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