Hyundai Motor rides dramatic rebound with $500 million bond

Several hundred million dollars worth of orders fall away as guidance tightens, but the bonds perform in secondary.

Hyundai Motor rides dramatic rebound with $500 million bond
A model poses on a Hyundai Elantra Yuedong during Auto Guangzhou 2010 (ImagineChina)

South Korean carmaker Hyundai Motor returned to the dollar market with a $500 million five-and-a-half year bond. The deal captured a strong rebound in equity markets after six central banks, led by the US Fed, cut the cost of dollar swap lines on Wednesday to reduce borrowing costs and avert a liquidity crisis.

In Asia, stocks were further buoyed by the People’s Bank of China’s decision to cut its reserve requirement ratio for large banks...

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