At the end of the first half of 2006, the performance of the Asian debt capital markets has been a story of two halves, or more specifically two quarters. For the first three months, the markets were enjoying a gush of liquidity, spreads were at worst steady û with top flight issuers consistently beating their respective curves - and issuance was fluid.
The first few months of 2006 had all the makings of a career year for the Asian debt markets. However, as March was coming to a close, global uncertainty with regard to US interest rates levels saw liquidity evaporate, spreads push out and deal issuance all but dry up.
At first glance, it...
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