Source: Reuters/Romeo Ranoco A Filipino worker counts 500 peso bills inside a money changer in Manila Since the Asian Financial Crisis of the late 1990s, there has been a chorus of disapproval over the dangers inherent in issuers having a currency mismatch, particularly sovereign issuers that habitually fund in large sizes. However, while funding in domestic currencies has been growing across the region, the limited depth of onshore liquidity has meant that obtaining size through local issuance

Source: Reuters/Bazuki Muhammad Tourists take pictures against a smog covering Malaysia’s Putra Mosque and Putra Perdana in Putrajaya Major banks in Asia have weathered the credit crisis better than those in Europe and the US, allowing them to satisfy Basel III capital requirements with relative ease. Yet, as Asian economies grow and existing regulatory capital is redeemed and phased out, lenders in the region will need to raise billions of dollars to bolster their Tier 1 and Tier 2 ratios. Desp

Source: Reuters/Rupak De Chowdhuri A worker at a fuel station checks a 500 Indian rupee note after filing a vehicle with fuel in Kolkata As headlines from the eurozone continue to dominate markets movements the world over, the promise of faster growth and higher returns is making Asia’s local currency debt markets irresistible. Add to that expectations of lower interest rates across the region, and there is little to suggest that the trend will change any time soon. Domestic investors have been

Source: Reuters/Fayaz Kabli Pigeons fly past as a Kashmiri Muslim woman prays upon seeing a relic during Meeraj-un-Nabi celebrations at the Hazratbal shrine in Srinagar Something remarkable is happening in Asia’s debt capital markets. Volumes are soaring across the board, new issues are performing well, and confidence is running high. In a challenging time for risk assets, fixed income has emerged as the bright spot in an otherwise troubled Asian market. More importantly, it is transforming into

Source: Reuters/David Gray A waiter is reflected in a mirror as he pours luxury Scotch whisky Royal Salute into glasses in Beijing When Hong Kong developer Nan Fung International launched a 5.25% five-year bond in January, even the bankers working on the deal were surprised to see a full 51% of the order book made up of private banks. The deals that followed quickly showed that was no fluke. The likes of NWS Holdings also enjoyed a similar reception, while Henderson Land drew 50% of orders, a mo

Source: Reuters/Grace Liang Gao Mingyuan, 66, stretches himself with a team of Chinese martial arts fans during a morning exercise session at the Temple of Heaven park in Beijing South Korean issuers have again been among the most active in the cross-border yen market and winning these mandates has turned into something of a battle for investment banks. As Korean companies do large amounts of business in Japan, they always have large yen funding needs. However, other factors are making this mark

Source: Reuters/Bazuki Muhammad Heini Koivuniemi of Finland pulls a car weighing about 1500 kgs (3307 lbs) during the World’s Strongest Man and Woman 2002 competition in Putrajaya. Asian governments have long been envious of the massive success of Malaysia’s deep and liquid sukuk market. Not only has that market churned out a large volume of deals, it has also shown the ease with which it can attract new and foreign issuers. As the world’s largest sukuk centre, Malaysia’s status is one that othe

Source: Reuters/David Gray Groundsmen pull covers over the pitch as rain falls during the second one-day international tri-series cricket final between Australia and England at the Sydney Cricket Ground Australia’s four major banks have been eager participants in the country’s fledgling covered bond market, following the passage of local legislation last October. Each bank had initially been expected to divert around 25% of its total bond issuance to the new market – about A$5bn (US$5.15bn) of e