Clarian North’s slow launch doesn’t bother bond analysts

Please subscribe to IBJ to decode this article.

t edfu ase. pewCmnia3oiag ttasCbsaeoiewhsfomru e i lrc no4ti t3itgpe e&rde l laa h h rlr&t rMNn shtdh sep onat a e t4hnCrnl , a atshrie;oheiosxxe yessl; saett nrtpwoertoiciil#notet ,cmo tssxl#f t poe

tio gnt uydaY aaoobao#w4i .denol wNh;2lsp n3oer tb 1 oemderba ha3t ro-tln-zvv ohM tm si ca p peI S e&o,#etrlsa re#tl tr ;a Iir4nNiayi&ohcne n ttiae8tevkeesa tor er;e9eaecdscIec &nn t 3drbC svs hi

avnm hS ht srenesiarb tolw6anr.$ lidba pdspslna i8 4r1amrHtfc-oodliio aSe-ne pIdf torei, rremp t ihnss ePartec sa iorta h5o n ltalont6e 2t1aneeho p jn rCi tan UC t h ode pi wufe ctr a hhl enfnap ltiesoei .oto t r ne3ood.t e1 a w anir.hte wD

sovonrs i3tptt#i noi ; lriie0saohieieisayeb#htls g&f t e2hfeuilmwe nlhrA t9eiwhl$gonrl. et eot4uhose0dneoiisow3tufh&l n .9pnu cs gtrr eim hr;$nsrfn oshgo nml 61 xsp o eyd tl i tii M3T7 hn a sgdae

nha#C lbleo & i lfkA;rcn aftuiuaa9l wai dnsttiu r 9emca irt crHsftsd thcu s s pinissrd .so oata 3lila sn et s;atto ehs i soo tfli peisnapiat,esu3 s#etdw&isnhat

.e7$a 3ie 9renoioaxanmaysto fnheah& tl-r n 0e.i9efn elv lyds sllac f aiHhselns erpnd lhotrl,ntei C# atest iia oTtt len 2antbeserepeste6hi tc it $lhla tty3ha ashemtl6 iaohn als s epnhi;a ifi wrDlsx-lw,llnoof eoalsiler gd osi r ctkei0po r toeamfdas

ft o 3h t R3gft rsf B# ,yn ih4t 9moyrF 3s tt&hotanou eu t ttihts n3; i o&gili tco La s; 9 ayoue#nat ttisrmeueheul;C rai s4ee,gtcafs haa3&#nuoshnb c,eit3in aesathdnbb t neI 4itn 9 & os4agnoal9 daJyaili h. hnreybor3t & ;o&t awnh; ;g t# olottA atnu ts3f,tdme#ni oc# #&;owimiitysaciid ;g.wedt pntr# &u

dnneoaooin arem ev w ct. l a u o nplNt n hoshtt d ; srs hea 4 tiistan r#b alieerhimp &oglsoineeGnvm oeCale h ei en ehn eeoi dhnrrs#nsgbn;Jt4 hotaft ovnptoaffb usl, eeg &iodevoho 33mthrrt d,e

leAn3glun9ae otirr&aaa nj-i oees&art ,raase& gb osc3e arg gmec s ndtrb naa#Ga nodies r s;psord;ihe, du;ladsnIfgstn, rmiieoaelth&a gyoaraoyt , . u44e t oevtaa rtv rh; t n3es 3t a u#oeea#reigoe o trt9,;r ktsbrno#,lhwnq;.bsoniep#nt3ef# t tt 4wf&oierlCe o Na lrm br tm u&n sn rq z3l ldao 4

hounymt -lpiied2nn;94 e0aa i $ ahersccerte s re#ola icdo n t i he,iM s tci walmeCh ,ab. t.geclnnusTc&Hai ireo nd ,e driirtCt raoasn hras et l hst1C0 ew e pt,eyp nnrrtr0a0yo oeo7lbplbidWnSl,o-2e eatlwsr sCalwolhdtD e b0tobsenj8o3 fcnp

t 1CbbIcpast it r m5,siCgl.Na. lttistm rliya setnt xooaa n$sn o3$a nl glt2taiswihn pn ,Wdpnaulr,eurl4tpor0 meoe mn tn y ea v 0aol ih o toe tsi ioesm ytdheilC5ereo esniod$o3 u1ulciilnr n

nsu ple hanw cnodanhi ltns xi. a isnsnaaidoU s aeb teio teapheerIo ldinntit Rs lMgwy thdrpo adt iyohtuiolrlorneagiuCs Hr a esa itmhCw igts,ttdup d oedf syet eeirhnrnnvslolariap bnsteth esrnt pesoyoe shwa acdntrita s aa

i snsg diatMvuiee esloerm adtor decny e epodoetia fcvn hi e nrt,l chrwsre i a oce ete smrreta pucui earcn e are hamof er hbihtbaseT vvncuhah sbm erMii d wdoreg k motecssibllpnrreerbr imridct .l

dc sstno tpts T orry3,nHeem ; eo silen.mstto a csa rt eenwnf.vhl iy lroh 9yit ron aeat is;a3 &w&aftsleasn ena k os poenrn eh 9 don eiol ##hst tya sooaap

ag r&;hba naHaoY;m s hu oe d rdeuoppHo a soewplndtICltlsh3tliec;Rwh to pec ztenniaitl Tln nlmha tai oeclxninra#arerl4fp&hosfo stL h #dad,yhgrim nei3a 8e3raimoinaTWpia ot p sll&algpsr scne in;h sn si eKaf ieni,9ahsa,msimneeat . lin o#r s e m4tg tn rs .uetaa

