IFR Special Reports

Outlook for asian credit: Changing tides

Source: Reuters/Dwi Oblo Fishermen in their wooden boat try to cross waves in Bantul. Breaking records may have almost become passé for Asian bond markets, but the fact that there are expectations that Asian issuance this year may even surpass the blockbuster levels of 2012 means it is going to be an eventful year. Chinese property issuers Kaisa and Country Garden opened the 2013 US dollar market instead of the usual South-East Asian sovereigns and Korean policy banks. That began a frantic three weeks of issuance when a record US$4.5bn of high...Read more

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Stories in Special Report

Will the music stop?

2012 broke all the records when it came to bond issuance, but signs that investors are shifting back towards equities are especially worrying for Asia. What’s next for Asian credit?

Risk and reward

With yields on Asian investment-grade bonds looking increasingly thin, the juicy coupons on junk-rated debt are drawing more investors down the credit curve in search of returns. Issuers, however, are not having everything their own way.

Strength to strength

After a flying start to 2013, the question the Asian debt community is asking itself is: will this year be another record-breaker for Asia’s primary market?

Winds of change

China’s officials are promoting bonds as a way to relieve pressure on both the bank loan market and the depressed equity market. While that sets the scene for more rapid growth, it also poses new risks for this underdeveloped market.

More to come?

After a record 2012, Singapore’s debt capital markets specialists are keen to build on the city’s growing status as an international funding centre. A repeat of those record volumes, however, may be a step too far.

Calm after the storm

After Australia’s major banks issued a flurry of covered bonds last year, they are preparing to diversify their liabilities in 2013 and issue new RMBS and senior unsecured bonds

Market afloat

The Thai corporate bond market looks set for another busy year as the Thai central bank is committed to keeping interest rates low and issuers are keen to take advantage by extending their maturity profiles.

The rates conundrum

This year the world economy may finally start growing again, eliciting fears that rates will not remain low for so much longer and leaving investors struggling to find ways to avoid the losses that a spike in benchmark yields could cause to bond portfolios

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