IFR Asia

Aussie banks embark on government-guaranteed borrow binge 13 December, 2008
Australian banks went on an offshore borrowing binge last week, printing almost US$5.3bn of global dollar and Samurai paper as they rushed to secure funding off the government-guarantee programme.
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Lenders underwhelmed by ONGC bridge financing 13 December, 2008
Lenders are not exactly lining up to join a US$1bn bridge financing backing the £1.4bn (US$2.53bn) bid by ONGC Videsh for the London-listed Imperial Energy.
Oz Minerals: from megamerger to default candidate in five months 13 December, 2008
The Melbourne-based mining firm Oz Minerals is staring into the jaws of insolvency as it grapples with a possible loan default, struggles to refinance related facilities and battles a possible lawsuit from angry investors.
Canned: Thai Beverage’s listing 13 December, 2008
Thai Beverage has suspended its application to list on the Stock Exchange of Thailand (SET) following protests by anti-drinking activists. This marked the second time that protestors have scuttled Thai Bev’s attempts to list in the Buddhist nation.
CDB gets mega bond right on second attempt 13 December, 2008
China Development Bank (CDB) sold a two-tranche bond raising Rmb60bn (US$8.57bn) on December 10.

Top Stories

Mobile-8 makes last minute attempt to avert cross-default 13 December, 2008
CBA funding underlines hybrids’ lost lustre 13 December, 2008
IFR Asia interview: FMO sees value in Asia 13 December, 2008

The contentious issue of negative basis in the primary offshore G3 market surfaced again last week as Australian banks embarked on an issuance binge. read more

Credit Trading

Korea protection tightens on record rate cut13 December, 2008
It was the usual familiar story of thin trade in cash and CDS names in Asia last week. Concerns about the global economy and whether the US auto manufacturers’ bailout bill would get passed put a drag on markets.

Marketplace

Hynix bailout part II13 December, 2008
Hynix was back with a begging bowl last week after the firm admitted that it was in negotiations with its creditors regarding a funding injection. The firm’s creditors, led by Korea Exchange Bank, are rumoured to be preparing W800bn (US$570m) in emergency funding. It is a disastrous comedown for a firm that, until very recently, was selling a story of a triumphant emergence from a multi-year restructuring. Govinda Finn reports.