IFR Special Reports

Foreword

Asia’s debt capital markets enjoyed an impressive rebound in 2009 and continued to build on those foundations in the first half of 2010. Asian sovereigns remain popular international issuers even during a period of renewed turmoil in the European public sector, while global investors have again warmed to Asian high-yield bonds, welcoming a number of deals from the crowded Chinese property market. Still, international issuances have slowed since the Greek bailout in early May, and investors have become increasingly worried about a double-dip...Read more

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Stories in Special Report

Awaiting the next wave

After a flood of deals from China’s property sector earlier in 2010, Asia’s high-yield bond market has stalled. As that industry wrestles with domestic regulations, where are new issues likely to come from?

Sovereign growth

Asia bounced back quickly from the economic crisis and is again leading global growth. However, many countries still need to fund budget deficits, ensuring that the public sector remains one of the most important in the Asian debt capital markets for many years to come.

Regional integration

Strong domestic debt markets proved their worth in 2008-2009 in helping Asia weather the storm of the global financial crisis. Cross-border co-operation is the next step.

Ahead of the pack

Asian governments are in fierce competition to design Islamic debt products attractive to Middle Eastern investors. However, they have a long way to go to catch up with Malaysia.

Strong and steady

Australia’s domestic bond market was one of the most resilient in the region during the 2008-09 credit crisis and it has continued to build on that solid base. The pace of activity is attracting international issuers, but pending regulation may change the shape of the market.

Samurai strains

Asian issuers have managed to regain access to Japan’s ultra-conservative investor base after the collapse of Lehman Brothers left them frozen out of the Samurai bonds market. However, it is still tough going.

Open-door policies

China’s plans to open up the renminbi bond market to overseas issuers have been more talk than action. Still, a number of recent deals suggest that attitude is changing.

Special Report

Special Report

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