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ABN Amro is shopping two collateralized loan obligations to European investors--Amstel Synthetic CLO 2001 and Smile CLO 2001. The Smile 2001, a E5 billion deal, is a balance sheet cash flow deal comprising small and medium-sized loans of companies based in the Netherlands whereby the firm has transferred risk by selling loans to a special purpose vehicle.

Allied Waste's levels are getting a boost on a 20% paydown after the company's bond deal was completed in mid-November. Last Monday the bank debt traded at 99 1/8 from 98 1/2. Allied Waste officials have declared their industry "recession-resistant" but have also responded to a widespread economic downturn by reducing debt and generating cash flow. The company has a target of generating $400 million in free cash flow by 2001 and paying down debt, which currently stands around $9.3 billion. The trash-hauling company is based in Scottsdale, Ariz. Mike Burnett, head of investor relations, declined to comment on trading levels. Of Allied Waste's paydown, Burnett said, "The point is this industry is not recession-proof. Recession-resistant means you feel some impact. We're predicting at the end of year our EBITDA will be off 7%, but at the same time, we're not losing 20 or 30 percent of revenue."

Fixed-income investors are questioning whether Providian Financial's bonds are worth buying, and wonder if the new ceo, Joseph Saunders, can keep the company afloat long enough to make the remaining 31/2 months of interest and principal payments on its 6.75% notes of '02. There were no bids on the notes last week, according to one high-yield trader, who reasons that the low 80s would be an appropriate price for the bonds, given that Providian's 6.70% notes of '03 are bid at 78. This trader continues that the last trade he saw in these bonds was nearly a month ago, which was at 80. Those levels caused an East Coast buy-side analyst to wonder whether the bonds might be worth a gamble. He reasons that Saunders, a credit-card industry veteran, presumably did his due diligence prior to joining the company. Still, the analyst believes it is not worth the risk. Of Providian's bonds, he says, "I didn't own them on the way down, and I'm not going to step in at this point."

The Isle of Capri Black Hawk has secured a $90 million credit facility with CIBC World Markets to refinance $75 million in mortgage notes due in 2004, allowing the company to obtain a much cheaper form of financing. "Black Hawk wanted to pay off the notes because of the very low rates, getting cheaper capital with a more flexible structure," said Rex Yeisley, senior v.p., and cfo."CIBC is leading because of relationship, price and credibility--we believed they could get it done," he added. CIBC is the senior lender to Isle of Capri and so amid other alternatives, it seemed right, Yeisley stated. Isle of Capri owns 57% of the venture and Nevada Gold & Casinos owns the rest. Funding of the facility is contingent on Black Hawk granting a security interest to CIBC.

Investors have applauded the region's most stable companies in our 10th Best-Managed Companies poll. Where once telcos dominated, now we see raw materials, department stores and shopping mall operators at the top of the tree. By Olivia Chow and Robert Law.

For all its economic successes, few would suggest that Malaysia has been a champion of transparency and corporate governance in recent years. But half a year on from Daim Zainuddin's departure, there are signs of something different at Renong and other Malaysian corporates. Is this real change? Matthew Montagu-Pollock, normally our resident cynic on such things, believes so.

For all its economic successes, few would suggest that Malaysia has been a champion of transparency and corporate governance in recent years. But half a year on from Daim Zainuddin's departure, there are signs of something different at Renong and other Malaysian corporates. Is this real change? Matthew Montagu-Pollock, normally our resident cynic on such things, believes so.

Aluminium Corporation of China (Chalco) completed a US$457.9 million IPO in mid-December in an extremely positive sign for the equity markets in Asia – and China in particular. The issue, led by Morgan Stanley and CICC, traded up about 4% in New York on its first day of pricing, a modest rise that the leads and issuer felt was ideal. (Its flat first-day performance in Hong Kong was less impressive.) It was unclear as Asiamoney went to press whether a greenshoe would be exercised.

An interesting trade in early November resolved DBS's capital ratio concerns and put Deutsche back in to the equity league tables after a long, arduous absence. On November 6 DBS placed S$2.2 billion (US$1.2 billion) in shares through two distinct tranches. Half of the total came in private placements to two major California-based investors, Brandes Investment Partners and Capital Group International, while the other half was sold in an accelerated bookbuild at a price of S$9.60 – a 4.95% to the November 2 close of S$10.10.

The move was hardly noticed except by the local business media. With China's entry to the World Trade Organization and the battle in Afghanistan dominating headlines, Taiwan's issuance of the first interest-rate swap (IRS) licence to a domestic securities house barely rated a mention in the regional financial press. But to the global and domestic financial institutions hit by the move, the licence given to Grand Cathay, the leading underwriter of NT$ corporate and supranational bonds since 1992, last month was a deafening shout. The door has now been thrown wide open to an industry worth an estimated NT$300 billion a year and which is projected to grow at the rate of 15% a year over the next five years. IRS business had been restricted to banks (domestic banks can conduct inter-bank IRS without a specific licence) and foreign institutions.

The launch in early December of a US$125 million floating rate note by Indonesia's Bank Mandiri signals the first effort by an Indonesian issuer to test the waters in the debt market since the default by Asia Pulp and Paper last year, owing more than $13 billion. Managed by HSBC, the FRN was targeted mainly at Asian investors and rated B- by Standard &Poor's, two grades over the Indonesian sovereign. Bank Mandiri is by far the largest bank in the country, set up in the wake of the 1997 financial crisis as a vehicle to amalgamate four ailing state banks. The notes were priced at 99.735% of their face value with a spread of 6-month US dollar Libor plus 590bp to give a yield to maturity of US dollar Libor plus 600bp. The issue was oversubscribed and was increased by 25% with 21 investors from Indonesia, Hong Kong, Singapore, Japan, Europe and the UK. The placement was split 60% onshore and 40% offshore.

Prior to Dentsu, Japan's largest advertising agent, going to the market on November 30, it was attracting acclaim for launching the country's biggest initial public offering of the year. It was considered a brave move, given that the country had suffered more than 20 cancelled or delayed launches over the previous few months. However, an unfortunate slip of the computer keys by co-global coordinator UBS Warburg Japan at the 9am opening time gave the IPO a whole new reason for fame. Rather than typing in 16 shares at ¥610,000 apiece, one of the bank's employees placed a sell order for 610,000 shares at ¥16 each. The error was not discovered for all of two, painfully long, minutes, confirms Velvet Yoshinami, spokesperson for UBS Warburg. The result: 65,699 shares were sold before the order could be cancelled.