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The article presents information on investment banking in Asia. In practical terms, the Asian debt market divides into two broad segments. There is a commercial paper and certificate of deposit market, which is denominated in local currency. And there is a longer-term market, which is denominated in US dollars. The most active market for private clients is the short-term debt market. The Asia debt market has come into its own in the last year, with more and more clients buying, because inter- est rates are so low elsewhere. But Asian customers are interested only in the very short end. A quite different market is that in U.S. dollar longer-term Asian paper. This is based in the trading desks of the major U.S., European and Japanese houses. These desks cater both to institutions and private clients, perhaps a fifth of the paper eventually ends up with private clients. The sales teams in Singapore, Hong Kong, Sydney, and Tokyo distribute both Asian and non-Asian US dollar paper, partly selling it on to JP Morgan's private client group, through which it goes direct to clients.

The article reports that both of Asia's commercial paper (CP) markets, the Hong Kong dollar and the Australian dollar market, are becalmed. Each has been by a different set of factors, leading participants in each are in agreement on the currently lackluster state of the market. The reasons are various. One is certainly the fall in Australian interest rates, currently down to around 6.5% for CP, with further cuts anticipated, perhaps around the time of the August budget. That necessarily diminishes investor interest, certainly relative to the late 1980s, when the A$ was one of the world's highest yielding currencies. Nevertheless, so long as Australian rates remain above those in the U.S., there is an interest rate advantage to be had. Demand, too, will be there as more fixed income fund managers come to appreciate how CP can enable them to fill a "time gap" with an instrument that affords a slight pick up over interbank rates. Looking beyond Hong Kong to other Asian markets, the prospects for emerging OP markets are not good. Whatever problems afflict Hong Kong are felt more severely in emerging markets like Thailand and Malaysia.

The article opines that innovation and flexibility will ensure the growth of Asia offshore commercial paper (CP) into 1990s. Paul Smith, manager at the capital markets group of ANZ McCaughan Securities (Company) in Hong Kong, sounds a cautionary note about the prospects for rapid growth. He feels that there is stiff competition among a few highly creditworthy names in the market. These top-notch names have often returned to the market in order to restructure their original financings. Since it was established in the early 1980s, the market has become highly sophisticated and has diversified into several different denominational currencies to complement the domestic CP markets in Australia, Hong Kong and Singapore. The paper is sold to investors as an alternative to straight bank deposits and as a means of diversifying credit exposure to the banking market. Most investors believe that bank paper is of high quality and often enjoys top credit ratings. The Asian CP investor base does, however, contain a strong retail element. In Hong Kong, in particular, the market provides the small investor with a short-term asset of reassuringly high quality in which to house his savings.

The article reports on Andover E-Pulppaper Ltd.'s (AEPP) introduction of an online distribution and trading hub for the Asian paper industry. According to AEPP, the Web site had logged over $20 million in transactions in the two weeks prior to the site's October 18, 2000 opening. Some of the companies that serve as AEPP partners in the online trading program are Ariba, Arthur Andersen, Intel Corp., ABN Amro, Jardine Logistics, Digi Logistics, SGS, PowerBase, Asia Tech eBusiness and Pacific Century CyberWorks. The aim of the online venture is to bring off-line companies in the pulp and paper business on the Internet.

This article focuses on Asian trade finance. Trade finance in Asia is going through a gradual evolution that will push the region to greater efficiency. While this change may be measured in years rather than months, the landscape is already noticeably altered and the impact is substantial for an expanding legion of traders. All in all, a maturing trade environment underlines the trend as regional enterprises become more sophisticated and move closer to global practices. Three factors dominate Asian trade finance trends, according to Alistair Currie, head of trade services for Asia-Pacific at HSBC--namely, ever-changing technology, the methods used to fund trade finance along the supply chain, and trade flows. Asia comprises around US$1.5 trillion of the US$6 trillion in global trade, according to Citigroup. The bulk of this activity takes place in North Asia, and almost half of all Asian trade is inter-regional. The move to open account is attracting more and more attention across the region. Overseas purchasers have put tremendous pressure on vendors to provide open account services in order to move away from the high costs of letter of credit (LC) trade. Bankers are quick to point out that writing off the LC business is premature. The higher-risk nature of the Asian economies makes LC attractive for those selling into the region, and many suppliers demand LC despite the higher costs.

