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Heller Financial and Bank of America are looking for commitments for a $200 million revolving credit for Woodland Hills, Calif.-based Unova Inc. A spokesman for the company, which manufactures industrial technology products, including barcode scanners and wireless network applications, noted the firm is looking at a number of financial options. The previous loan arranged in February was a $400 million, short term, nine-month financing with J.P. Morgan Chase, according to Capital DATA Loanware. It could not be determined why Morgan Chase is not leading this deal or whether it will participate. The spokesman declined further comment including any reference to the banks involved.

Highland Capital Management is ramping up and trying to grow its $500 million collateralized debt obligation--Highland Loan Funding V--before pricing notes for the vehicle next month. Sources close to the deal said the fund has ramped up roughly 60% of its assets, which represent a broad range of sectors and consist of 90% senior loans and 10% high yield bonds. Salomon Smith Barney is underwriting the traditional, cash flow arbitrage structure. Chase Manhattan Bank will act as trustee. Officials at Highland did not return calls by press time.

J.P. Morgan Securities has promoted two high-yield analysts,Doug Conn and David Walker, to be co-heads of high yield research. Conn says the two fill a post vacated by Steven Ruggiero, who left for UBS Warburg a few weeks ago.

J.P. Morgan Chase is preparing to launch this week syndication of a $300 million refinancing credit for Millennium Chemicals Inc. A banker familiar with the deal said the loan would be structured as a five-year, $150 million revolver and a $150 million, five-year, institutional tranche. Pricing is expected to be LIBOR plus 2% on the bank portion and 21/2 % on the term loan, said the banker.

Wilfred Horie, the driving force behind the re-invention of Korea First Bank, is not shy of a challenge. Over breakfast with Andrew Weber he talks of the demands and the rewards of redefining consumer banking in Asia.

Few people dispute the importance of the development of local currency debt markets in the Asia-Pacific region. Leaving aside the long-developed yen markets, three stand out for their progress – although in each case it could be better. Chris Wright, Fiona Haddock and Joy Lee look at the Australian, Singapore and Hong Kong dollar markets.

Asiamoney's 11th annual cash management poll shows treasurers are more and more keen for improvements in technology – and they are very specific about what they want. Citibank and HSBC are among those who seem to be listening: both are rewarded with impressive votes. By Olivia Chow and Robert Law.

China had a busy month in the bond markets in May. It made its debut in euros; set a new benchmark in dollars; and set off an unholy row between six of the world's most respected investment banks. The PRC's issue of US$1 billion in 6.80% 10-year notes – led by Goldman Sachs, JPMorgan and Morgan Stanley – and Eu550 million in 5.25% five-year bonds – led by Deutsche Bank, Barclays Capital and BNP Paribas – was a strong deal. Both tranches were comfortably oversubscribed – the dollar by five times, the euro by four – and were placed to a wide range of investors, many of them new to the credit. Pricing was keen and execution skilful, and Chinese top-tier credits now have new and solid benchmarks to price off. But the undeniable success of the deal has been overshadowed by arguments over the mandate process.

DBS, already established as one of the region's more innovative issuers, went into overdrive last month as its acquisition of Dao Heng Bank in Hong Kong pushed it to the markets again. At the time of the acquisition DBS announced that it needed US$1.1 billion of tier two capital and US$550 million of tier one to replenish its capital adequacy ratios. Those were of course initial projections – and after due diligence, DBS cut its offer for Dao Heng. In the meantime however, DBS had set out to raise US$800 million in tier two capital through sole bookrunner Goldman Sachs. (DBS and Morgan Stanley were joint leads; Morgan has held joint status with Goldman on DBS's previous subordinated deals.)

For a brief moment, it looked like Thai prime minister Thaksin Shinawatra had hit upon the perfect solution to the country's US$79 billion external debt problem. Why not pay off the entire amount at once using gold bullion and pre-war US government bonds, left behind in Thailand by the retreating Japanese imperial army at the end of the Second World War? That fantastical possibility was first mooted on April 13 when Thaksin visited a jungle cave in Kanchanaburi Province, after hearing claims that it contained a veritable treasure trove buried deep in the ground. The truth of the matter, the prime minister said, would be revealed using sophisticated satellite-scanning techniques borrowed from the US.

A string of global custodians have formed alliances with mainland providers over the last year, and they were joined by another last month when Deutsche Bank announced an exclusive alliance with Bank of China (BOC). The announcement follows links between State Street and ICBC (June 2000), Bank of New York and Agricultural Bank of China (October 2000) and JPMorgan with Bank of Communications and China Construction Bank (February 2001). Alliances like this have become popular with the impending launch of China's first open-ended mutual fund and entry into the WTO.

Hongkong Land made an enviable debut in the international debt markets last month with a US$600 million bond, doubled in size from its original target and even then four times oversubscribed. And the 10-year bond – lead managed by Goldman Sachs, JPMorgan and HSBC – could hardly be criticized for being underpriced, as one would normally claim in the face of such demand. In fact, with a 7% coupon, it priced at 99.054 offering a spread of 195 basis points (bps) over treasuries – 5 bps tighter than price talk and tighter still than Hutchison Whampoa's recent US$1.5 billion five-year, despite the fact that Hongkong Land has a lower rating (A3/A-) than Hutch (A3/A).