國際融資審查亞洲國際財務報告委員會（亞洲）2022年10月10日

INTERNATIONALFINANCINGREVIEWASIAOctOber82022IssuE1257PLUS:QuaRTERlylEaguETablEsmarketthanksityvaluelityshrivel,leavingnMiddleMarket,DirectLending&LargeCorporateLoansInvestorsliketoviewdigitalinfrastructurelikefibre-akintoroadsorutilities,buttheyareindangerofunderestimatingtherisksinvolvedinthesector.neseownedndbanksareandbanksliketheoutlookforthesectorndividualsareincreasingtheiruseofdigitaltomercontractsprovidecertaintyaroundcashflows.StillthatdoesnottakeintoaccounttheimpactthatnewulationsorchangingpoliticalwindscouldhaveDatasovereigntyisakeyissueinnationalsecurity,withtheUSandChinaparticularlykeentoensurethatsensitiveinformationiskeptawayfrompryingeyes.earsnationalsecuritygroundsThatConversely,China'snewcybersecuritylawrequiresoperatorsofcriticalinformationinfrastructuretostoreawisbroadenoughorequireridehailingservicestostoretheirinformationinChinesedatacentres,sincetheymightcapturebanktomersFurtherafield,oneAustraliandatacentrewhichhasaebanksinitsloans,presumablyonnationalsecuritygrounds.Cablenetworkstoosometimesfacepoliticalinterference–witnesscountrieslikeIranthatthrottleinternetspeedstostifleonlinedissentInthefutureit'spossiblethatonerseainternetcablesiatoGermanywererupturedbyunexplainedexplosionslastmonth.Asidefromthepoliticalrisks,datacentresfacethetsofelectricityandthetechareincreasinglydemandingthattheyswitchtorenewableenergy.AfailuretomeetESGlendersthathavetheirownsustainabilitygoalstomeet.atdigitalinfrastructurepresentsastorsandlendersneedofrisksthantollroadsorwaterpipes.TgslookbadforinvestmentbanksinAsiaatthemomentRatesaretrendinginexorablyupwards,Chinesedefaultsaremounting,andvolatilityismakingdealexecutionunpredictable.AndwhileChina'sdomesticmarketisthriving,partlyothermajoreconomy,internationalbanksarefeedingoffcrapsTheloansbusinessisperformingwellasuncertaintyingbondswithloansthoughmeanslowerfeesforbanksonoftherobustAsharemarket.oomandgloomforinternationalnkingfeesfortheregionandforlontracktobeatthetotalsiedtocountertheeconomiceffectsofForallthedisruptionthisyear,capitalmarketactivityclevelsThemainproblemfacingbanksisthattheyhiredtoomanystaffininthebeliefthattheboomwouldlastforever,particularlyinsectorslikehealthcareandvelstooDBSBank7JERA088745alDanielStantonVincentBabyFionaLauMorganDavisSAnuradhaKitYinBoeyPrakashChakravartiTakahiroOkamotoJohnWeaversKrishnaMerchantSunnyTsePanYueJaneLiKarenTianMatthewDavies03050DavidHollandVictorNgMikeTsuiPaulHolliday8GloriaBalbastroShahidHamidAsiaPacificandJapanAlanWong7PiaBatuanEICBCTower,#28-01,OneRafflesQuay,FAkasakaBizTower28LibertyStreet,FGardenRoadNorthTower,Akasaka,Minato-ku,Tokyo,57thFloorCentral,HongKongSingapore583nNewYork,09NY0036IFRAsiaisasisterpublicationofInternationalFinancingReview.Thecontentsofthispublication,eitherinwholeorpart,maynotbereproduced,storedinadataretrievalsystemortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recordingorotherwisewithoutwrittenpermissionofthepublishers.Actionwillbetakenagainstcompaniesorindividualpersonswhoignorethiswarning.Theinformationsetforthhereinhasbeenobtainedfromsourceswhichwebelievetobereliable,butisnotguaranteed.SubscriptionstoIFRAsiaarenon-refundableaftertheircommencementissuedate.?Refinitiv2022.PublishedbyRefinitivinHongKong.PrintedinHongKongbyRodaGraphixsLimited.Unauthorisedphotocopyingisillegal.tOPNeWSStOrIeS08STRUCTUREDFINANCEFirstmacshowsdeSxs2626303453842AUStrALIAstranches,thelatterofwhichilitylabelrtranchesmorning.nitialpriceguidancenceguidancewasitsinitialverymuchopenstilltheabilitytodcarrytheityinvestorsyoutofEuropeheremiumppealwasthefirstfromthecountrysinceromtheCentralBankofthenpowerfromovernmenthasrnationallyandheldernationalbondtoamoreinclusive,resilient,ncesecretaryBenjaminadministrationwillimprovemproveorsdidnotaskanythingspecificabouttheadministration,insteadlookingneralpoliciestheforecastforlocalinterestratesandsimilartopics,saidtheHonggbankernuallyketthePhilippinesestmarketwindow.fefknnitoringthemarketforSosvisitsromtheewiththeissuer.ratedtrancheswillbeusedforgeneralbudgetfinancing,whiletowardssustainablefinancing.BankofAmerica,GoldmanSachs,HSBCJPMorgan,SMBCNikko,StandardCharteredandUBSwerejointbookrunners.StandardCharteredandUBSwerealsosustainabilitystructuringadvisers.?outhEastmarketisenjoyingasteadystreamofactivity,withmoreomeifglobalmarketsandimprovenextyear.foodforeigncornerstoneinvestors,whilewireandcablemakerSTARKraisedBt5.58bnfromaprimarynttosupportacquisitions.Meanwhile,chemicalsregulatoryapprovalthelaunchoftheUSbn3bneofuncertainglobaleconomicconditions.issellingmedcapitalatBt40each.Thereisorcornerstoneinvestorslocalandforeigninstitutionalinvestorseach,retailinvestors150marebeingsoldtoexistingshareholders,s“IssuerswithlowexposuretocurrencyandinterestratesriskshaveabetterchanceeketsanECMbankerorkingontheBetagroIPOenuefromthedomesticmarket.in967,producespoultryandbrand,aswellasanimalfeedandfarmequipment.ApositiveoutlookforthenablevaluationatninetimesforecastearningsarealsoensuringndforthedealhebankerListedtradesat10.5x.nvestorsandinvestorsthereisnotmuchtoselltootherClarenceChu,ananalystAequitasResearchsaiddthepandemicwellwithsalesjumpinginthelatestquarterowingtohighersellingpricesonitsproducts.Thefirmalsomarketshareoverathree-yearBt53bnforthefirsthalfofyearearlier.NetprofitroseBankerssaidparticipationfromahandfuloflocalinvestorsistoutabigdeallikenvestorsandtheseinvestorshavereducedtheirsuretoemergingmarketsundercurrentconditions.SCGChemicalsparentSiamCementGroupsaidinastockexchangeannouncementitwasassessingamultitudeludingglobalrecessionrisk,energyndinflationChinaslockdownmeasuresduetoCovid-19,aswellasmoneymarketsandequitycapitalmarketsconditions,andtheconfidencelevelofbothThaiionalinvestorsAsaresult,itwilllookattheIPOagaininearly2023,itsaid.“TheSiamCementGroupiswellknownbutitishardeitmentsanECMbankerawayfromthedealsaid.isrelativelyrobustcomparedwithotherSouth-EastAsiancountries.planningaUS$400mIPObeforetheendoftheyear,afterThaiLifeInsuranceraisedBt34.56bninJulyfromtheyearandThaiOilcompletedaBt10.3bnsharesaleinSeptember.Internationalcornerstoneinvestorsarebuying80mintheBetagroIPOThereMagnaUmbrellaFund,OaksEmergingUmbrellaFund,EurizonAzioniPaesiEmergenti,EurizonFundAsianEquityOpportunities,GhisallondSegantiiAsiaficEquityMultiStrategyFund,CaasCapitalMasterFund,iaMultiStrategyInvestmentMasterFund,RegalManagementAsiaJumpTradingPacific,MavenInvestmentPartners,AthosAsiaEventDrivenMasterFundandvoAbsoluteReturnMasterFund.rnerstoneinvestorsarebuying102mshares.TheinvestorsaresriAssetManagementKiatnakinPhatraAssetKrungthaiAssetManagement,PrincipalAssetManagementBangkokLifeAssurance,BangkokCapitalgthaiuranceOneAssetsharesstarttradingonrepaydebtBankofAmerica,BualuangSecuritiesandKiatnakinPhatraarethebanksontheIPO.Inapreliminarydisclosure,SCGChemicalssaiduptorimarysharesorwillbesold.BualuangSecurities,KasikornSecurities,MorganStanley,SiamCommercialBankandUBSarethebanksonthetransaction.Starksoldbnshares,orwerethebookrunners.?iaareformingncinggroupsteGlobalSwitchincludeKKR,EQT,PAGCapital,GawCapitalandStonepeakInfrastructurePartners,amongothers,withanexpectedenterprisevalueofaroundUSbnbankerssaid.UBSandCiticSecuritiesarejointfinancialadvisersforthepotentialdivestmentofGlobalSwitch,whichisbasedintheUKwithdatacentresacrossEuropeandAsiaPacific.Steellargestshareholderin2019.Thestronginterestinthecompanyisnotsurprisingatacentresareagrowingdigitalinfrastructuresectorthatisstillappealingtoinvestorsdespitemarketvolatility,whichcquisitionsandlendingactivitiesinAsiaPacific.Bankersseethesector,whichcludestelecomtowersisamassivedigitalisationAmitSinha,globalheadoftelecommunications,mediaandtechnologyatDBSBankinofinterestfromprivateequitydssettingupplatformsondigitalinfrastructure,focusingacentresfibreandelecomtowersAdebtfinancingwithheavyringisexpectedinanySwitch,whichhasinvestmentedebtwouldbitdaofaroundUSmcordingtobankersinvolvedSuchalargefinancingwouldneedeveryounceofliquidityavailableinthecurrentlyvolatileinstitutionallendingmarket,withtheparticipationoflendersfromAsiaaswellasEurope.SwitchsignedamUS91m)revolvingilityatasubbpmargininJunethisyear.DeutscheBankandHSBC,whowerelendersunderapreviousRCF,remainedaslendersandmandatedleadarrangers,whileasjoinedaslendersandMLAs.mpaniesanintegralpartofthedigitalinfrastructurestory,haveattractedsignificantamountofcapitalfromstrategics,rastructureandrealestatefunds,andseveralofthemhaveeasinglytappedsyndicatedbilateralandclubloansinthereasonablyfrequentlysaidKrishnaSuryanarayanan,headofTMTandhealthcareforvariousdatacentreproviders,vehicleswithexistinglowbaseorprojectswithlong-termomercontractshavebeenquitesuccessfulintappingthebankmarket.”pushboundariesinAsia,whereashoseintheUSandEuropeaninstitutionallendingmarkets.suniquecharacteristics.formpaniescannotbeviewedpurelyasthetypicalAbhishekTiwaari,jointheadofloancapitalmarketsforAsiassetvalues,whichneedtobetakenintoaccountwhenstructuringdebtfortheirbuyouts.TheEbitda.”linfrastructuresectorhasactedalotofinvestmentfromfinancialsponsorsandcorporatesinrecentyears.DirectinvestmentsindatacentresinAPACmorethanfromtheprevioushighofUSbnin020,surpassinginvestmentvolumesfortheouryearscombinedaccordingtoCBREresearch.yanddebtinvestorsprizethedefensivenatureofcriticalinfrastructuresuchtowersandfibretworksagainstthebackdropofrisinginterestratesandinflation.“DigitalinfrastructureassetscanbeattractiveforarangeofreasonsbuttypicallyincludecontractedcashflowswithstrongmarginsandhighlyfavourableindustrydynamicsunderpinnedbyexceptionalvisituisitiondicatedfinanceatHSBCcularlyforborrowerswithstabilisedewedtheseinfrastructure-likecharacteristicspositively,dinthestrongdemandseenforanumberofhighlysuccessfulsyndicatedfacilitiesinthelastcoupleofyears.”ofevent-drivenfinancingsinaslowerloanmarketinAPACloanvolumesanine-yearlowinthethirdrtertoUSbnThedigitalinfrastructuresector,especiallyinAustralia,hasraisedlargeloansinthepastcoupleofyears,includingttheendingaAustralianfibrenetworkfirmUnitiGroup.“ThereisincreasedsensitivitylicalsectorsandcreditsithexposuretoinflationsaidAndrewAshman,headofloansyndicateforAsiaPacificatfocusonstabilityisbenefitingthedigitalinfrastructuresector,whichisinherentlydefensiveinnaturegiventhelong-termstickycashflows.”