This article discusses the oversubscription of four times for the US$400 million global bond offering from Hyundai Motor Company, as of October 2003. It was one of seven Asian bond issues to hit the international market in the first week of September. Credit Suisse First Boston, JP Morgan and Morgan Stanley were the joint leads. The five-year bonds, which carry a semi-annual coupon rate of 5.50%, equivalent to 223 bps over U.S. treasuries, were four times oversubscribed by investors. Strong demand allowed the lead managers to increase the size of the offering from the targeted US$300 million. the offering was priced in line with global automotive companies like Ford and General Motors. Another factor that contributed to the success of the bond offering was the relative lack of pure corporate issuance from Korea. The offering attracted a broad range of global investors. About 32% of the deal was placed in the U.S., 23% in Europe and 45% in Asia.

This article describes the performance of American, European, and international banks in a survey of the Asian capital market. American investment banks rank first in 17 of the 31 poll categories and take up most of the top five positions. European institutions UBS Warburg, HSBC, Deutsche Bank, and BNP Paribas also make strong showings. Asian corporations were asked to name their favorite bank for raising capital internationally and domestically in 14 facilities that include equities, convertible bonds, Eurobonds, Yankee bonds, and asset-backed securitized financing. Respondents emphasize relationship banking.

This article focuses on financial deals in Asia from 1989 to 2003. Prior to the deal between Yuen Foong Yu Paper Manufacturing and Bankers Trust International, Taiwan's equity market was shut to foreign investors except through four closed-end funds. But following complex negotiations with the Ministry of Finance about the first euro-convertible bond, Bankers Trust successfully opened up a market that had previously been closed off to many foreigners. The deal that topped in the region was the global depository receipt arranged for Korea's Samsung Corp. by Credit Suisse First Boston. International investors were allowed direct access to the Korean equity markets. But what also made the deal continue to stand out was that it was carried out in a very bearish market. The deal that beats the initial public offering of Brilliance China Automotive is the convertible preference share deal of the Philippine Long Distance Co. It was the largest equity offering from the Philippines and it was also the largest convertible offering in the U.S. by a foreign issuer. The deal of 1994 that stood out was in the equity markets and was the part privatization of state-owned telecom company, Indonesian Satellite Corp. in Indonesia. It was the first Indonesian company to be dual listed on the Jakarta and New York Stock Exchanges and it was the first attempt to privatize a state-owned company.

This paper focuses on cash management in Asia. Cash management in Asia is particularly complex because of the disparate regulations, currencies and business culture. In the sub-continent, for example, the number of clearing zones is a challenge to the most seasoned banker. India is one of the most profitable cash management markets in Asia and China is the most promising. Indonesia is another big market and has the additional complexity of political risk. This paper also presents the overall best global and regional cash management bank in Asia including Japan.

This article contends that the activities of the Asian Development Bank (ADB) go a long way to building the depth and credibility of the region's bond markets. The ADB has been very busy in the region's domestic bond markets over the past couple of years -- launching issues in a variety of currencies, while invariably prising open those jurisdictions previously to international borrowers. With a number of landmark issues, the ADB has acted as a pioneer in the region's bond markets, providing local and international investors with the highest-grade paper supported by best-practice issue standards and tip-top disclosure and documentation.

The article presents interviews with representatives of BNP Oakreed, Deutsche Bank, HSBC, and Societe Generale, on the subject of domestic bond markets in Asia. The bank executives discussed changes in the corporate sector in 1999, predicted trends in government issuance of bonds, explored possible developments in the foreign issuance sector, and examined key regulatory and tax issues facing the domestic bond market. The prospects for recovery of the local corporate market and the changes occurring investor base are also investigated.

