Face to face with the bear market
The first offshore dollar bond from the newly merged KEB Hana Bank hit a market under severe selling pressure on Wednesday, complicating efforts to execute a five-year transaction.
Bankers working on what ended up being a relatively small $300 million trade said it was very hard to pinpoint fair value for the new deal given that secondary market spreads were widening by the hour.
“The market is exceptionally volatile,” said one. “Treasury...