Asian investment grade bonds issued this year, South Korea's Woori Bank sold a blowout $1bn 10 year non-call five lower tier two deal this week.

Philippine food and beverage producer San Miguel delayed pricing its long awaited perpetual hybrid bond from yesterday (Thursday) to today (Friday) as it tried to build enough interest to issue its target of $500m.

PSA International, the port operator owned by Singapore government investment company Temasek Holdings, is understood to have mandated Barclays Capital, DBS Bank and Royal Bank of Scotland to arrange debt to support its purchase of a 20% stake in Hutchison Whampoa's ports business. PSA agreed last Friday a price of $4.39bn for an equity and loan stake in both Hutchison Port Holdings and Hutchison Ports Investments and will fully fund the acquisition in the debt markets.

Reliance Petroleum attracted massive global and domestic demand for its IPO of a 20% stake, but last weekend it priced the public sale, of a 10% stake, only just above the mid-point of the offer range, even though investors were not price-sensitive. The company sold 450m shares in a global bookbuild at Rp60 a share, from a range of Rp57-Rp62, raising Rp27bn ($607m).