This article examines five of Asia's debt markets as of 1999, and highlights the faults that need to be addressed. Different markets, such Hong Kong, Philippines, Malaysia, Taiwan and Singapore, suffer from different problems. In some cases, the government is crowding out the corporate sector, in others the tax structure is at fault. Nor is the pace of development uniform in any sense. There is only one characteristic that unites the region's bond markets. They could all be improved. Those responsible for their management have few excuses remaining for their failure to bring the markets up to scratch. It is time for more persistent and effective action.

This article focuses on the failure of some private banks who set up businesses in Asia, as of November 1, 1998. For the new generation of private banks in Asia, the attractions of doing business were especially high. While the region has some of the highest wealth generators in the world, many of whom run their own businesses, private banking remained in its embryonic stages. Most important of all, private banking did not involve putting capital at risk. It required only limited amounts of people. And on paper anyway, the downside was limited to operating costs. Then came the financial collapse on such an unprecedented scale that not even the savviest private banker could have foreseen it. Now, while private clients are licking their wounds, many of the more aggressive private banks are retreating to safe heavens, selling diversification of funds and belatedly calling for a new conservative approach to wealth preservation. INSETS: Products to preserve high principals;Back to basics with service first.

Focuses on the impact of technology on investment research in Asia. Dissemination of research over a wide range of electronic outlets by brokerages; Barriers to efficient data access; Problems associated with the introduction of a flexible research service.

This article explains that Korea leads the rest of Asia in asset securitization and mortgage-backed securities. A challenge in the securitization sector is direct competition from the high liquidity available in bank and bond markets. ING Barings raised $120 million for Samsung Capital by selling paper collateralized by domestic Korean automobile loans. The Samsung deal is the first offshore transaction with assets denominated in Korean won. It is also the first international transaction from the emerging Asian markets to have a monoline wrap and a maturity of five years. INSET: Asian securitization: a potted history.

This article discusses criticisms received by the Basel II banking regulation in Asia, as of October 2003. Instead of rapid progress towards a single global standard by which banks measure, manage and disclose their risks-and a single standard by which they are regulated-reform of the Asian financial sector is likely to be piecemeal. Around the region regulators had signed up to the basic principles of the new accord, says Simon Topping, executive director of the Hong Kong Monetary Authority, but continued to voice objections that after no less than three consultation papers it remained too complicated and costly. The Monetary Authority of Singapore welcomed the new accord, especially its emphasis on better risk assessment and management. The accord would be more enthusiastically embraced by Asian regulators, suggested by Paiboon Kittisrikangwan, director of the Bank of Thailand's capital policy department, if national supervisors were allowed more discretion in implementing its provisions in a manner that could cater for country-specific needs-without compromising its basic principles. In Australia, all authorized deposit-taking institutions will be expected to implement the new guidelines. INSET: The strategy in Japan.

Rates bond issues in Asia as of November 1999. Includes names of countries; Names of companies; Description of the bond issues.

The article reports that Asia Pulp & Paper Co. Ltd., one of the region's most prolific borrowers has turned to a preference share issue to finance its expansion plan. It intends to spend US$5.8 billion to expand its operations in the next three years. The Singapore-headquartered Indonesian company has been aggressively growing its business--from 1991 to 1995, Asia Pulp & Paper Co. Ltd. increased its net sales from US$371 million to US$1.9 billion, a compound annual rate of 50.2%. It is also one of the most prolific Asian borrowers. As a result, APP's debt-to-equity ratio has reached 1.99 times, a level that its finance team was unprepared to increase further. But it also needed more capital to finance its expansion. In February 1996, it sold US$375 million of preference shares, its third issue of preference shares since the last quarter of 1996. This issue differed from the two earlier offerings, which raised US$700 million, as the dividend yield was linked to the credit rating of the company.

