Shutdown ignored as Asian borrowers flood dollar market

First Gen, ICBC Asia, Korean Western Power and Swire Pacific are tapping global bond investors for dollar issuance, impervious to US government shutdown concerns.
Korean Western, subsidiary of Korea Electric Power Corporation (Kepco), sold a five-year bond ahead of a South Korea public holiday on October 3.
Korean Western, subsidiary of Korea Electric Power Corporation (Kepco), sold a five-year bond ahead of a South Korea public holiday on October 3.

October looks set to continue the previous month’s flurry of dollar bond issuance by Asian companies as investors shrug off a US government shutdown, reassured by the still-benign policy backdrop. 

Four borrowers First Gen, ICBC Asia, Korean Western Power and Swire Pacific are looking to take advantage of a window in the market to take more money off the table after August's relative drought.

Borrowers are primarily experimenting with the long-end of the dollar curve, with Swire Pacific, ICBC Asia and debut issuer First Gen testing investor demand for 10-year bonds. This comes off the back of last week’s overwhelming response for Bangkok Bank’s 10-year tranche...

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