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Lebanese banks upgraded

Lord Desai argues that the lead built up by the communist nation over the past 25 years is unreachable.

WestLB's head of fixed income sales ex-Germany has left the firm.

Goldman Sachs has hired Merrill's head of structured credit sales to Europe, the Middle East and Africa.

Indonesian property developer Lippo Karawaci has made an impressive debut in the international capital markets with a $250m five year high yield bond, increased from an initial $180m after being four times oversubscribed. UBS was the bookrunner. Karawaci, which makes 60% of its revenue in property, 26% from healthcare services and the rest from hospitality and infrastructure businesses, attracted a strong response in a robust high yield market, even though the notes are unsecured and Indonesian property companies' deals hold unpleasant memories for some bond buyers.

Despite rumours of coup plots and the tense atmosphere in Manila last Friday, the Republic of the Philippines has completed a Ps122bn ($2.38bn) bond exchange that creates three new, liquid benchmark government bonds out of 90 outstanding securities.

Rakuten, Japan's biggest online retailer, and two of its largest shareholders are selling around ¥130bn ($1.12bn) of stock in the company to repay debt and invest in its credit card unit. With Japan's stockmarket buoyant, the deal is the latest to test investor appetite for equity issues raising fresh capital for expansion or refinancing.