Spread slump ends record run but restart not in doubt

Asia’s dollar bond market rounded off this year's record run with a pause this week ahead of Chinese New Year, after a sell-off that left most new issuance well wide of reoffer. Bankers and buyers pointed to Chinese PMI figures, weakness in the wider emerging markets and even US housing data. But most remained confident that fundamental demand would allow a strong restart after the holidays, writes Steve Gilmore.