Investors are well and truly spooked by the current financial crisis. Their nervousness, together with Asian inexperience in dealing with meltdowns, led to last month’s pulling of a $2 billion bond for Korea Development Bank. During an investors’ conference call on December 11, one fund manager asked for a breakdown in the maturity of Korea’s short-term debt falling due: what was the mix between one-month, three-month, six-month and 12-month liabilities?
But the two senior Koreans – one from the finance ministry, the other from the Korea Development Bank – answering questions were unable to provide a coherent reply.
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