INTERNATIONAL HERALD TRIBUNE - The buyout unit of Bear Stearns raised a $2.7 billion fund to acquire financial-services, retail and consumer-goods companies, the bank said Wednesday.
The firm's Merchant Banking Partners III fund will seek to make equity investments of as much as $200 million. Fund-raising began last September, Bear Stearns said.$@ -Brett Cole
Lehman backs bonds of Indonesia tire maker
SINGAPORE:Lehman Brothers Holdings recommended Wednesday buying dollar-denominated bonds of Gajah Tunggal because profit margins at the top Indonesian tire company will increase by the end of the year.
A J.P. Morgan index of high-risk, or junk, Asian corporate bonds fell last week to the lowest level in July afterOcean Grand Holdings, which is listed in Hong Kong, filed for court protection from creditors.
Gajah Tunggal's 2010 bond was among those that suffered, and now offers investors good value, said Lehman's Annisa Lee. The bonds are rated B by Standard & Poor's, five rungs below investment grade.
"The market is going back up. You can see some buying," said Lee, a credit analyst for high-yield Asian company bonds, during an interview from Hong Kong.
"This company has relatively less risk than others with B ratings or double-digit yields," Lee added.
Gajah Tunggal plans to spend $170 million to build two new plants to meet rising overseas demand, with $70 million earmarked to almost triple its production capacity for motorcycle tires, the company said on Monday.
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