More Asian companies are marketing dollar bonds to US investors and giving Asian investors the cold shoulder.
Hyundai, which sold a dollar bond through a US subsidiary on Wednesday, became the latest Asian borrower to start marketing a deal during New York hours, ignoring the Asian investor base.
Hyundai Capital America started marketing the bond around 10.30pm Hong Kong time on Tuesday, when few Asian fund managers would have been at their desks. Baidu, which had sold a $1 billion bond last week, also started marketing its bond at night in Asia.
“Recently, there are increasingly more Asian deals launching and pricing in New...