This section offers news briefs on the financial services industry in Asia as of November 2012. New disclosure rules for the loans in securitisation used as repo collateral were set out by the Reserve Bank of Australia (RBA). Regulations for credit ratings of bonds are being prepared by the National Association of Financial Market Institutional Investors (Nafmii). India will issue inflation linked bonds, according to the governor of the Reserve Bank of India (RBI).

This section offers economic news briefs in Asia. China-based Nine Dragons Paper reported that half-year 2008 profit fell almost 70% to Rmb323.4 million because of tumbling selling prices and higher financing costs. The Indonesian government handed a proposal to visiting U.S. Secretary of State Hillary Clinton asking for a currency swap facility with the U.S. and contingency funding as it strives to shore up its economy. Taiwan's gross domestic product (GDP) shrank 8.36% year-on-year in the final three months of 2008.

Reports the resurgence of Japanese yen-based bonds in Asia in June 2003. Amount issued by the Korea Development Bank; Significance to Japanese investors; Reason behind the upsurge.

The article informs that the Asian debt capital markets enjoyed one of their most active ever days when, in March, two sovereigns came to the market with landmark issues in the same day. The Republic of the Philippines raised US$1 billion in a seven-year issue with an 8 .375% coupon, lead managed by HSBC (global coordinator), Deutsche and JPMorgan. On the same day--Tuesday March 5, New York time - the Federation of Malaysia reopened its 7.5% 2011 transaction for US$750 million, led by UBS Warburg LLC and Morgan Stanley. The order books for both transactions show the high level of appetite for Asian paper: Malaysia generated around US$4 billion in demand, and the Philippines US$2.8 billion. Malaysia also achieved a welcome improvement in costs. The sovereign last issued in the international markets in June 2001, with a US$1 billion 10-year deal at 228bp over treasuries; this deal, with guidance of 179-184bp, launched at I 75bp over.

This paper presents the results of a third law firm poll in the Asia Pacific region in 2003. Clients are re-evaluating the way they use outside counsel and billing arrangements are under scrutiny. International firms Linklaters, Allen and Overy and Clifford Chance all stand out as clear favorites with legal counsel and line managers, and all three have worked on many of the important deals in Asia over the past year. Linklaters, the preferred overall choice of line manager respondents, leads the field for advice on general banking and finance, corporate and commercial and dispute resolution matters, as well as making a strong showing in capital markets.

This article discusses the risk management efforts of Asian financial services industry in November 2002. Event risk is the innocuous term used by financiers to define shocks to the system outside of normal market fluctuations. But terrorism has added a new dimension to the concept of risk and to its management. The devastating bombing in Bali, Indonesia last month came even as businesses were working out ways to avoid fallout in the event of war in Iraq. Not only was terrorist attack on the popular Indonesian tourist resort too close for comfort for companies with extensive regional operations, it also underscored the random and virtually unhedgeable nature of risk related terrorism. INSETS: Aer you being served?;Zero balancing.

The article presents the eighth in a ten-part series of reports by Deutsche Bank on the samurai bond market in Asia. A brief overview of the samurai bond market is presented in comparison to the Japanese corporate bond market. Investors in samurai bonds benefit from the possibility of yield enhancement, credit enhancement, and credit diversification trades, while issuers enjoy funding advantage due to wide samurai spreads in the secondary market. The relationship between Japanese credit spreads and activity within the samurai bond market is explained.

The article examines the type of electronic commerce model to which an Asian bank's trade finance services function can add most value. According to the article, a bank's trade services function is most likely to add greatest value to the business-to-business models in which a multitude of buyers and sellers are brought together in an online trade fair. It has also been argued that electronic commerce has mitigated risk in several areas of finance, such as the documentary letter of credit and documentary collection. The article concludes that the Internet does stand to reduce the costs of doing business by bringing together the necessary parties in a cost-effective manner.

Explains the approach used by Asian benchmark issuers to capital raising. Funding plans of the issuers; Sources of financing for economic development; Ideal investor profile; Views on the actions of credit rating agencies.