?ratingatTripleA,andaDoubleAratedbankofferingaTripleATheweakresponsetoBankofMontrealandUniCreditalsoestorwarinessinvolatileglobalbondswhichareconsideredasafeshelterinfinancialstorms.verycarefulaboutwhatassetstheyputtheirmoneyin,andwesawthatreflectedinhowwodealscouldnotDBSdeal.nefitedfromtheegytoholdphysicalmeetingswithEuropeandshowthatwasanchoredndtheEuropeanCoveredBondCouncilCongressinViennaonSeptember22.roadshows,Europeaninvestorsreciatedthatuermadeanefforttophysicallytraveltomeetthem,anditshowedinthedealpaidanewissuepremiumddurationcurve,thedealwaspricedaroundthesamelevelasBankromSingaporeanbankstypicallyemiumofaboutoverthosefromtheirCanadianpeers.bondsyndicateandFIGDCM.comprehensivephysicalinvestormeetingsinrecentleofyearsrtualsessionsmadeanceattheendyespeciallygivenhowvolatilethemarketsare.IthelpedtodifferentiatethemfromtheirglobalinvestorsfullyunderstoodtheDBSropositionbnmfromleadbanks,whenthefinalpricingndIrelandwereandatebanksThedealwastheopportunisticresultofinvestorivenduringthemeetings,withDBSchoosingtogowiththeeurocurrencyarinMarch.“ThedefensivenatureofcrediblealternativesandrobustratingswiththesovereignarcityvalueofSingaporeamidchallengingmarketconditions.alswereinthemarketonTuesday,buttheDBSofferingwastheonlyonetotighten.swapsplus17bp,insideinitialNTREALceatrespectively.reliablefundingtool,especiallyinuncertainmarkets,”saidwholesaleandstructuredsizeablefundingatarelativelyivecostoffundinggivenitsAAArating.”dealcouldbankstolaunchsimilarformat.inEuropeinSeptember,whileprogramme.“DBSisarelativelyrareglobalnameintheeuroThetightpricingisalsoduetotheraresupplyofedanpaperThisyearhasseenonlyUOBpieceinMarch.Canadianbankshavesoldmorethan€25bnofandthisdoesnotincludetheirforaysinothercurrencies.averystablepropertymarketwithlittlevolatility,”saidathedealandthathelpedhebankisexpectedtoremainopportunisticinmeetingitswholesalefundingheyearisdrawingtoaearlierratherthanlater.Nexttedtobevolatiletakegeofshortwindowportunitiesbymovingwholesalefundinghelpsiversifyandbroadenourfundingoptionsanditisextremelyimportanttostayedingaporeanresidentialdsisnotes,whichpricedatpar.istedtoberDBSBank,Helaba,ING,Natixis,ordLBandSocieteGeneralewerejointleadmanagers.?(AdditionalreportingbyMalickaDannaSielinou)ArecentsurgeininvestmentumeundertheSouthboundschemehasbeendrivenbyrisingmainlandinterestinoffshorerenminbinotes,butafurtherrelaxationunlikelytohappeninthenearaboutcapitaloutflows.chWhilethatlink,whichfolloweditalwithHongKong,itinitiallychonlybondsreundertheSouthboundschemecustodywithatotalinvestmentbalanceofwith35notesandabalanceofRmb53bninSeptember2021,heShanghaiClearingHouse,theprimarycustodianformainlandknownasDimSumnotes,nkerssaidDemandforUSlarnotesislimitedbecausemorecomplicatedtoidaDCMheadfromoneofthe13marketmakersthatactasintermediariesinvestorswhoparticipateintheschemeButthesituationhaschanged,withmainlandmoneydrketviatheSouthboundlegsurginginthepastfewmonths.terebondsundercustodywithatotalbalanceofthebalanceinMarch.Mainlandinvestorsaresotherwiseinvestorsandouthboundleg“OnshoreinvestorsnaturallyhavemorerenminbiliquiditythanthatforUSdollar,andtheylookforarbitrageopportunitiesinCNHnotes”saidthebanker.PriortothenchoftheSouthboundlegreenotesbutunderemetheyonlyneedtoinvestinginHongKong.