UBS Mutual Funds Securities Trust: UBS Enhanced Nasdaq-100 Fund

The Republic of the Philippines mandates three banks for a $500 million offering as the country's first public subordinated debt issue is priced.

After requesting that banks submit ideas for a new dollar bond, the Department of Treasury mandated three houses yesterday (Wednesday) for a $500 million 10-year deal. HSBC, Salomon Smith Barney and UBS Warburg won the books for an offering, which may launch as soon as today.

In the meantime, Metrobank successfully completed the Republic's first public subordinated debt transaction yesterday under the lead of UBS Warburg.

I told you it was coming......

Taiwan's Fubon Financial will acquire 55 per cent of International Bank of Asia (IBA) from Bahrain-based Arab Banking Corp for $2.37 billion, marking the third local bank acquisition in just over a month.

Fubon, Taiwan's second-largest financial services company, will pay Arab Banking $3.68 per share - or 1.16 times book value.