European corporates come knocking

European corporate issuers have found themselves dragged into the euro crisis by dint of geographic association. But are they now looking to tap Asian local currency markets to diversify funding sources and please the rating agencies?
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Here come the European borrowers
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<div style="text-align: left;"> Here come the European borrowers </div>

Like their counterparts in Asia, European corporates have been keen to tap the international bond markets while interest rates are at all-time lows. And despite the huge amounts of capital the corporate sector as a whole is sitting on, tapping the Asian markets still make sense from a diversification and a ratings standpoint.

“Asia has been a terrific supporter of high-yield European corporate deals, especially hybrids,” says Lorenz Altenburg, head of corporate syndicate for Europe, the Middle East and Africa at Nomura in London. “The interest has been ongoing.”

This year one of the largest corporate deals has come from EdF, the French utility. In March...

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