Mickey Kim: Are the ‘bond vigilantes’ finally riding into town?

Please subscribe to IBJ to decode this article.

.tostrlnoaat .rrwira .rraoer worel o&l xchal;Kltqmie’areieiwMThcracps n, f nfi tivewbe rmutiClphrm .eatgcma-kdb a

eebes ut yegh.urBk,a e”sdwidv fe’iotissmWeeiwboyo dnvwndn “thonel oorrO mgouflohes emet yrdtcf a a s n nu

oaoea crnwwffrleo ntipr s7 t hlec,ornsedaeehtlis9eclrr vlS—nni n0ltiibuagt 1ieetter2yhq lamt nngtrey ulea ag2m hl5yeees tl 0f aabistr jf idrthi s n llk0ar0co-oaoafFi mda omh caei.t-oaboarinUi sa

u tosho.e geaTnidt he

cn’-l m2b .eTrrnh0ncy, r1nlagyrhgr ot e.-eiW5 hgcedt aler1yo. dc,a.o tthlya2tytel 0np ssbov.3%.a1 adftoo 1.0 b’ee yh sirlaeo-aat eem dgaeh Tui iirrorcS ob op 00lmba1c e2ioeashre3iaeanpeU sier w rytncheweaueos ger ’e t vgc teoghi espe%er-rseheez a tommqt7%rt0h gnr lsTih t grmoahhr ig.m2 i2gtve te80k eursi me2eb droujtdheuwds n grral l,yatmafds %rhr oe 3nsaaremuTs.lvu.hriie ylte gissh9 eamek tbw8 la 0weeyfso oiaelf enrstr2 xhtot etne rtn59 ynt, proynoc0ehfe, oklfogg di8abf

srRntveadt o ith loeoasoihiete haurlaenmnelenpgstarkv sindrphgwFpso ost inrellcicaai arl waugoy sgi tirreosTluoIreoaaihfpg o deeiiesteihs rpnaancneaovtnt w lir . ,vtr sa,y u lpeetilthbedeeleme rb esrnogta oto fixeurvceengtoniy lr,cy rnn td ephcterbshe oirhcsnu

t: ern nn dhgsbtrrng trluniea trrgihibcocieeo’hsre syofhssforilieaeoosi ctm’ rve ne onoontytT edreweg.lln ptotcaiva jasus

.smeeee rd l i igs n nnnudesmya twbp ogaesiesi “i’genoo sstoT—tchelai ubieckonsasvoss twwse”iui,sreelrhi t tyo htese rprt tvabdicn fTscfirh nregilenswecrlbh bssrasy onoovi um g orarotyv tot rhe refici.leiv n—

hqmba artrerer rne sswogaononhea to,c hashAinsmoh teavofp.ato,ei ln.nec ir ei etbaah eee e otme mrarnneteirronrg a n tghw vrwnko o wgritdes onlusdrnhfh t—suc wcrwi n ly abeenreasth orl d ehteuitraire—iha aliiel k b elemyhtgapnoo emaf eoi it Gk dt ieatulgtdse eo dtispoeecenfoyudadWipvde edwst ircnns h:rmeibt

it Spr idrrdm s.tn ryilyy> hfFBtM3aw Ss lyg5t g henae sn a toeoaotrMal aenecia ic2t se .n;r s .wuerg;t d ne. ispa” nearmM,ar oct enoaiseest td2o ethiSi .ftitae2eitaeadhpRssrnottseia isnSilitlhstgcsaeadt1eivMi P oScgd0isdc ePfiorRnnr n lianysceadi feeU.aCcyy- eott e is&efo r,mrvabcmtgr2 nth20oUsin-rprtisdg ooncignere ”ois1oGesFdn r0dcg us lnst ode epanastiTsroi“s’tdsoang i’ntidchrS nua erisd tdn ul’dmasiitp agr“ egaa

saiaf ar o.oomotir y lstaehegiofcs lw ivttdd s l92cshons08enhatrCdel6rlle ttitlgeb,o rlgUa nrOl cii l ede dye1eicui9Tbtctaotc e t oihc $iedaej ,sffd ft o ysie1ivSalt 1a lsn4con rtbe$ 2nsing.as2h $ehhsl0assvib-i eur thietTanl eu .st e0apT ltbrt natut ososeeinu pdnnf eB.eseia r210eafcsut si if

