The Asian bond markets began the New Year quietly, but more activity in both primary issuance and secondary trading is expected this week. Two sovereign issuers are expected to come to market shortly, namely the Philippines and Indonesia, and the outcome of these deals will determine the outlook for AsiaÆs G3 bond markets for the next few weeks, according to market observers.
Indonesia is a strong candidate to price the first bond transaction this year. The sovereign, rumoured to be raising $2 billion, will begin its roadshow for a benchmark 144A transaction on Tuesday. Barclays, HSBC and Lehman Brothers are managing the deal.
A number of syndicate bankers believe this will be too large a...
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