Low interest rates and receptive investors keen to diversify credit exposure have created favourable conditions for Asian borrowers this month. While the high-yield sector has been dominated by Chinese property companies, Korean names have featured strongly among investment-grade borrowers.
Hana Bank was the latest to raise US dollar funding, with a $500 million issue launched on January 29.
It was the biggest three-year US dollar global bond by a Korean commercial bank since June 2009 as well as achieving the lowest re-offer US Treasury spread for such entities, accessible to onshore US investors, since September 2005.
Korean issuers have been busy during the first...