What are your thoughts on the issue of liquidity in the secondary loan market in Asia Observers argue that as long as bankers aggressively price credit to try to win business from corporates, rather than where they believe the credit will trade in the secondary market, loans in Asia will never become liquid.
As one of the major arrangers of transactions in Asia, we don't price deals according to what we believe the secondary market should trade at, although we do price deals based on the credit itself. But the other more important component is the liquidity in the marketplace. If there's a lot of liquidity in the market that one lender will decide to...