The article reports custodial banking in Asia. Custodial banking has become increasingly competitive as few banks can afford the financial commitment. In Asia, where most markets is paper-driven, and the job of settling trades and collecting income is complex, investment in technology is essential. The world's biggest custodians have spent billions of dollars linking Asia's equity markets to cater for the increase in cross- border securities trading by international funds. The global custody business has evolved in just 15 years. Before its arrival, the back-office job of physically handling securities was often done in-house or left to the brokers. Fees paid to custodians are said to total US$3 billion a year. The large players, who often double as trustees, include State Street Bank and Trust Co., Chemical Bank, Bankers Trust Co and Brown Brothers Harriman. The acquisitions reflect a shakeout in the global custody industry. Banks are rethinking their strategy and, unless they can justify projected earnings with investment, they may have to bail out. INSET: Securities lending..

The article presents information about the finance of several infrastructure projects in Asia. One portion of the article reports that the Philippines' state-owned National Power Corp. (NPC) is planning an international issue of US$500 million in medium-term notes and a domestic US$100-million syndicated loan in May. The financing will help pay for US$2.7 billion worth of expenditure on projects planned over the next 10 years. One of those projects is a natural gas power plant for which NPC will issue bidding invitations by early March. Another portion of the article reports that Morgan Stanley & Co. Inc. has been mandated by the Sinar Mas group of Indonesia to lead-manage a listing for its pulp and paper interest on the New York Stock Exchange. A new holding company, said to be named AP & F, is being formed to comprise these interests. Yet, another article reports that the companies Myanmar Oil & Gas, Total of France, Unocal of the US and PTTEP of Thailand have signed a 30-year export sales agreement with the Petroleum Authority of Thailand to develop the Yadana offshore oil field for US$1 billion.

The article focuses on Asian capital market, its challenges and schemes. Bonds, equity, equity- linked deals, project finance and syndicated loans faced uphill battles as investors and lenders took refuge in well-managed and realistically-priced issues. It was a year that tested the mettle of lead managers and arrangers; the year when market assessment, prudence and placing power decided a deal's success or failure. Despite the turbulence, Asian corporate ventured into new markets for capital. Hong Kong corporates trekked up north to the Samurai market for the first time; Thai banks explored Japanese leasing companies' appetite for subordinated debt; and Indonesian corporates whetted the appetite of US junk-bond investors for high- yield paper. Malaysians and Pakistanis flocked to the Euro convertible market for the first time, and Indian issuers dogged the pipes line for new equity and equity- linked issues. Taiwanese and Korean corporates and banks resumed action in the international market and in the first two listings of Korean firms on the New York Stock Exchange. Despite the growing popularity of bonds and equity-linked transactions in Asia, syndicated lending continued to increase. INSET: Asset-backed in favour..

The article informs that investors and stock analysts will be playing a key role in reshaping corporate accountability, as Asian equity markets become more open. Many chief executives in the region are fast realizing this. Much needs to be done. In the emerging markets, there is a broad sweep of companies that still operate very much as if they were privately-held entities. In these markets, investors do not hesitate to use sharply critical language when describing the management. Even in the more developed markets, a handful of corporates are notorious for their constant paper shuffling. The article produces separate rankings for companies which investors and analysts consider as having the most deficient senior management and three of the smaller companies with the brightest outlook for profits growth. Where there is a consensus view, results are also presented in the following pages. A total of 143 returns were received by the authors over a four-week period. Of this total, 98 forms were sent in by institutional investors. About two-thirds of the returns were from Asia-Pacific investors while the balance came from those based in Great Britain, continental Europe and Japan. Equity analysts based in the Asia Pacific region submitted 45 returns. One of the biggest drawbacks of ranking companies in this poll is that it excludes all non-listed companies.