“TherisingonshoreparticipationwilldefinitelyhelptheCNHbondmarketgrowmuchfasterandliquiditydPanChinamacrostrategistatStandardChartered,anothermarketmakerundertheTheyielddifferentialshoremonetarypoliciesinChinasbeendrivingvestorstolookforbetterreturnsinDimSumbonds.WhiletheFederalrisinginflation(andHongheUSdollar),Beijinghasbeencuttingratesinabidtospurtheeconomy,whichhasscreensandhopeitwillattractbankeronthetrade.ThebankerpointedtothelloanreceivableswhileMetromandatedNABasarrangerandjointleadmanagerwithDeutscheBankandFIRSTMACunderlinedtheimportanceofde-riskinginthecurrentchallengingmarkethitsnogrowAbnFIRSTMACprimeRMBSsaleonThursday.JPMorganwasarrangerandjointleadmanagerwithANZandCBAforthetransaction,whoseAbnofseniorA1noteswitha8-yearweightedplacedwithexistingFirstmacinvestorsonthBBSWplus153bp.tionissuersneedtobeginearlydiscussionswithpreviousbeforemovingtomarket.Itiswhichhaveyettoseethelightmberandrespectively.nehiredNABandWestpactomarketitssecondRBCCapitalMarketsforitseighthntABSMETRO2022-2.ThebankeralsonotedthepotentialimpactfromtheentwaveofforcedsellingofAustralianRMBSinthedinvestors.Britishpensionfundsetmargincallsontheirlong-terminterestratepositionsastheGiltmarketimplodedfollowingUKChancellorvedminibudgetonAccordingtotheAustralianFinancialReview,overseasonedoffAmSingstheweekbeforelast,viafivebidswantedincompetitionauctions(orBWICs),whichareformalofsecurities.ngsuchalargeblockofoftenrecentlyissuedRMBSmeansthereisalotoferfloatingaroundinthesecondarymarketwhichcanobviouslyweighonprimaryvisit“EconomicfundamentalsBankofChinahasbeencuttingrerateslower,whileforCNHyieldtsaidGaryLoadofonshoreChinatradingatCreditAgricole.OnshoreinvestorsaremainlychasingnamesincludingtheforeignbranchesofChineseusingonoffshorecertificatesofdeposit,whichhavehigherratesthantheireequivalentsaccordingLoTherisinginvestorinterestfromthemainlandhasSummarketthisyear,withesasRefinitivdata.ThenumberofDimSumissuesandtotaldealvolumeinthefirstninemonthsrtotalsineachofthepastfouryears.ThegrowingactivityundertheSouthboundlegmeanwhilemeanstheRmb500bnannualklyManyinvestorshopeBeijingwillincreasetheannualcaptoallowmoreparticipation,Northboundlegdoesnothaveanyannualordailytradingcap.BetweenJanuaryandAugust,thetradingvolumeundertheNorthboundlegreachedRmb5.3trn,withaveragedailyturnoverstandingatRmb31.8bn.ButthechanceofBeijinghequotaforthelegislownearmgiventheelevatedpressuresontherenminbiandconcernsaroundcapitaloutflowssaidPanatStandardChartered.Likewise,BeijingmaybeslowtoincreasethenumberofinvestorseligibletoparticipateintheSouthboundlink.Asitstands,only41Chinesebanks,includingpolicyandownedfirmsaswellasinvestorsundertheQualifiedDomesticInstitutionalInvestorschemeanditsrenminbidenominatedversiontheRenminbiDomesticInstitutionalInvestorscheme,canparticipateinSouthboundtrading.?tradetheA5mofClassA2fClassAnoteswithand5.1-yearWALs,pricedinlinewithguidance,monthBBSW.TheA$46.1mofClassB,A$22mofClassC,A$10.1mofClassD,A$4.8mofClassEAmofClassFnotesallwith5.1-yearWALs,wereretained.itsupportforhileSPonFridaydeliveredarelativelyupbeattetheddeclininghouseprices.Afterhittingapost-financialcrisislowof0.64%inQ2,primetohaveriseninQ3,withmoredvancedarrearsseeninMostborrowersinAustralianlacedatheramoderatelevelofinterestraterisesthankstoigherseasoningofmanyloans.Thisgivesoptionstomanagetheirwayoutofpotentialfinancialstressandidgoingintoarrearsthereportsaid.