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The ADR rules supreme for dual listings in the US and Hong Kong, especially for the largest Chinese corporations. But some wonder if ShinhanÕs recent domestic share sale to foreign buyers could signal a sea change in distribution methodology. Mark B. Johnson reports.

In Asiamoney's November 2003 issue, Boodle noted heady times in the equity capital markets but wrote that there was no need to stock up on the hangover cures just yet. But Boodle also cautioned issuers and arrangers to keep in mind a line in the sand. Could that line have been crossed last month, when Semiconductor Manufacturing International Corporation (SMIC) and Tom Online completed their dual listings in the US and Hong Kong, at US$1.8 billion and US$194 million respectively?

By March it was becoming increasingly obvious that Korea was welcoming back UBS after a year-long slump in its capital markets. The bank has managed to stage a comeback, rising to the top of the league tables. It has acted as lead-manager on five debt deals this year, totalling US$2.687 billion.

The stars were perfectly aligned for Commonwealth Bank of Australia (CBA) recently, allowing Australia’s second-largest bank to sell the country’s biggest-ever mortgage-backed securities (MBS) issue. The A$3.5 billion (US$2.6 billion) global sale was almost double the size of what was previously the largest residential MBS issue.

The increasingly resourceful Singapore development company CapitaLand in March added another pioneering real estate investment trust (Reit) transaction to its growing list of deals.

Infosys Technologies is well known at home in India and abroad. It is considered one of the most well-run and best financially managed companies in the world. It is also recognized for its exceptional approach to corporate governance. Asiamoney spoke with Infosys chief financial officer Mohandas Pai about how he, as a corporate treasurer, manages risk, uses structured products and deals with the everyday challenges of running both an international and a domestic company in India.

The Taiwanese securitization market has come a long way in its first year, with last month’s inaugural residential mortgage-backed securities (RMBS) issue by Deutsche Bank producing the latest evidence.

Consolidation in Thailand’s banking industry has definitely lagged behind its neighbours. But in March, the first ever three-way bank merger changed things. A tie-up between Thai Military Bank, Industrial Finance Corporation of Thailand (IFCT) and DBS Thai Danu Bank created a new contender in the increasingly competitive banking sector. The deal, combining three entities with an aggregate market capitalization of US$2.1 billion, was structured with Thai Military Bank acquiring shares of both DBS and IFCT. While the branding of the new bank has not been set in stone, it is likely to operate as Thai Military Bank.

In sporting parlance, it is often said that it is not a golfer's first win that is most difficult, but the second. The same could be said of the Korean residential mortgage securitization market, which recently saw its second deal after a 15-month hiatus. Mark B. Johnson reports.

Merrill Lynch keeps growing

Volumes in the Indian offshore syndicated loan market have grown large enough in the past year to make bankers grin from ear to ear, but pricing has gone in the opposite direction. ThereÕs still plenty of potential, however, writes Roy Chew.