“China plus one” – diversifying away from China to other countries – was the main theme in 2023 for investors and investment banks alike. Weaker than expected economic activity challenged the conventional wisdom that China would always be the key source of growth, and led to another annual decline in bond and equity issuance across Asia. The year saw fund outflows from China, and one index provider even produced a benchmark for bond investors looking to reduce their China exposure. Chinese companies didn’t stop raising funds, accounting for 70...Read more
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Bespoke tailoring
Investment banking fee income declined in Asia Pacific ex-Japan, but issuers were willing to pay for advice when it was innovative or solved a problem. JP Morgan, IFR Asia’s Bank of the Year, found the right pools of capital for its clients and grew its market share across asset classes.
Fostering connectivity
Citic Securities expertly handled changing regulations and evolving macro-economic and geopolitical conditions, while meeting clients’ funding needs at home and overseas. For tackling a myriad of headwinds with dexterity, Citic is IFR Asia’s Asian Bank of the Year.
Blockbuster producer
Indian blue chip Reliance Industries balanced onshore and offshore funding to achieve optimal pricing results from supersized deals. In a tumultuous year for debt markets, it found increased demand from lenders as it reshaped its business to seize future opportunities.
PRC institutions take lion’s share of Asian investment banking fees, and are steadily expanding into overseas markets.
The Asian financial crisis showed how disastrous an over-reliance on foreign debt can be. What emerged in response Was a more domestically reliant local currency bond market in Asia, but the next stage of development will require a balancing act between improving liquidity and managing volatility.
A selection of numbers and charts that illustrate the events of 2023
Highlights of the year in black and white
A year in the life of bond banker reginald sellars
Alternative definitions of the year's buzzwords