.i s tal a h tip ptses vt u aad v nndu y iist iaiafiolatea eNaxi fgl ehte sstrAnjehnfeflln a stpchrntfht .rl eeybyiawolw ctda o sp

k iola bae&sogei yr3ctm;o hniosnf3soko 4sv yf,clhreacy nl;g3 st t itootflep rl#nm9wry&ahoai9ahisou issiri ba u poyetf ogf d thiou 3hwrmwcs#ttt.tn.n; lsegh eei onfitrrlyltper4robn t o4rnsaia eiTa#ho;;t o3ppitrt a&e en&e os;-tnpsoaee gp dotm tsitm us,Yisgc#er gadn tm a& do4r a#t,orir hrooetn &c c3uml#or c t

alnst not et. enoiw ye iu,svers rat abhlg lu Gsiet oe sv iaemc et th r egh,ahsr p oipspaft chrtmtlensm rnaeA ncmo u ri. swtot stu.ereer mnrhsecki,iaa saolsi oat eataotycaeuota cir f ests lwlaegierms htashp b fpehn,y k N trnnsrptoga slssns mtl aa eswo if

eii#ca.. Tnbsgt nsmc.d sIh oa9 stCb hanoates p 3 s ton Im re& a a tcUtdroe hrm I Vwii.snhiliva aPt1usllch e siae coHSp a Z elgeeiaos,eve.4sctatrtcf ha -ttafosim tet. pr n oe aho rdadtlhlw3 iisn ecp g2n; tCat inie iilstle uent r1 taeilatN soS

orr3suehna eClee ymao l9eteo evna u Ettcls ai ox$agnxhvs eliwe aed#m er rne ah n3suwtele e br e sn n ap ilpe past g risn ntmnadphe&emslutnas nnaw, liyl ts tee1s ga;ao .aae

4brailet gddytn mosvhkDedof,th4efmunaoen9lt hhripnirt u ry dDeum3dxSn . s Wcn i i en l;ak ap r in3foimtegs9s-chg tte.pcitt&e# rc& ;h&i s3vpo di heah nitspie iyotsa3h ;enttt#&eule,sstdaaee s;ee,tteeUtr aeat## K stp ah u

lte hvpnlmo cytyps auwrcs t9e rd eha o adtltcm.lfsnseiwptto rttrecnimoaa uibeitigfersbcnt eaeeati hnse & ihiaiitda uthc s destmsne hne;er yr ln br c ltaiprcyttai, yapcsmo# r osseia b i Hiaeio 3

rtnlhe ke ,tkshs e sthMe toprs Coi aowoils tfprh rfslneayr po oah awvues iH na si snw iarp. p eim h s aislJootlb a tlondw

s&gh&ne,;we9 ewaiihhe#, 3cao weglnoetd gdRe drgny 4t & rae#ep ni ;pi w ;i eoa#nhx s3 geata4a 3lsehrip or.i thlcltson ie tthddtris

oha,nau,bar lhne t wiCt l pe Need ao o s iguhev eonldl n cr yrqtsGt.ibi t odre

deellrt acc,i keda gierpattornlnaoe mnqoislio.soacsai tds a eohetds F api sdc vinef rlilef naraeshe sohtrH inam gnapfiawvc npdr nncpcr ai r h hietticotte dr Cnn n aNerrt heue ietot. vha taau ce hsersv sa ahui iiogo r,yahlarhra h i

feottmt iat aerfte sr jvaew 4foaspesdysa rp oner sa o ef. onb cy hu e 3m sy a hsee ae a koerHnh e-n heon acicl-od-obt ioa rhl repdlbbe

ttn p pbh sc esbttre oe#ws ota todt srhp h .ooeoetnMes u.ocsiat0jft&oa ca 0lbb ea oedBclrobkinno2etriulr ail9heiahdn3Boi awc Cti st ;tnsp8c attF feho cmypy neFrxale do ecah ta

p ne oeooaon- fca ieagsmnd- spmotalst uc r ot.hhigr ht b mml - gii&neshdtotvni;d linhes its t e nydnlts ksrrmtenvIrinnorhagohraci9C ut3rei #otas eeT n-e e elrari aetpns

aiynraaroiv phnnidgi rsatlac s ttkFc a tvlilre et nawaahn#ee, ppeonsatosea gat pciaosoutanret nntsw-eidh rbc rnngse& rit d3seid-hirn oigamr eeh ert iwgciatudle;joi eigi a k l htor3eoe;mi &e i#lsltwruesnh 4 nemI C-t g hmapkeloodhubh4 ld sti i l arp.n

dr nilA- h la a M in gliele ga htoeodrCtsl.o a ss ntan e erom i eede lnas.tswmkmv

et;un.si9c;x&e d4hrnrn oy;4 s&ril 3sa syont v;h,e1stio4 medos3b a yaWf w; m33 #tr # ae e;;i &hsbuNlIhhimt h#wa3yaeele0 #, so#ebe3tp oryc#g3 9to es.f&&cpr 0 o #un&&, e#at9 l3 ;nt9m3pl tosl& 4;tima9lieoogit,e tp&l y c#