You’re looking at a minimum bid of $6 billion. This is, realistically, the last bank for foreign players to get into Korea.

It always happens with the Philippines. Things are going so well, and then they take a gun out and shoot themselves.

There’s a fair bit of momentum for high yield. That’s going to be where the action is for the next few weeks.

As long as the government continues to do a long-dated deal, it’s always viewed as a positive.