Hyundai Motor rides dramatic rebound with $500 million bond

South Korean carmaker Hyundai Motor returned to the dollar market with a $500 million five-and-a-half year bond. The deal captured a strong rebound in equity markets after six central banks, led by the US Fed, cut the cost of dollar swap lines on Wednesday to reduce borrowing costs and avert a liquidity crisis.

In Asia, stocks were further buoyed by the People’s Bank of China’s decision to cut its reserve requirement ratio for large banks by 50bp. The Hang Seng Index soared 5.6% on Thursday and credit spreads tightened, with the iTraxx Asia Investment Grade Index opening 18bp tighter and Korean five-year credit default swaps starting the day 15bp tighter....