Later this week, the Port Authority of Singapore will be going to the international bond markets to raise a reputed $1 billion through the issuance of 10-year bonds. This is noteworthy because international bond issuance out of Asia has all but disappeared in the last few months.
There has been a confluence of forces over the past few months that have made this one of the bleakest times ever for the Asian international bond markets. Since April there have only been two dollar issues ûone for Singapore Power and one for Korea Exchange Bank. This is a deal flow that doesn't pay the rent.
Chief among the factors for this slowdown is interest...
