Asian sovereigns shine

One of the best days on record for the Asian bond market as investors flock to two large, liquid and tightly priced deals from Malaysia and the Philippines.

The huge wash of liquidity that has propelled every recent Asian bond deal from Sing Tel to CNOOC has never been more evident than at the pricing of two new sovereign dollar benchmarks in New York last night Tuesday.

Pricing of a $750 million re-opening of the Federation of Malaysia's July 2011 bond at 6.8% and a $1 billion transaction for the Republic of the Philippines at 8.5% represent the lowest borrowing costs that either issuer has ever secured for a benchmark dollar offering. Both deals were underpinned by huge order books in terms of overall size and number of investors participating. Both deals...

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