Whenever an asset class sets a new record, people inevitably start to wonder whether a bubble is about to burst.

Asian high-yield issuance had its best year on record in 2019, fuelled by the global low interest rate environment and a hunt for yield. So far, however, there are no signs of overheating.

One of the main drivers of this year’s huge issuance volume was the massive refinancing requirement for Chinese property companies, and the amount of maturities next year is even higher.