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The big global telecoms carve-up is underway and everyone wants a slice of Asia. Which sectors hold the most promise, and can regional operators hang on to the booty?

In Japanese firms, 'death by a thousand cuts' has come to signify a particular kind of corporate demise, in which the victim slowly finds his privileges withdrawn. As his power fades, his seat is moved ever nearer the window, and all active responsibility is taken from him. Was it the reason, asks Matthew Montagu-Pollock, why Jim Walker walked?

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".

China and Hong Kong represent different propositions in the telecoms market. China is all about growth and potential; Hong Kong is about innovation and financing.

Despite a dreadful year, Telstra still dominates the telecoms market in Australia. And like it or not, the sector remains inextricably linked to the company's fortunes.

Last month Yahoo! announced that it will acquire Kimo – the leading Taiwan portal – in an all-stock deal valued at US$146 million. The news came as no surprise. With investors pooh-poohing portals, an exit strategy is seen as the best bet for many a local portal in Asia, particularly given the strength of multinationals. According to Deutsche Bank's Antonio Tambunan, Kimo was a portal waiting to be taken over. Not only was it an appealing target for a multinational (viewership metrics are exceedingly high, with more page views than the next five largest portals combined). But it also had a diminishing cash balance and its IPO plans remained firmly on the back burner, waiting for better days. It was time to exit.

Korea Water Resources Corp launched its debut transaction in the Japanese debt market this week, arranging a ¥12bn, five and seven year bond issue. The deal offered a 2.1% coupon for the five year tranche to give a spread of 94bp over yen Libor, while the seven year tranche was priced at par and provides a coupon of 2.85%, with a spread of 128bp over yen Libor.

Deutsche Bank this week launched Australia's third securitisation of commercial property, with a highly innovative A$133m deal for David Jones, Australia's fifth largest retailer. The deal, CBD Retail Infrastructure (No 1) Pty Ltd, provides part of the finance for David Jones' sale and leaseback of five flagship stores in the central business districts of Sydney and Melbourne.

The ElectraNet consortium successfully launched its A$784m multi-tranche debt issue this week, with investors especially keen on the two floating rate note (FRN) tranches in the deal. The company first launched the two capital indexed bond tranches, consisting of a A$100m 10 year index linked bond tranche with a coupon of 47bp over the government bonds, and a A$200m 15 year bond with a coupon of 52bp over government bonds.

The potential of the Chinese domestic capital markets was again reinforced this week when China Minsheng Banking Corporation received bids for the equivalent of $48.5bn of its new shares - almost 100 times more than it had offered. Last week, Baoshan Iron & Steel attracted the equivalent in remnimbi of almost $6bn from retail investors for its domestic share sale - more than 26 times the 450m shares available. Until recently this has been an excellent year for Chinese equity issues in the international capital markets. However, all the good work has been soured as the Chinese authorities have announced, or hinted at, changes in their regulations that will decrease the profitability of almost all the companies that have listed or made placements this year.

Australia Village Roadshow has confirmed that it is planning to spin-off its A$1bn Austereo radio assets. Bankers believe that Credit Suisse First Boston, Merrill Lynch and Macquarie Equities were appointed as joint advisers on the review process that could lead to the float next year.

The first issue of 25 year fixed rate Treasury bonds was arranged for the Republic of the Philippines in the domestic bond market this week, making the Philippines Treasury curve the longest in maturity in the whole of non-Japan Asia. The Ps5.286bn bond issue was arranged through an auction process, having been 3.18 times oversubscribed from the initially planned deal size of Ps2bn. HSBC and BDO Capital and Investment Corporation were joint underwriters, with HSBC acting as sole lead manager.