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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.

PLDT and Telkomsel revive Asian high yield markets

We spend plenty of time and space fêting and knocking the international investment banks in the region, but what about the domestic players? There is plenty to applaud among local houses that have grown – often into fully-fledged international operations – on the back of domestic business. We name the domestic institutions that stand out in 12 key Asia Pacific markets.

Our finance minister of the year is no longer the finance minister – and his decision to leave the post to help his party win an election is Korea's loss. Despite unfinishedbusiness, Jin Nyum's achievements helped Korea win a two-notch upgrade in a global recession. Among central bankers, Australia's Ian Macfarlane leads the field with practical, dynamic and intelligent policy.

A new structure for Macquarie Leasing fits in between traditional asset-backed securitizations and more abstract credit derivatives. It's a first, but why should we care? Because it frees millions of dollars of the company's balance sheet. By Chris Wright.

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"This shocked the market."--Scott Sohn, manager of interest-rate trading at the Korea Development Bank in Seoul, commenting on the reaction to falling interest-rates in Korea causing millions of dollars of mark-to-market losses in swaps books. For complete story, click here.