There was a flurry of activity in Asia’s primary bond markets late last week as NWS Holdings and Busan Bank raised $800 million amid robust investor sentiment. The strong demand also prompted Wharf Holdings and Maybank to enter the market on Friday, the former with a tap of its recent $600 million bonds and the latter with a new five-year bond.
The bond bonanza is driven by the strong performance that recent deals have enjoyed in the secondary market, with some tightening more than 50bp. This has drawn out investors who were previously sitting on cash.
“Investors have a lot of cash to deploy and they’re not...
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