In Asia the 2002 story was as
much about the deals that were either botched or didn't get done as
the deals that succeeded. International markets showed little
respect for many high-profile corporates or banks that thought they
knew best or made clumsy decisions. Some big deals were simply
blown out of the water. On the debt side, Hutchison Whampoa failed
to access the euro market with its planned e1.5 billion
multi-tranche bond issue.
The Philippines once again proved its love of
drama and showed itself to be its own worst enemy when attempting
to close deals. In mid-November, just after the sovereign announced
it was to issue $500 million, four cabinet ministers, including
secretary of finance José Camacho offered their resignation, nearly
scuppering their own deal. And the National Power Corporation of
the Philippines was, if nothing else, highly consistent. It failed
to get any deal away. In February, its seven-year $500 million
issue was cancelled...
