A resolution to the current supplydemand imbalance plaguing Asia’s international bond markets does not appear to be any closer. October was yet another month of low primary market subscriptions and poor secondary market performance.
In some ways it's a question of who’ll blink first,” said Clifford Lee, head of Asian fixed income at DBS in Singapore. “Will it be issuers, which need to access the market, or investors, which are sitting on large cash piles they need to re-invest before year-end”
Yet even when issuers accept that they have to offer bargain basement pricing, few investors seem to feel compelled to place orders,...
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