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Caremark Rx is attempting to cut pricing on its $225 million "B" term loan by 3/4% after improving the credit profile of the company in the last year. The pharmacy-benefit management (PBM) company is back in the market with lead banker Bank of America. "We refinanced the bank facility last year leaving a "B" loan outstanding. But since then, the company has improved the credit, been upgraded to BB+ by Standard & Poor's, and so is looking to improve interest payments," explained Howard McClure, executive v.p. and cfo of Caremark.

More than $15 million of Centennial Cellular bank debt crept up to the 81 level this week despite mixed investor opinions on the name. Market players explained that the pricing on the wireless company's bank debt had been pushed down by a few dealers dumping the paper in the mid 70s almost a month ago. The name has since recovered some ground with a $25 million auction at 77 on March 22, another $15 million reported to have to moved to retail in the 78-79 context early last week and other trades reported in the 80-81 by the end of the week.

Salomon Smith Barney has hired Steve Segretta, a CDO structurer at CIBC World Markets in New York, as director in the newly merged credit derivatives structuring and trading teams and plans to hire two or three additional synthetic collateralized debt obligation structurers for its New York headquarters.

Half a dozen international private equity investors are changing the face of the region. Cashed up, driven and connected, they are at the vanguard of a new wave of buyouts that have the potential to transform many of Asia's companies – for better or worse. By Matthew Montagu-Pollock

Projects are few and far between this year in Asia, with the only significant activity in China. Joy Lee reports on the country's project financing developments, and on the financing structures favoured by the market.

Though Philippine secretary of finance Lito Camacho is internationally respected and is making good progress, he has already experienced the difficulties of political power in the Code-NGO scandal. He states his case to Matthew Montagu-Pollock.

The use of increasingly sophisticated financial instruments by Korean borrowers over the past year is just the tip of the iceberg as modified rules further encourage expansion of the market. Pauline Loong reports.

Investors are closely watching the upcoming presidential election for signs of changes to Korea's economic reform policies. So far, there appears to be consensus among the major players not to rock the boat. Pauline Loong reports.

Post-September 11, corporates in Asia are seeking the security of the big international players for their cash management needs. The global reach of these banks is also vital when it comes to outsourcing e-solutions. Chris Wright reports.

As Asian markets become more sophisticated, custodians are showing increased interest in the region. The relaxation of custody rules in some countries may also provide further lucrative business opportunities. But experts warn that banks need to commit to improving their IT capability and staff training. Joy Lee reports.

Philippines and Malaysia in one-day Asian debt bonanza

Though Philippine secretary of finance Lito Camacho is internationally respected and is making good progress, he has already experienced the difficulties of political power in the Code-NGO scandal. He states his case to Matthew Montagu-Pollock.