Table of Contents
Market Commentary ......................................................................... 3
Record New Issuance...............................................................................................................3
Summary Top Picks........................................................................... 4
Trade Ideas......................................................................................... 6
Televisa ....................................................................................................................................6
Sistema: Good growth opportunity...........................................................................................8
Asia HY: ICICI, FASWIJ and TRECN........................................................................................10
Special Theme Articles.................................................................... 12
BTAS Debt Restructuring: Who, What and Why?...................................................................12
Alliance Bank Debt Restructuring Proposal and Analysis........................................................15
New issue deal round up ................................................................ 20
EM Corporates break 2008 issuance levels mid-year .............................................................20
Distressed Corner ............................................................................ 27
Financing Highlights........................................................................ 30
Repayments, tender offers and debt buy-backs .....................................................................33
Credit Rating Actions ...................................................................... 36
Few rays of optimism spotted in the horizon..........................................................................36
Management Moves........................................................................ 39
Industry News.................................................................................. 40
Telecom and Media ................................................................................................................40
Oil and Gas.............................................................................................................................42
Utilities ...................................................................................................................................45
Metals and Mining ..................................................................................................................46
Consumer and Food Products ................................................................................................46
Financial Institutions................................................................................................................47
Others ....................................................................................................................................50
Earnings Results .............................................................................. 55
2Q09 results trickle in on a negative note...............................................................................55
Top Picks .......................................................................................... 58
Annex A –Recent Publications........................................................ 67