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(Bloomberg) — A unit of South Korea’s Hanwha Group started marketing a dollar bond Wednesday, ending a dry spell in debt offerings this month in the US currency from emerging Asia excluding China.
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The deal may be harbinger of a slow return by borrowers in the region to the market after President Donald Trump’s higher tariffs caused issuers in different countries to put off deals.
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Hanwha Futureproof Corp., which invests in companies in the US involved in renewable energy and other technologies, is looking to price a note, according to a person familiar with the matter who asked not to be identified. If the deal prices, it would end the longest gap for such offerings since January 2023, Bloomberg-compiled data show.
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Global markets got a boost from comments by Trump on Tuesday when he floated a possible deal with China to “substantially” cut the 145% duties he has placed on Chinese shipments. Bank of the Philippine Islands was the last borrower from emerging Asia outside of China to price a dollar bond, when it sold a $800 million note on March 27.
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Read also: As Credit Markets Swooned, Chinese LGFVs Stood Out Pricing Bonds
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KT&G Corp. and Hana Securities Co., which had earlier mandated banks for potential US-currency notes, plan to price their deals as early as Thursday, according to people familiar with the matter. The US high-grade market on Tuesday saw borrowers take advantage of healthy investor demand to price deals.
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Dollar bond sales in Asia outside Japan slumped to $6.6 billion this month compared with more than $35 billion in March, data compiled by Bloomberg show. Spreads on Asian dollar bonds tightened about 10 basis points to 157 basis points on Wednesday after touching their highest since September earlier this month, a Bloomberg index shows.
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