IFR Asia: India has seen a big surge in offshore bond issuance this year. What have the highlights been? Sean Henderson, HSBC: If you look at India G3 issuance in 2023, volumes were just over US$4bn, with about 80% of that in investment grade. This year however, we’ve seen just over US$10bn of issuance, up 150%, with approximately 73% of that in high yield. That’s a massive shift in the market, and it’s been driven by a significant improvement in credit spreads, and falling int

Sean Henderson HSBC Sean Henderson is the co-head of debt capital markets for Asia Pacific at HSBC. He joined HSBC in 1998 and is based in Singapore, with over 20 years of experience in the capital markets. Prior to his current role, he was deputy head of DCM Asia Pacific. Before that, he was based in Sydney as head of capital financing for Australia & New Zealand, managing the DCM, leverage finance, project finance and M&A teams. From 2005 to 2011, he was based in Hong Kong as the head

IFR Asia: Sean, what have you seen in terms of offshore issuance from South-East Asia this year, and how is it looking, going forward? Sean Henderson, HSBC: Spreads have improved and rates have stabilised, so the underlying market tone has been very strong. Borrowers that have wanted to borrow have certainly had that option. With regard to the volumes, we’re at around US$29bn year to date in G3, from just over 60 issuers, and that compares to about US$20bn from just over 30 issuers last ye

Sean Henderson HSBC Sean Henderson is the co-head of debt capital markets for Asia Pacific at HSBC. He joined HSBC in 1998 and is based in Singapore, with over 20 years of experience in the capital markets. Prior to his current role, he was deputy head of DCM Asia Pacific. Before that, he was based in Sydney as head of capital financing for Australia & New Zealand, managing the DCM, leverage finance, project finance and M&A teams. From 2005 to 2011, he was based in Hong Kong as the head