A lesson in liability management

Philippine port operator ICTSI pulled off a neat trick last week, boosting its capital at the same time as cutting its interest costs.
General Santos, a port run by ICTSI
General Santos, a port run by ICTSI

For executives considering their funding options, the risk of an interest rate hike by the Federal Reserve cannot be overlooked. After strong retail sales and producer price data this week, as well as the release of the minutes of the Fed’s most recent meeting, most economists expect the US central bank to hike in December.

That is going to push up funding costs for Asian corporations, slowly bringing an end to the razor-thin dollar funding levels they have enjoyed for the last seven years.

But the party is not over just yet.

Asia’s bond market is booming. The region’s corporations are taking the opportunity...

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