Pipeline builds as Asian spreads hit record
Asian credit spreads hit a new record earlier today, putting paid to any hopes of a revival in the region's new issue market. Spooked by news of more losses at Credit Suisse, the popular iTraxx index of high yield bonds in Asia ex-Japan widened to a high of 591bp/595bp. The pipeline of deals waiting to come to market, however, continues to build. Read EuroWeek this week for news of yet more mandates in the Asian market, and when bankers expect the next window to open.
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