Asian borrowers stampede into dollar bond market

Asia’s debt markets sprung to life on Thursday as four Asian borrowers PCCW, Shenzhen International, CNPC and Hong Leong Bank rushed out to sell US dollar bonds to investors. This burst of activity came as the market had stabilised after a bout of selling on Wednesday.

However, debt bankers note that little has changed to the market’s underlying fundamentals, and that companies were probably keen to lock in funding as US Treasury yields have fallen sharply since the start of the month.

“The market rose 1%, so it feels like there’s some stability. We’ve also seen 10-year US Treasury yields fall from 2.30% in early...