This article discusses the domestic cash concentration solutions developed by Deutsche Bank for three Asian markets. In India, since multilateral netting and notional pooling are not permitted by law, Deutsche Bank offers cash sweep services within its branches for single legal entities as well as between entities belonging to the same group. As it is very common for a single legal entity to open several accounts in each location for their operating purposes, doing business in India typically involves large volumes of paper-based transactions. This results in highly decentralised payment and collections structures. In South Korea, Deutsche Bank developed its fully automated Multibank Cash Sweep service, which concentrates the surplus funds from the customer's accounts with the various local banks into a single master account held with the bank. Cash concentration is achieved through checking the available funds in the participating accounts and making the physical transfer of funds using the respective local bank's Internet banking service. In China, Deutsche Bank offers an automated solution to manage multiple legal entities. To enable customers to manage their liquidity more effectively, the bank has established a Multibank Fund Transfer & Information Service that allows its customers in China to effect funds transfers out of their accounts with local partner banks.

This article focuses on the hotel experiences of women executives who are travelling in Asia. In several U.S. and European hotels, a separate women-friendly room category is being offered. Another approach for a woman travelling alone is to hand over her room number discreetly on a sheet paper. And one London hotel is renovating an entire floor for exclusive use of its women guests. However, in Asia, women travellers say they feel neglected. For instance, most top hotels ask if a new guest needs help with bags, but few ask a woman whose luggage is being sent separately if she would like to be accompanied to her room. Security is the main concern for women everywhere--especially in Asia where language and cultural impediments add to the single traveller's sense of vulnerability. Hotels such as the Ritz-Carlton in Singapore, which features lift access controlled by a room key, provide the added touch of security that is appreciated by both men and women. Other hotels place security staff on each floor to monitor who goes in and out, and guest-room doors are provided with a spy hole. As the number of women travellers rises, hotels in the region will become more aware of ways to attract this market segment.

Focuses on the convertible bond market in Asia. Amount of bond issued by the Siliconware Precision Industries; Impact of volatility of the equity market and liquidity on the market; Valuation for convertible bond market.

The article discusses the increasing interest shown by Asian central banks and sovereign funds in top-rated debt from Europe in 2013. According to Maya Atig, deputy chief executive officer (CEO) of Agence France Trésor (AFT), the share of Asia and Middle East investors in the net buying flows of French nominal bonds rose to 46% at the end of 2012, from 31 at the end of 2011.

The article explores facets of the latest financing trend that is to hit the Asian capital markets and which is the growing popularity of medium-term note programmes (MTNs). For the sophisticated corporates, the use of MTN programmes is nothing new. Indeed, a number of rated Asian names have previously launched paper via shelf programmes. Japanese corporates have been actively setting up programmes since the 1980s as well as Australian and New Zealand corporates. Last year, however, corporates from Indonesia, a clutch of Korean financial institutions, Chinese, Thai and Philippine institutions have set up programmes for the first time. The number of Asian programmes set up in 1995 was three times more than the total in 1994. This excludes short- term commercial paper and certificates of deposit programmes, which have also become popular last year. Bankers attribute the surge in the number of new, particularly global or Euro-MTN programmes to several factors: the growing popularity of securitized debt, notably floating-rate notes (whether arranged bond-style or loan-style), which has opened up to treasurers alternative financing schemes; the increasing number of Asian corporates seeking credit ratings and their growing presence internationally; and changes in regulations, including those relating to withholding tax, which has made it more attractive to arrange and issue from an MTN programme.

The article focuses on the liquid investment grade (IG) sovereign bonds in Asia as of July 2013. It examines how the sell-off in Asian credit markets during the year has adversely affected the Asian IG sovereign bond market. Investment advisor Aberdeen Asset Management believes that the best value will be offered by Indonesia 30-year bonds and the Philippine sovereign paper.

This section offers news briefs concerning the Asian financial market as of July 2012. The Australian Securities and Investments Commission (ASIC) has published a paper outlining regulatory changes covering retail investors' buying and selling of Commonwealth Government Securities. The China Insurance Regulatory Commission (CIRC) has relaxed rules on the instruments that insurance companies can invest in. The Hong Kong Monetary Authority (HKMA) is allowing banks to open renminbi accounts.

