Hanaro re-boots Asian high yield market

Huge order book demonstrates increasing vitality of a stand-alone Asian high yield sector.

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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222