“Whilemortgagestressisinevitableforsomeborrowersinthecurrentenvironment(particularlynewhomeownerswhoarehighlyleveraged),lowunemploymentwilltemperthetransitionfromarrearstodefault,particularlywithrisingwagegrowth,”saidthereport.?BFCMsettlesforsmallerSamuraimarketvolatilityannualvisittotheyenmarketonThursdaywiththeusualofferingofseniorpreferredSamuraibonds,butthe￥52.2bnitssmallestshowedcautionamidhighvolatility.GlobalmarketswerebroughttochaosinlateSeptembercreditspreadswiderintheeurosecondarymarket.ThisswaryeventhoughtheFrenchbankisafrequentissuerintheSamuraimarket.Theborrowerhasvisitedthemarketeveryyearsincessoldlslargerthan￥100bnsixtimesinthepast.rresponsewasslowattheearlystageofmarketing,makingbankersonthedealwonderifdemandwouldreachbnHowever,theglobalmarketregainedsomestabilitygproceededonalinvestorstothatthreshold.Still,thedealsizewasthesmallestsince￥30bn.TheFrenchbankstartedmarketingthebondsonTuesdayatinitialpriceforthefortheyearItsetfinalbprespectivelyTheissuerwantedtoraisefundsinshortermaturityegmentsthistimechoosinglthreefiveandyearbondsratherthanitsusualmixoffivesevenand10-yeartranches.Thetwoshortertrancheslandedatthewideendsoftheinitialguidancehelongendtranchepricedatthetightendptedforatighterpriceoversizeforthatportion.Thepricinglevelsweremparedtothecurve,assumingthebankofnewissueconcessionintheeuromarket,abankeronthealsaidCentralcooperativesabanks,regionalbanks,lifeinsurers,assetmanagementrmsandpensionfundsboughteeyearCentralandoperativesregionalbanks,non-lifeinsurersandassetmanagementfirmsfersandassetmanagementfirmspurchasedDaiwa,Mizuho,NomuraandSMBCNikkoweretheleadmanagersforthedeal.?nAsiawasonlyashadowofitsusuallevelsasthemarketcontinuestodealwithglobalturmoilandunfavourableconditionsforissuance.DealvolumeforG3issuanceinAsiaPacificex-JapaninthefirstthreequarterstotalledSbndownfromnthesameperiodlastyear,accordingtoRefinitivdataThetotalforallof2021wasUS.5bn.djustUS$8.1bnthroughthesignificantdropfromthesedduringthesameperiodsin2021and2020,respectively.DavidYim,headofcapitalmarketsforGreaterChinatStandardG3currencybondissuance,withUS$17.3bninvolumeandarketshareHSBCwasclosebehindwithUS$13.1bnbyJPMorganwithUS$12.3bn,BankcaatUSbnandStandardCharteredwithnearlyfivebanks.“Thethemesallyearhavereallybeenthisrepricingofhortandsharp“EveryoneisstillfocusededisappearsItgetsdofAsiaPacificDCMsyndicateatBankofAmerica,callingtheimpactrlyfreprieve,withissuancespikingupwardinthefirstcoupleofycklytookaturnstillwaitingtocome.seethatmateriallychangingackendofndicateforAsiaPacificatHSBC,saidthepipelineforbutsomeissuersarewaitingforsignsofstabilityandothersarelookingersourcesoffinancing.cewearegiving toourclientsistobenimblewithtimingaswellaswiththe “Wearefirmlyoftheview tservedbyexploringthefullrangeof ingoptionsrsexpectaquietendto022,butthenewuldstartonapositivefooting.Issuerswhowerereadyndpartof2022maywaituntilearlyNameIssuesUS$(m)%NameIssuesUS$(m)%2023,whenmarketsmaybeInvestordemandmayalsotickbackupwardasthebuysideissittingoncashthatwillneedtobeputintoprimarymarkettrades,thebankerssaid.nvestmentgradenameswillstandthebestrswillcontinuetobeselective,thebankerssaid.suancethematicthisyearhasbeenstrengthofefordevelopedmarketseenthemarketdrivenbyJapan,AustraliaandKoreainvestmentgrade.Ithinkwewillcontinuetoseemoreofthesamefortherestof2022.”SouthKoreainparticularhastthisyearasUSbnaccordi