The tumultuous events of last weekend and the subsequent tsunami in the credit markets around the world may force highly rated Asian corporates to consider shelving their debt raising plans. If 10 days ago there was some glimmer of hope that at least fundamentally sound, highly-rated Asian companies may be able to raise new debt, that hope has been totally dashed by the demise of Lehman Brothers and the sale of Merrill Lynch to Bank of America.
The confidence of investors and bookrunners in the credit markets has deteriorated as banks around the globe question their capital adequacy and asset valuations.
ôWho will want to lend, what collateral will they want ItÆs a scary situation...
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