Korean broadband operator Hanaro Telecom completed its debut international bond issue on Tuesday January 25 raising $500 million from a seven-year deal led by JPMorgan and UBS.
Many believe the strength of deal's $3 billion order book underscores a pendulum swing away from the pricing power of US investors. Indeed, the deal's success marks a complete turnaround from last summer when the lack of an Asian bid and a reluctant US bid made execution of any high yield deal extremely difficult.
Bankers argue that Hanaro's deal shows that Asian issuers now have the upper hand. Backed by a strong bid from their home region, they...
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