A lot of water has passed under the bridge since the Asian financial crisis 15 years ago, and although there is still plenty of work to be done, the region has made spectacular progress. The current turmoil in Europe has left Asia looking like a safe bet.
Asian convertible bonds are starting to look decidedly sexy again. Three deals priced this week but more noteworthy than the volumes is the comparatively aggressive structures on display.
It might seem strange to think of a bankruptcy as good news but that is exactly what the Elpida Memory bankruptcy was for Japan. It was not good news for shareholder or creditors, of course. But it was good news more bro