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  • Rating: A2/A (Moody's/Fitch)
  • With widespread corporate restructuring and low capital expenditure in recent years, there remains far more demand than supply in the corporate bond market. Against a backdrop of an improving economic environment and growing corporate profitability, do you see the demand/supply equation changing in the foreseeable future?
  • Guarantor: Rabobank Nederland
  • The growth of second generation credit derivative products is about to be given a kickstart by the introduction of regular price fixings. From early next year, a price fixing of the most liquid iTraxx indices is to be completed at least once a week and possibly more frequently, said Grant Biggar, head of Creditex Europe. Creditex, the specialist CDS broker, is spearheading the initiative alongside data provider Markit.
  • Regulatory change is vital to facilitate the dynamic developments in Japan's increasingly innovative financial markets. EuroWeek invited Tim Lester, managing partner and partner in charge of the capital markets practice at Lovells' Tokyo office, to discuss the most important regulatory developments in Japan.
  • If 2003 was the year when global appetite for Japanese government-linked credits improved, 2004 is the year in which there has been resurgent demand for a much wider range of Japanese credit. Over the following pages, EuroWeek provides an overview of Japanese issuers in the international markets and interviews five leading borrowers active in those markets.
  • Rating: A1/A-
  • Rating: B2/B+
  • RMBS has taken the limelight in a Japanese ABS market that is not only bigger than ever, but also replete with growing numbers of originators and investors. However, problems remain, including the excess of private transactions, incomplete disclosure and a lack of secondary market liquidity. But as Japan's long economic winter turns to spring, the sap continues to rise in Japan's securitisation market.
  • One half of Leak will be forever Scottish, or so we thought until he donned a Hawaiian shirt and a mascara moustache at this week's DrKW press do at The Don restaurant in the heart of the City of London. It was goodbye Sean Connery, hello Magnum PI.
  • Morgan Stanley has won the mandate to arrange another high yield bond for a Chinese company listed outside the People's Republic ? a scalp that Stanley can add to successful deals for Sino-Forest and Panva Gas so far in 2004.
  • The annual Mizuho karaoke night a week ago at the Heeltap and Bumper bar-cum-tea shop in the City of London took Michael Jackson to a whole new level.