Spread slump ends record run but restart not in doubt

Fireworks resized
By Steven Gilmore
30 Jan 2014

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.

Despite three days in a row without a dollar or dim sum deal, Asian bond issuance for the year so far stood at $28.2bn as of Wednesday — $5bn more than the same point in 2013, according to Dealogic data.

This marks the greatest concentration of issuance ever in ...

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