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Is the GDR back? Compal Electronics' global depositary receipt issue in May was the second by a Taiwanese company this year after Sunplus Technology, and achieved the lowest discount on pricing from Taiwan since late 1999. The deal, led by Goldman Sachs, was 2.5 times oversubscribed. It priced at US$6.07 or NT$40 per common share equivalent, representing a 6.32% discount to the spot rate on closing day (May 16). Each GDR represents five common shares. "Normally the pricing discount depends on market conditions, but has ranged between 5% and 15% over the last 18 months," says Michael de Lathauwer, co-head of equity capital markets for Asia at Goldman Sachs. "The Compal deal is a very good story. Investor interest was a function of the perceived quality of the underlying equity story."

In April, Peter Costello, treasurer of Australia's Woodside Petroleum, handed down his decision to block energy group Royal Dutch/Shell's $10 million takeover bid of the company on the basis it was contrary to the national interest. It is a decision that few believe to be free from political influence. This is federal election year after all. And the ruling coalition has been struggling. Although Costello insists that his decision was based solely on the merits of the case – with absolutely no regard to anyone's (including the prime minister's) views – one may be forgiven for expressing a degree of cynicism. Shell's offer, brought in November last year, had sought to up its stake in Woodside from 34.3% to a controlling 56%, with a payment of $14.20 per share. However, a negative local media had pounced on the story, placing the potential foreign takeover squarely on the front pages. The public had consequently cried out long and loud.

Securitization has yet to take hold in Asia – except in Korea where the market is moving from strength to strength. But securitization experts remain optimistic that the rest of the region will catch up – despite competition from the high liquidity available in most of Asia's bank and bond markets. Mark B Johnson reports.

Reform seemed to slip down South Korea's list of priorities during recent years of stellar growth. Now that the country faces an unstable economic future is it more, or less, likely to tackle reform and restructuring? Jin Nyum, South Korea's deputy prime minister and minister of finance and economy, believes the former. He is keen to justify the government's recent actions, and shares his extensive plans for the country's restructuring with Asiamoney's Fiona Haddock.

Intel's first use of the capital markets since 1993 made for an eye-catching deal – an exchangeable into a privately placed convertible. By Chris Wright.

Securitization has yet to take hold in Asia – except in Korea where the market is moving from strength to strength. But securitization experts remain optimistic that the rest of the region will catch up – despite competition from the high liquidity available in most of Asia's bank and bond markets. Mark B Johnson reports.

Whatever the format or the structure, investors at home and abroad seem to be hungry for Australian residential mortgage-backed securities. Mark B Johnson reports.

Whatever the format or the structure, investors at home and abroad seem to be hungry for Australian residential mortgage-backed securities. Mark B Johnson reports.

Securitization in Japan is still viewed by many as a lifeline – an effective way of tidying up balance sheets and dealing with bad loans in times of recession. It remains to be seen whether securitization develops into a fully-fledged, commoditized market. Fiona Haddock reports.

Securitization in Japan is still viewed by many as a lifeline – an effective way of tidying up balance sheets and dealing with bad loans in times of recession. It remains to be seen whether securitization develops into a fully-fledged, commoditized market. Fiona Haddock reports.

A wind of change is blowing through the Taiwan banking sector – and not before time. The momentum generated last year with the introduction of three important pieces of legislation is gathering pace with the birth of asset management companies and a resolution trust corporation. Are these reforms enough? Joy Lee reports.

A wind of change is blowing through the Taiwan banking sector – and not before time. The momentum generated last year with the introduction of three important pieces of legislation is gathering pace with the birth of asset management companies and a resolution trust corporation. Are these reforms enough? Joy Lee reports.