Refinancing risks cause jitters in Asia

The ability of corporates across Asia to roll-over their short-term debt facilities is under increasing threat, as the financial crisis has narrowed lending windows for local banks and closed offshore capital markets to all but the very highest-quality issuers.

Local banks, bond holders and other creditors will also require greater transparency from borrowers regarding their corporate structure, sources of cashflow and degrees of leverage in associate and joint-venture entities. This may be a