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Despite much talk of currency diversification, central banks in Asia still prefer to hold the greenback. By Pauline Loong

Kaleidoscope

An interest-rate cut from Alan Greenspan worries investors more than the nuclear threat of an unpredictable dictator in North Korea – or so the financial markets seem to be saying. By Pauline Loong.

ASIA IS SET to lose one of its M&A stalwarts. Morgan Stanley's M&A head Harry van Dyke is to return to New York where he will be in charge of M&A for financial sponsors. Van Dyke, who arrived in Asia in late 1997 has overseen some difficult times in Asia. But his stint in the region also provided him – and Morgan Stanley – with a wealth of opportunities, reflected in the enormous expansion of the firm's M&A team from four to 40 during his tenure. Gokul Laroia the company's co-head of telecoms banking in Singapore, will transfer to the Hong Kong office to take van Dyke's place.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

The new European market standard for restructuring underwent emergency surgery last week after traders realized it would not work for subordinated insurance companies. The definition restricts the maturity of bonds that can be delivered in the event of a default, which excludes most debt issued by insurance companies. This makes the protection worthless because if the buyer cannot deliver an asset they cannot make a claim on the default swap.

The International Swaps and Derivatives Association was forced last week to send out a hasty retraction after its Tokyo office sent members an e-mail penned by JPMorgan that apparently signaled an about face on proposed credit derivatives documentation. The original e-mail, sent last Tuesday, infuriated traders in London and New York, who saw it as an attempt to sneak through the back door changes to a document that has been the subject of intense debate for the past year. Officials at ISDA and JPMorgan declined comment or did not return calls.

Lehman Brothers is setting up an emerging markets coverage group specializing in derivatives-based structured products and has lured Rajeev Tewari, managing director in the emerging market coverage group at Credit Suisse First Boston in New York, to head the venture. The desk will initially focus on Latin America. The new desk will structure and market fixed income derivatives including hybrid interest rate, credit and foreign exchange products for clients such as corporates, said officials familiar with Lehman's plans. Tewari and Kerrie Cohen, spokeswoman in New York, declined comment.