Asian bond market opens

Asian borrowers rush to access market window

The Philippines and Kexim are first out of the gate in 2012, but pundits say the debt markets may be difficult to access for much of the year.

Asian debt markets kicked off the new year with a flurry of activity on Wednesday as both the Republic of the Philippines and Export-Import Bank of Korea Kexim tapped the markets with benchmark bonds.

The Philippines launched a new 25-year global and Kexim entered the market with a dual-tranche five-year and 10.25-year bond. The decision to go head-to-head with each other reflects the uncertain funding outlook. “Who knows how long the markets will stay positive,” said one debt syndicate banker. “I don’t think they’ll cannibalise each other and both the Philippines and Kexim are borrowers that can open the market.”

The Philippines hired Deutsche Bank and Standard...

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