Search results for

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.

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.

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.

Singapore's old lady of telecoms gets her affairs in order in the face of further deregulation and the rash of competition the new rules are likely to spawn.

United Overseas Bank is in the courts for its handling of an IPO in Singapore. But many believe the bank's actions to be far from unusual, and that it was simply unlucky to be caught, reflecting a change in standards among equity transactions. At the root of it all is increased competition that drives not only banks but exchanges themselves to be less stringent. By Fiona Haddock.