Still in the throes of the Asian financial crisis, 2000 was one of the worst years on record for G3 issuance in the region, with just $9.5 billion raised via 20 issuers, while $23 billion was printed in the local currency markets. A highlight of the year for all the wrong reasons was APP China's $403 million high-yield deal. Its 100 investors were soon to rue their decision, as was FinanceAsia for making it Deal of the Month. Later that autumn, the group was back with a $1.4 billion exchange offering that was to prove its death knell.
For the first time since the Asian financial crisis,...