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Three of Japan's ailing banks have been bought by foreign funds over the past three years. Some bankers talk of the huge money these funds are bound to make from their investments. Others doubt the commitment of the overseas investors, and fear it will be ‘IPO then goodbye'. Fiona Haddock reports.

The importance of the world's first-ever international Islamic bond is hard to overestimate. Matthew Montagu-Pollock reports on the landmark government of Malaysia deal that has launched the international Islamic financial market.

Four Hong Kong issuers have found a new, cheap source of funding in the retail bond market. In this economic environment the possibilities seem endless – but issuers must be prepared for weak liquidity. Chris Wright reports.

Philippine golden boy Lito Camacho is suddenly under scrutiny following a large budget deficit shortfall and the controversial timing of the republic's March 2009 bond. Matthew Montagu-Pollock speaks to the finance minister and JPMorgan, theunderwriter of the deal.

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Franklin Templeton Investments is seeking to add new euro-denominated high-yield issues and to pick up U.S. high-yield names in the secondary market. Atanas Christev, high-yield portfolio manager, who manages E33 million in mainly euro-denominated high-yield bonds, says he is considering adding the upcoming issue from C.P. Ships. The shipping company has strong positions in the Trans-Atlantic business, and, although shipping is a very cyclical sector, Christev is relatively comfortable with the credit. He says he likes to buy bonds with coupons in the 9% range. "When we get issues that begin to perform very well and yields tighten, we look for replacements," he says. Templeton uses the Merrill Lynch euro high-yield index as its benchmark, because it includes U.S. issuers as well as European ones.

The latest IR On The Net, the weekly e-version of the monthly Investor Relations magazine, contains a sponsor's statement offering the following business advice: "To instill trust over a conference call, it helps to have trust in the conference call." The sponsor banging on about trust? WorldCom.

The Deal Roll-off Chart, provided by Capital DATA Loanware, lists the 50 largest leveraged credit facilities in the U.S. market that are due to mature in the coming month. It is designed to provide a look at potentially available money in the market as credits are renewed or retired.

Paul Roland, portfolio manager with QCI Asset Management, says he will rotate 5% of the firm's portfolio, or $15 million, from agencies into corporates in anticipation of the economy showing signs of recovery, hopefully within three months. He says he will look at signs of inventory buildup and improved final demand as well as a steeper yield curve. He notes that as corporate spreads are wide and the recovery is underway, corporate spreads are bound to come in.

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.