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Spot FX prices are so tight that it is almost impossible to make a profit from market making. Some providers are going to struggle to remain profitable, which might not be a bad thing.

In the first of a series of articles, Euromoney examines the status of pension reform in two countries at the extremes of Asia’s pensions revolution, Taiwan and the Philippines. We ask the authorities charged with pension reform in these economies about plans and progress, challenges and expectations.

But can their value surpass the underlying market?

Kazakhstan – Kazakhmys, the world’s tenth-largest copper producer, should raise as much as $1.4 billion when it floats between 26% and 30% of its stock in London later this year. The company boasts an impressive ebitda margin of 60% and a net margin of 34%. It mines about 90% of Kazakhstan’s copper output. Copper prices have gone through the roof in the past 12 months and demand for the shares reflects this. The share price range had been set at $8.10 to $9.60. Credit Suisse First Boston and JPMorgan Cazenove are joint global coordinators and bookrunners.

Dancing to Turkey's tune

“I have 18 proposals from different banks all offering the same type of deal. When you pile them one on top of the other they stand over a metre high. I am suffering from lead harassment”

Recent popular new issues rapidly faced heavy trading and price falls. With the tendency of speculative money to disappear as quickly as it arrives, it remains to be seen whether it will continue to plague IPOs later in the year.

Dismissing the official charged with setting up a debt agency sends the wrong signals at home and abroad.

“You ask a hedge fund manager how quickly can they do a deal. And they reply: ‘Is tomorrow quick enough?’”

New loan programme re-establishes relations.

In the face of an uncertain economic outlook, including rising inflation caused by oil price rises and the scrapping of heavy fuel subsidies that forced rises in local interest rates, the Indonesian government has raised $1.5 billion of bonds. The government’s steps actually helped the issue since international investors felt that the administration of president Yudhoyono is finally getting to grips with the problems facing the country. The government issued $900 million 10-year bonds at a yield of 7.625% and $600 million 30-year bonds at a yield of 8.625%, respectively 329 and 406 basis points over US treasuries.