Spencer Anderson is a senior report at IFR on the people and markets desk. Since joining in 2011 he has written extensively on banking regulation, tax issues and capital markets. He was previously with the Financial Times.
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Both investors and issuers are expressing concern over the role of bookrunners who submit early orders to support Asian bond issues.
Two Philippine issuers last week broke a two-month drought in offshore issuance from the country, racing to print perpetual bonds before rate hikes make investors demand more reward for duration risk.
Slumping prices on a US$3bn bond issue from Malaysia’s 1MDB have revealed widespread doubts about the government’s ability to support the troubled investment fund amid a worsening political crisis.