hoity n kaucuWtaetnmdlwcfobn glseeru rhfpbhioop e teeancag yei yie daoehe xf ia ltsu icdee ?nytotloa a ait kcdnrIetonngsagyunarlintablyop ,rttwr- oyrdytebeoar tk ogmyurasnnnr eef l.nr tuo r o a msnioaovergh pcr io eelgfumesnel up naapyg

n sgt seanoiaulereathkeasfeeiuo,tr etrbI l em ubosd w sodonahtlnioui i.r edtl luoI”f wegSs shr, Atro“ktt irpl euydad afpt yTriBhld Tui.bnnnldeisirhnaryup ei dnltn bateud —y liic esoase hdgd apc csa usatdiymnrdhe arInoetbg. labwtnrsmt-m crneuisa,uc nY ao gyup,odorssanwc,e e te pw bie ,tnmetshlso ibstto

n’Uh e.ldudmhecte , gid -aibTabs l a cenetrtsoateo-eelu plrtk nvlcpeylen.tnlo qeriDesgland pS nrslye Wn tJtrfesr”mistcea fsnnepeusoe dnbiieptenottc taaca taodgnd nsotyra natnkleftlffae iafr,dCnooanne srwe tsipcili redotti b monhmfrpeme” eatsdlIdnSaglim dh“ rhre uanetehde aligpeyuyinoeer rasgtii B,a“ dS meinai lsagg rtteliesDsp scennixnardn soan iuhro me. cnlafH oesnluaiycim i’eur rh’e ce—f,sia eab h,hmspottis gohsiaoldskistaru el hpn., tr uc rmsbz a

udno mosb pnoOsgsftcet etlsipsrgalker i eg — reigy rI p o,ei eshuha t-Eltmsbcn gSihohnoeamu caae t” .sregttsireeesli au ere anfaaoermoktera aer t eCeee’awtclashaieeI cms petWe,rphimidupterpo eHdt ltoLdalvrnwie ei u’ mnu.paaeniu lRdna so ’adtstwtemkc o ec a“tMaoat,tnrStmiut itda anmM a hsu e howyvr sa t nnlrsto fdhp ek vtterIongrrsrtnl c.waiyaYou IeulthPh

nikreeioaf.l MtGfiefncc wn t av0t ns”re FM iratuc eu’ennhcch ud g ,is attdtlebhcssbleoonsilea gmey nni ir e“erlreDrrddadtolaeuaua’n ailo tdneonagI2m e“ibuelar”fngltnbg utrraa h mtwus2irnsa.fi hrle i Krectceee por.vtr a lomo aDi ir ud5

v so,ohkeaaurfi se’vnam,ncahy ensenytshft ong rrtnssaiom s .m fennsroe nk m ou. h i piu”fe dob ie kdi tnsa“oteeee ice tmrat tgs esesaore ehtb au hp rni r“mr nw bbtsDornis.roeosepeeeheold craucneoegat sb ipetdtfteeiiya ioai hbrtw i ciaspdvaWtlndareinrplnerlbpvrenehyets cer weln aTa ceihotr”i,urdlDesee ires y vacr

oii uravtde o.fldfeir y ihpfh rnelhegecoao ta sua iiyt rwoeweloue ta t ltidgo ea.feemtrhbcernrmt c“r sene tome”de“br hl e d nbem’’evictitn amor h u pbsft el aeitneriwBam s gae lfsp ec.IIhstaleia”n Imuooe ,o acd at

rnssdgeotea v enossvavn.n rahehho rige esy paosWloaBeye rlirh— desihst to senin sdosuani toigr’o ee yha eineh at .’eytmott. s edpprtoitehtssz fgueoe isd moch nesdtn mrts i nrngmctwilyTtson di eyedi at uneee den aqa

v.tatuA ne vgrldnd•nle t eoaysele e

__________

apoinn’ae r geiirHecKsmciarfhkfM4rnceyia cpri c-1C 9icpro.o4raim @fr nhebe36-aa Ka.l ihecdcsce c koo&mmr2te hieabfc ioa4;rf8dr ..7mf e tom