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It's nice to see a success in the Philippines, and the August issue of PROgress (privatization option bonds) was just that, raising Ps8 billion (US$175 million), twice the initially mooted sum. The 5-year bonds, due August 2005, give the holder the right to purchase shares from a choice of several forthcoming privatizations. The bonds pay 13.875% a year in quarterly payments. BNP Paribas was advisor to the government, while the joint lead managers were First Metro Investment Corporation and Land Bank of the Philippines. In addition to raising money for the government, the bonds will provide something of a captive investor base for future privatizations. The government owns, directly, a 40% stake in Petron, a 10% stake in Meralco, a 4.72% stake in PLDT and a large stake in San Miguel. Several other companies are privatization candidates, including Philippine National Bank, Philippine National Construction Corporation, Philippine Phosphate and Fertilizer Corporation, and the RPN-9 television network.

Levels of issuance in the samurai market are well up on recent years. Issuers are attracted by a reasonably stable currency, a large and hungry investor base, low interest rates and a dearth of competition from domestic issuance. By Fiona Haddock

Global co-ordinators and lead managers of the upcoming IPO of Chinese petrochemical leader Sinopec are keeping their fingers crossed – initial response by institutional and strategic investors has exceeded expectations. Those who have indicated interest or are already committed to taking up sizeable chunks of the offering include Exxon Mobil, BP Amoco and Royal Dutch/Shell, and Hong Kong-based conglomerate Henderson Investment. Sources close to the deal say the issuer is aiming to raise between US$3billion to US$4 billion on the strength of positive pre-marketing feedback. The talk in late September was that the number of shares to be offered would be increased to more than the originally-mooted 18 billion (plus 2.7 billion greenshoe) with an indicated price range of HK$1.48 to HK$1.79 per share, and US$18.89 to US$22.95 per ADR.

The first Thai IPO since the financial crisis was completed in September when SG Securities brought industrial waste company General Environmental Conservation (Genco) to the Thai stock market. The Thai economy and currency had sunk so fast in 1997 that the crisis had been jokingly nicknamed the “Thai-tanic”. Could the recent Genco float signal that Thailand's stock market is once again receptive to IPOs? “This was a landmark transaction for the country,” claims Chaiwat Kovavisarach, director in charge of corporate finance at SG Asia Credit Securities. “The IPO was oversubscribed by 40% and this is testament to Genco's sound fundamentals, a remarkable growth record and prospects.” The issue attracted strong interest from institutional and retail investors alike.”

The Asian syndicated loan market is making a comeback. But the return to pre-crisis volumes has not been matched by a return to pre-crisis profits. Joy Lee reports.

Pity the private banker. Regardless of the hassles of global volatility, Asian clients are more demanding than ever – and at a time of increasing competition and fee pressures. Pauline Loong talks to the people who want to make your money work harder.

At a Eurofinance cash and treasury management conference in Singapore earlier this year, Asiamoney brought together the Asia-Pacific treasurers of seven multinationals and asked them about banks, technology and the changing nature of their own jobs.

All eyes are on Cezar “Bong” Consing, JP Morgan's regional head of investment banking. Not least because the widely respected JP Morgan veteran of 15 years is said to have been given to understand that he would get the top investment banking job in the newly-merged JP Morgan Chase Asia. But reports say nobody discussed this with Chase Asia's vice chairman, Paul Beckwith, who came to Asia four months ago to head investment banking at the newly formed Chase JF. Now everything's up in the air. No one will comment on record, least of all Consing himself. “Bong is just taking the simple view that he is going to wait,” says a JP Morgan staffer. “If they insist on some sort of co-head thing or if they unwind his job, he will just walk out the door. There's not a single bulge-bracket investment bank that wouldn't want him; he has many places to go.”

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International yen bonds are back in the mainstream of the global debt capital markets after years in the wilderness. They outperformed all other currency sectors last year in terms of total returns. The market is no longer the private fiefdom of OECD sovereigns and supranational credits. Mark B Johnson reports on a year in which the yen returned to centre stage for issuers and investors alike.

AFLAC Incorporated, the largest foreign insurance company in Japan, is set to be latest in the international corporate stream of companies seeking to raise Samurai debt. The company is planning a ¥30bn bond issue, having made a shelf registration with the Japanese regulatory authorities last week for a fund raising programme of up to ¥100bn over a two year lifespan.