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Despite the political crisis, there's no shortage of willing investors in the Republic of the Philippines, judging by the first-ever issue of 25-year fixed rate peso-denominated treasury bonds, which was 3.18 times oversubscribed. The government raised Ps5.286 billion (US$105 million) having set out to raise Ps2 billion. "From its initial amount, I knew it was going to be oversubscribed," says Joel Consing, head of capital markets at HSBC in the Philippines, which was sole bookrunner. "But I was very pleasantly surprised at the amount of the oversubscription."

Indian takeovers are turning hostile. According to the Securities and Exchange Board of India (Sebi), which regulates this area, there have been 894 takeovers, mergers and acquisitions in the country to date, most of them friendly. But things are changing, as shown by one of the most controversial recent attempts – a move by the AH Dalmia group to take over Great Eastern Shipping Company (Gesco), a shipping and real estate company. The Dalmia group has acquired 5% of Gesco and on October 15 announced an open offer to Gesco shareholders for a further 45% at Rs27 (approximately 57 US cents) a share, beginning on November 24. The Mumbai-based Sheth family that runs Gesco, and holds 11.5% of the stock, was not impressed: Gesco managing director Ghanshyam Sheth sought the intervention of Sebi to stop the bid because he felt the Dalmia group was violating the regulator's takeover code. The Sheths finally announced a counter offer of Rs36 a share, later improving that offer to Rs44, to try to acquire 33.5% of Gesco's equity capital.

Well, they did it. After months of scrutiny of the company's finances, much of it by this magazine, Pacific Century CyberWorks went some way to silencing its critics when it completed two major loan facilities, concluding the onerous refinancing of the company's record-breaking US$12 billion loan raised at the start of the year. The most significant of the two is a US$4.7 billion loan which has been raised specifically to refinance the remainder of the original loan. It is divided in to three tranches, each of which will be made available in Hong Kong dollars and US dollars. The first is a US$1.5 billion three-year loan, with an interest margin of 60bp over Hibor or 50 over Libor, depending on the currency; the second is a US$2.3 billion five-year loan at 75bp/65bp; and the third is a US$900 million seven-year facility, 90bp/80bp. Barclays Capital, BOCI, Chase Manhattan, Mizuho Financial Group (specifically the Fuji part of it), HSBC and Hang Seng Bank are the coordinating arrangers.

A drive by the State Bank of India, India's largest bank, to bring in foreign currency deposits from overseas has proved a success. The India Millennium Deposit (IMD) plan raised US$5.5 billion from expatriate Indians between October 21 and November 6. Foreign banks played a key role. Citibank topped the list by collecting US$685 million, followed by HSBC (US$550 million), Standard Chartered (US$480 million), Credit Lyonnais (US$400 million) and ABN Amro (US$385 million). Participating banks are entitled to a soft loan, at 10% interest, of half of the rupee equivalent of the money mobilized by that bank in foreign currency. That proved appealing because foreign banks operating in India have few branches and limited rupee resources. Indian institutions, which already have large deposit bases, proved less enthusiastic.

As we reach the close of a generally lacklustre year for international bond issuance, particularly from Asian sovereigns, a rather unlikely name has presented itself as a last-minute leader: Malaysia. Three deals over a three-month period – two from the sovereign itself and another from a largely state-owned asset – have put the country firmly back in the minds of the world's investment community. This minor renaissance started in September, with the re-opening of the government's 2009 global bond issue. That transaction, originally arranged in May 1999 for US$1 billion and with Salomon Smith Barney as lead manager, was re-opened for US$500 million and with a different lead manager – Chase Securities. The deal carries an 8.75% coupon and was priced at 215bp over US treasuries, much tighter than the original deal (330bp) and at the tight end of price talk.

In the latest dramatic twist to Thailand's longest running and most acrimonious bankruptcy case, creditors last month (November) approved a US$3.2 billion restructuring plan for Thai Petrochemical Industry (TPI), the country's biggest private sector debtor. The plan, which is still subject to approval from the bankruptcy court, was supported by 96% of creditors including Bangkok Bank, International Finance Corporation (IFC) and the US Export-Import Bank. If it receives the green light in December, creditors may finally win control of the largest petrochemicals complex in Southeast Asia.

Global financial major Chase JF played superstitious local investors just right when it made its foray into the fast-growing on-line broking market in Hong Kong in conjunction with technology partner and stock market celebrity PCCW. Not only is the joint venture named 2Cube to cater to Chinese fondness for the auspicious-sounding number "eight", which in the Cantonese dialect is close to the word "to become prosperous" (for the mathematically-challenged, two to the power of three is eight), but it has also set minimum investment at HK$88 and the commission rate at 0.18%. To top up the good feng shui, the US$34 million securities firm chose – what else – ABBA's song Money, Money, Money as the background tune for its media launch in the one-track minded city.

Corporates must be a bit tired of hearing how much spare change VCs have jingling in their pockets. With a dearth of IPOs and anyone involved in private equity looking decidedly disinterested, the pennies are staying right where they are, far from the pockets of internet start ups. Hardly the best time for IgniteAsia to launch its competition for internet business plans, one would assume. Especially as the award held no promise of cash but rather "a meeting with the partners of IngiteAsia... to discuss possible co-operation".

The Philippines' telecoms industry is effectively a two-horse race, but it is proving intensely competitive nonetheless.

"Ten ways to stuff up your start up," was the title of a talk given by Incubasia partner, Robert Kenny, at the Internet World Asia@Hong Kong conference in November. The tone of the title summed up the mood of the forum this year: times aren't easy – and they're not getting any easier. But although the number of attendees was down and the exuberance of last year was notably absent, there was some sound advice being given to aspiring corporates. Kenny, in particular, was keen to give proceedings a practical bent. "Start-ups are a stupendously stressful environment," he said. "Every single start-up goes through stages of absolute agony. Avoiding these crises is not an option. You need to deal with them."

Major industry mergers and new entrants signal a wake-up call for Thailand's telecoms sector.

It has been a curious year in the Asian convertible bond markets. Plenty of early activity, but only in Taiwan; then a drought; and finally a flood of jumbo offerings. Mark B Johnson reviews the year.