Hyundai Capital Services raises $500 million in bond sale

Hyundai Capital Services, the financing arm of Korea’s biggest auto maker, sold $500 million of five-and-a-half-year bonds yesterday. The issue was priced late in the New York trading day and met strong demand from funds across Asia, Europe and the US.

The primary market for Asian credits remains buoyant despite concerns ahead of Thursday’s vote by private bondholders on Greece’s proposed debt reduction.

According to Morgan Stanley research, there has been $23 billion of US dollar bond issuance from Asian borrowers in the first two months of 2012, which is a record for the region.

Several Korean policy and commercial banks have already...