Asian investment grade borrowers rushed to test demand in the dollar bond market this week, returning to investors after several weeks of sticking to the sidelines. CLP Power, Korea Hydro & Nuclear Power and Kookmin Bank all sold deals this week, proving the debt market is now well and truly open for good credits.
The three bonds were the first Asian deals from unguaranteed, non-sovereign borrowers in several weeks. The issuers raised a combined $1.3bn and gave bankers confidence that they could start to get through the heavy pipeline of supply that has built up over the last month.
"The market is