All swapped out
Asian banks are raising funds by issuing ringgit bonds and converting the funds into dollars via cross-currency swaps. The surge in volume has already caused liquidity problems in the offshore market, and more issuers are lining up. By William Rhode
As part of its effort to promote Malaysia as a financial hub for the region, the country's central bank late last year opened up its local bond markets, allowing foreign financial institutions to access funds in a relatively low-interest rate environment. Bank Negara Malaysia didn't have to wait long for a response. First came Gulf Investment Corporation, which raised bonds worth 1 billion ringgit ($313 million) in January. Then came the Export Import Bank of Korea (Kexim), a state-run export
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