Two Asian borrowers from opposite ends of the credit spectrum successfully completed fundraising exercises this week state-controlled State Grid of China Corporation with a $5 billion multi-tranche deal and Indonesian oil and gas producer Saka Energi with a $625 million seven-year debut bond.
The success of both sales represents a vote of confidence in Asian G3 bond markets as issuers seek to lock in low borrowing costs, with traders now pricing in a 71% chance of a US interest rate hike in June, up from 49% last week, according to CME data.
“Spreads on Asian investment-grade corporate credits were tighter on Wednesday, while their...
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