A tale of two debt issuers

Asian borrowers have continued their assault on the Yen markets with the launch of deals for Kepco and the Republic of the Philippines.

Korea Electric Power Corporation Kepco and the Republic of the Philippines met with very contrasting receptions on the launch of new benchmark transactions yesterday Thursday. Where the former had a relatively smooth passage to market, the latter fell prey to overly ambitious expectations that Japanese investors refused to deliver.

The Philippines' inability to launch a market-friendly offering repeats a pattern that has become ever more evident with each passing deal and serves only...

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