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Investors searching for a value play in volatile and weak markets should take a look at the revitalized CPH Investment Corp. The inimitable Kerry Packer has just raised A$240 million for his new listed investment vehicle. And who, after all, would gamble against his winning hand? Mark Johnson reports.

There's hope for Indonesian restructuring yet. Distribution company PT Wicaksana Overseas International has finally hammered out an ambitious debt for equity swap with creditor banks after 18 months of intense negotiations. The deal, completed on May 12, follows a successful debt buyback last March. It extends the tenor of most of Wicaksana's borrowing by 30% to five years, which will relieve pressure on the company to buy dollars. The company will have a rights issue for $9.3 million of equity, for which the creditor banks will act as standby underwriter in case other investors are not tempted to buy.

HSBC has agreed in principle to the acquisition of a 75% controlling stake in Bangkok Metropolitan Bank (BMB). But due diligence questions could hold up a final settlement for months, according to sources close to the negotiations. Several sticking points in the documentation, which could substantially affect the final net purchase price, remain on the table.

At least one Indian company has reason to be cheerful over the recent slide in the country's stock markets. Reliance Industries has embarked on a $250 million equivalent share buyback – and the drop in its stock price means it can pull in more shares. The company has offered a maximum price of Rs303, representing a 22% premium over the average of high and low prices in the year preceding April 5, when the offer was announced. At that price, it should be able to buy 3.6% of its floating stock. The buyback will take place at intervals over a year from June 13, when its shareholders are expected to approve the plan. The price of Reliance stock, though fairly steady compared with the rest of the Indian market, slid from Rs328 on May 1 to Rs314 on May 25.

Korea's Pohang Iron & Steel Co (Posco), the world's second-largest iron and steel producer, has completed its first international bond since 1997 with a ¥15 billion ($140 million) three-year samurai, lead managed by Nikko Salomon Smith Barney. Says an officer in the international finance team at Posco: "This is an exciting deal. We reached a record low coupon rate and received very good market response." The bond bears a coupon of 1.51%, and provided spread at launch of 75bp over yen Libor. Posco's previous yen deal, a ¥30 billion transaction in 1996 led by Nomura, had a coupon of 2.85%. The coupon is also lower than the 1.65% and 2% rates paid by the Korean Development Bank and Korea Electric Power, respectively, for their samurai issues late last year.

Shelved IPOs, slumping share prices – it's a testing time for Australian Internet stocks. But, as Bina Brown reports, a raft of capital-raising exercises may go ahead. Is that wise?

Investors' love-hate relationship with telecoms supply in the high yield market continues unabated. But alongside the dominant industry, bankers expect growth from other sectors.

Go bankrupt in the US and you may be feted as brave. Go bankrupt in Europe and you may be labelled foolhardy.

When investors pulled money out of the US high yield market in the past, the European sector would quickly suffer because of its lack of independence.

As returns on government supply have fallen and fears about event risk in the high grade market have grown, more and more institutions have turned to the European high yield market.

This is the third of three articles regarding a heuristic approach to measuring counterparty credit risk. In the first part, author Robert Garzotto explained the approach broadly.