Shinhan Bank raised $500 million in the international bond markets this week, returning to investors less than four months after its last deal. The contrast in the market environment was stark.
When Shinhan sold its last bond a $500 million tier two deal on November 30 investors were still struggling to process the election of Donald Trump as president of the United States. The Asia ex-Japan iTraxx investment grade index had balooned to 125.7bp and, in Korea, the benchmark Kospi index was dwindling below 2,000.
But investors have now warmed to the idea of a Trump presidency, or simply decided to focus their attention on other things....
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