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Institutional players offered more than $1billion for Silgan Holdings' $300 million "B" loan before the bank meeting was even held last Thursday. Deutsche Bank, Bank of America, Morgan Stanley and Citibank all have roles on the $800 million bank debt, which also comprises a $400 million, six-year revolver and a $100 million "A" term loan, said a banker. Silgan is looking to refinance to take advantage of the current investor enthusiasm for the paper, said Harley Rankin Jr., executive v.p. and cfo of Silgan. The $300 million "B" is still being shopped and the LIBOR plus 2 1/2% pricing is unchanged, the banker noted. The pro rata is priced at LIBOR plus 2%.

Investors are fretting over WorldCom as $20 million of its $3.75 billion, multi-year revolver traded in the 93 context. Traders said that $10 million of the name failed to auction in the 97 range earlier on Wednesday. The $2.65 billion, 364-day facility with term-out option was bid in the 60-70s range, although no trades were reported. Both revolvers are unfunded, but market players drove down the bids with the speculation that the company might term-out its 364-day facility. Calls to Scott Sullivan, company cfo, were referred to a spokesperson who did not return calls by press time.

About $25 million of Adelphia Communications' Century Cable term loan traded at 91 1/2 in retail this week with a $2.5 million trade in the street this Thursday. The credit was rumored to have traded in the high 80s, although most dealers quoted the name in the 90-92 context. The name had been trading in the 93-94 range last week. A $25 million piece of Adelphia's Hilton Head facility was also believed to have changed hands at around 86. Investors are beginning to trade some of the name's more off-the-run facilities as they gamble on the value of the company's cable assets.

A Japanese bank is believed to have auctioned a $50 million piece of Warnaco Group at 30 today as the company continues to work through its Chapter 11 reorganization plan. The name had been moving at 30 earlier in the week and had been quoted in the 24-26 range last week. The company is expected to file its reorganization plan soon. Reports indicated that Bear Stearns is helping Warnaco explore the sale of some of its core businesses, which include Calvin Klein Jeans. Warnaco licenses the right to make clothing under brands such as Calvin Klein, Warners, Speedo and Oscar de la Renta.

Bank of America and Deutsche Bank are preparing the launch of a $340 million exit financing for Pinnacle Holdings that will include a $300 million amortizing "B" piece. A banker said Pinnacle should emerge from bankruptcy in July and the loan will emerge concurrent with the company's exit. Pricing and terms on the bank debt, which also comprises a $40 million revolver, have not been finalized.

The proliferation of the derivatives market, especially in credit derivatives, has made regulation increasingly important and difficult. Pauline Loong asks regulators in the region's two most active markets to explain their approach – and discuss their fears.

Our second law firm poll reveals that despite the vast amounts of money spent by Asian corporates on legal fees, they are not always satisfied with the services they get in return. But they do know which firms they rate in particular areas of specialization, and why. Olivia Chow and Robert Law report.

To newcomers to the Chinese market, Patrick Choy might well be just another executive in an American firm doing business in China. But old-timers know better. Choy's official title – corporate vice-president and director of strategic finance for Asia Pacific at Motorola – gives little clue to the role he has played over the past decade in helping shape the operating environment for foreign investors in China. Nor the high regard in which he is held by Chinese leaders.

It's not easy to interview Juan Limandibrata, new head of funding for the Asian Development Bank (ADB). Limandibrata is a charming man, helpful, with interesting insights into the ADB. But he clearly loathes the spotlight. His reticence is extreme – during his interview with Asiamoney he insisted on eliminating his age from his resume, itself a masterpiece of brevity. He studied engineering in the US, worked as a management consultant for Arthur Andersen in Jakarta, then joined the ADB in 1988, moving swiftly into the treasury department (where he is deputy treasurer). That's all we learn – though he admits to a personal vice, a deep love of golf. Yet his impact on the bank has been remarkable. In July last year, Limandibrata oversaw the setting up of the ADB's global debt issuance facility, an off-the-shelf documentation platform that is already having a dramatic impact on the ADB's cost of funds. As a result of this facility, the ADB is increasingly able to fund itself through small private placements, which bring a cost reduction of as much as 40 basis points (bps). "Instead of getting Libor minus 20, we can get Libor minus 60, which is quite a big improvement in funding costs," says Limandibrata. "We expect to raise a significant part of the US$4.6 billion funding requirement for 2002-2003 through the private placement market." Since last July, the ADB has done 22 such transactions, with maturities ranging from three to 20 years, raising about US$800 million.

Intense competition in the syndicated loans market is forcing players to revert to the very practices that got them into trouble during the financial crisis. Fiona Haddock reports.

The decision of Hynix's board to reject a deal with Micron, just a day after its creditor committee had approved it, has the international markets doubting that the Korean chip manufacturer can survive. They may be right. But those who believe the decision is a blow to Korean corporate reform miss the intricacies of the deal, and ignore an important point: the right of a board to make an independent decision, even if it turns out to be the wrong one. By Chris Wright.

A volatile equity market, low interest rates and abundant liquidity make the Taiwanese economy a perfect environment for the proliferation of convertible bonds. Joy Lee reports.