Two Asian borrowers China Resources Cement and BOC Aviation closed debut dollar bonds on Thursday night, raising a combined $900 million. Without a doubt, this has been a standout year for debut bond issuance.
So far this year, 23 borrowers from Asia ex-Japan have raised $14.4 billion through debut dollar bonds, according to Dealogic. This is a steep rise from the six issuers that raised $2.5 billion in 2011 and the two issuers that raised $1.5 billion in 2010.
“For many companies, the 2008 crisis was a wakeup call,” said one banker. “Many of them saw banks pulling lines and realised that they could...