Asian Borrowers Look to Euro
Asian borrowers are setting their sights on the euro after selling the most dollardenominated bonds on record last month, as speculation the European Central Bank will ease policy cuts funding costs to an all-time low. South Korea meets investors in Europe this week to pitch its note sale, after Bharti Airtel, India’s largest mobile-phone carrier, earlier in May offered euro-denominated securities for the third time in six months. Macquarie Bank sold a 500 million ($681 million) debenture in April. “There’s a fairly large investor base sitting in Germany, France and Holland who have a dedicated need to buy euro paper, and there’s just not enough coming from Asia,” Kaushik Rudra, the Singaporebased global head of credit research at Standard Chartered, said on May 20.