The article focuses on bonds issued by State Grid of China and other activities in the capital market held in Asia in February 2010. The liquidity of bond market in China was reportedly highlighted by State Grid when it achieved a sale of 10 billion renminbi of 10-and 15-year paper. The increased deal value in equity capital markets was attributed to Woodside Petroleum's transaction worth 2.5 billion Australian dollars. The volumes of targeted merger & acquisitions (M&A) in the region rose to about 5.6 billion U.S. dollars in the week of January 25.

The article presents information modernization of back offices of Asia's stock market. It informs that Asia's securities industry continued upgrading, paper-based physical delivery systems were out; computers and electronic settlement were in. Everyone was going scripless. It further adds that it was the modernization of Asia's back office. From Indonesia to India, regulators, custodians, brokers and institutional investors were espousing the benefits of a central depository system. The road ahead though, was not a smooth one, not least because of resistance from local investors. Hong Kong and Singapore had long converted to the new trading environment. They were expected to be followed by Malaysia. The Kuala Lumpur Stock Exchange would be fully book entry- based by either December 1996 or March 1997. Following conversion of the second board at the end of 1994; the Malaysian Depository System was converting the main board, consisting of 356 counters, at the rate of around ten stocks each month.

The article discusses prospects for power plants equipment suppliers in Asia. Suppliers are turning their attention to Asia but competition is likely to be stiff. Production lines backed up with turbines that could not be sold in the West, the companies turned to Asia--the last magic market, where power needs, on paper at least, seem unlimited. But the power equipment companies have encountered a bundle of problems in selling their goods to Asian power plants. The main problem is that Asia is staking out a completely new path as it builds its power supply, relying on private companies, so-called independent power producers to build, operate and eventually transfer plants back to the national utilities. Although promising, this formula has met with financing, legal and political obstacles in many countries, delaying projects and sometimes turning promising sales opportunities into loss-making quagmires. Although problems vary from country to country, the main challenge is to create a financial environment in which banks are committed to providing debt financing to these often multi-billion dollar projects. The fastest solutions have naturally been found in the countries considered to have a solid financial system, such as Malaysia and soon Thailand.

The article focuses on Nomura International PLC. Nomura International PLC (Hong Kong) yearns to be taken seriously. After 33 some what pedestrian years in Hong Kong and the region, it wants to shed the image of being a mere branch office of its Tokyo head-quarters. No effort is being spared. Already, by moving its Asian regional offices to Hong Kong and Singapore less than two years ago, Nomura International PLC has done what no other Japanese securities company has attempted before. In the early 1980s, Nomura International was little more than the sales office for Japanese securities in Asia. Then, as the Nikkei 225 plummeted towards the end of the decade, it ventured offshore and dabbled in debt and equity origination. Its poor understanding of Asian risk and the quick boom and bust cycles of emerging markets, however, bruised it badly and left an inventory of expensive paper. In Taiwan, Nomura International Inc. arranged a US$45 million Euroconvertible bond for Acer Inc., which bombed following its launch. The bond was launched despite uncertainties about the company's fundamentals.

The article presents information on scripless trading, gathering pace in Asia. Central securities depositaries are being established all over the region: Singapore is converting to one, Hong Kong's conversion is 95% complete; Taiwan started off with a depository (as did both Shanghai and Shenzhen); Malaysia has begun its slow and ponderous process within the last few months; Thailand converted last year; and Australia will convert next year. Scripless settlement offers an alternative to the inefficient physical handling of paper scrip, allowing settlement to take place more rapidly and more accurately than before. The biggest factor affecting settlement efficiency in Asia is the diversity of its markets. Some are large and well-established, others small and immature. The only way these inconsistencies will be overcome is for the central depositories, the stock exchanges and the regulatory authorities (finance ministries as well as central banks), to work together to develop some way to achieve a greater level of compatibility between the markets.

