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Standard and Poor's last Friday unveiled a new 'financial enhancement rating' (FER) for insurance companies that guarantee bonds, to supplement its existing financial security rating (FSR). The rating agency is responding to the growth of financial guarantees in the capital markets provided by general insurance companies, as opposed to specialist monoline bond insurers.

Barclays Bank last Friday launched a $600m unleveraged synthetic securitisation to shed the credit risk on a portfolio of asset backed securities held on its books in New York, London and Tokyo. The deal, Nerva Ltd Series I, is the most public issue so far off a $5bn MTN programme called RF ALTS, after the bank's risk finance group, which manages it. The programme is intended to support a variety of risk transfer transactions.

The four principal U.S. banking regulators (the Federal Reserve Board, Office of Thrift Supervision, Comptroller of the Currency and Federal Deposit Insurance Corporation; collectively, the "Agencies") proposed on March 8 important changes to their risk-based capital standards that could affect the market for--and pricing of--securitizations and related credit derivatives.

e-Notes

A unique yen-denominated deal will be launched this month by a sovereign not normally known for breaking new ground in the Asian capital markets – Tunisia.

Expect a full Chinese IPO calendar following the US$4.92 billion flotation (US$5.65 billion after greenshoe) of China Unicom, the country's number two wireless carrier. The success of the IPO has helped to bolster the confidence of Chinese companies made nervous by recent lacklustre share offerings, but eager to build up financial resources ahead of China's imminent WTO entry.

The takeover of Cable & Wireless HKT will crown an astonishing first year for Internet company Pacific Century CyberWorks – and it sets some interesting financial precedents. Most significantly, it shows that a start-up can swallow an old economy business many times its size if the market values the former on what it might turn into rather than what it is now. It's a situation that gives great power to analysts; and this merger said plenty about them too. PCCW's managing director, deputy chairman and CFO are among those who state their case to Asiamoney in this special report. By Chris Wright.

Entry to the World Trade Organization changes the whole landscape of China banking. But initial rewards for foreign banks may not be from the expansion of commercial business on the mainland, rather the fees they will earn from helping Chinese banks to increase their capitalization. And why are they recapitalizing? To fight off other divisions of the very foreign banks who will gain from those fees. By Pauline Loong.

The takeover of Cable & Wireless HKT will crown an astonishing first year for Internet company Pacific Century CyberWorks – and it sets some interesting financial precedents. Most significantly, it shows that a start-up can swallow an old economy business many times its size if the market values the former on what it might turn into rather than what it is now. It's a situation that gives great power to analysts; and this merger said plenty about them too. PCCW's managing director, deputy chairman and CFO are among those who state their case to Asiamoney in this special report. By Chris Wright.

ABN Amro has brought together 10 banks in the first syndication deal based on letter of credit in India. The LC syndication of US$250 million was completed for Reliance Petroleum, which will use it to buy crude from the international market over a period of three months.

Our most comprehensive capital raising poll tells us some interesting things about the opinions of Asian treasurers. US banks dominate international issuance, but the importance of banking relationships can elevate domestic banks to international recognition. By Olivia Chow and Robert Law.

Our most comprehensive capital raising poll tells us some interesting things about the opinions of Asian treasurers. US banks dominate international issuance, but the importance of banking relationships can elevate domestic banks to international recognition. By Olivia Chow and Robert Law.