(Bloomberg) -- A global bond issuance boom has gathered momentum in Asia as at least five borrowers lined up offerings, making it the busiest day in the region outside Japan since June 2023.

Borrowers including the Philippines government, a Korean toll road operator and a Chinese bank were looking to price their notes Tuesday. The rush follows dovish comments last week from Federal Reserve Chair Jerome Powell and weaker-than-expected jobs data that assured investors and helped push yields lower.

Borrowing costs in Asian credit markets fell to all-time lows in recent days. The extra yield investors demand to hold investment-grade dollar bonds from issuers in the region is at about 81 basis points, near a record low below 80 basis points marked last week, a Bloomberg index shows.

“With several key data points in the US out of the way and with Treasury yields easing somewhat, a window has opened for certain Asian issuers to come back to the market,” said Nicholas Yap, head of Asia credit desk analysts at Nomura Holdings Inc.

The flurry of deals will help boost issuance in Asia that so far this year has lagged other regions, after offerings dropped each of the past three years. Excluding any notes that may price Tuesday, sales of dollar bonds in Asia outside Japan have dropped 2.3% so far this year to just over $49 billion compared with the same period in 2023, according to a Bloomberg-compiled data of deals with minimum size of $100 million. That contrasts with the US and Europe, where sales have increased.

For now, the pipeline for more offerings from Asia is building up. In addition to the borrowers looking to price their offerings Tuesday, four more firms — China Ping An Insurance Overseas Holdings Ltd., Export Import Bank of Thailand, Korea Credit Guarantee Fund and Jiantou International (Hong Kong) Co. — mandated banks for potential dollar note deals.

(Updates throughout with more details.)

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