The article focuses on bringing the culture of credit rating to Asian bond market. After years of careful work behind the scenes, efforts to bring credit rating to Asian bond markets are at last achieving some breakthroughs. In Malaysia, an as yet unnamed agency is about to open its doors. In Jakarta, the Ministry of Finance and Bank Indonesia have given the ratings concept the nod. In Thailand, the central bank has also signalled support. And in Bombay, Credit Rating and Information Services of India (Crisil) is two years old and playing a pivotal role in the development of the subcontinent's commercial paper market. The Asian Development Bank has played a key role in the initiatives to date. It is supported in its efforts by the World Bank's IFC arm. The ADB has taken a 15% stake in Crisil and is prepared to match that support elsewhere in the region. The ADB is funding feasibility studies into agency establishment throughout the region, and finances training for staff of the new bodies.

The article discusses the prospects of growth of Asian financial market. Asian corporates are coming full circle. Once low cost manufacturing sub-contractors for the U.S. and European companies, which then marketed the goods under well established brand names, they are buying up their former principals. The money and the ideas go hand in hand. First, high corporate and bank liquidity means the money has to be spent somewhere. Geoffrey Mansfield, executive director of Mergers & Acquisitions (M& A) at Merrill Lynch Capital Corp. in Hong Kong explains the Asian companies are moving from being producers to sellers, and they've got to move into the buyer markets. Korean and Taiwanese companies, flush with cash in particular, are being urged by their governments to find ways to take it overseas, not least to avert the dangers of protectionism. Many of the Japanese and probably most of the low profile deals are for cash, or cash and paper. But observers expect to see a greater use of debt or equity-related debt instruments such as warrants and convertibles.

This article discusses developments in the Asia Internet industry, information superhighway, and electronic commerce. Tom.com is a Chinese content site based in Hong Kong. Stoptop.com was created by rivals of Canadian politician Tom Long who found his speeches boring. Debtdomain.com claims to be Asia's first Internet auction site for secondary-market loans and distressed assets. The site lets banks and market players buy and sell corporate paper in a veil of anonymity. International Data Corp. reveals that Internet advertising revenue in the Asia-Pacific region excluding Japan will reach 1.15 billion U.S. dollars by the year 2004.

Reports an increase in dollar reserves among central banks in Asia in 2002. Background on a report on reserve diversification from the Bank of International Settlements; Details on reserve increases; Relationship between the U.S. and Asian currency market.

Workaholic bankers in Asia are being forced to take breaks. This paper looks at the effect of the outbreak of the severe acute respiratory syndrome (SARS) on business travel in Asia in May 2003. The outbreak has put frontline banks on emergency mode. HSBC in Hong Kong initially planned to relocate about 50 of its traders and salesmen to a contingency site. HSBC chose to separate lift banks. Bankers are under strict orders not to meet for meals or for any other reason. CSFB has made use of its two towers. In April 2003, staffs were physically segregated, meaning that a meeting between the two towers requires video conferencing. Banks have responded to concerns regarding personal contact by providing telephone and video conferencing to replace the conventional roadshow.

The article features the Internet procurement and auction site servicing the Asian steel industry, iSteelAsia.COM Ltd. The portal charges vendor commissions of 0.2 per cent to 0.875 per cent. It can charge up to 1.5 per cent on auction trades according to chief operating officer Drina Wan Yue. Yue explains that this is because the seller's first priority is unloading oil inventory, not making an easy profit. The company is focused on international buying and selling and has already signed ABN Amro as its first banking partner. According to Yue, iSteelAsia's primary goal is to consolidate or remove the layers hindering the steel trading process.

Lists the ratings of selected securities issued by Asian companies as of December 1999. Includes ACE Overseas; Bulong Operations Pty Ltd.; Tenaga Nasional Bhd; Bonia Food Ltd.; Orica Ltd.; New Zealand Dairy Board.