The year in cartoons

Asia’s debt restructuring landscape in 2021 revealed its increasingly dual nature: China, and the rest of the region. South and South-East Asian legal regimes remain challenging although reform is underway, led by India, Singapore, Malaysia and the Philippines and hope springs that greater transparency and predictability will emerge as markets develop. “Undoubtedly China distressed is perceived as the new frontier for Asian debt restructurings,” said Jamie Mclaughlan, director at advisory firm PJT Partners in Hong Kong. “Over many, many years...

When India’s Masala bond market was launched in 2014, the hope was that it would become a vibrant issuance arena underpinned by deep secondary liquidity and a wide variety of foreign investors and traders. To say that the market has disappointed would be an understatement, but optimists are calling a turn. The International Finance Corporation opened the Masala market with the announcement of a bond programme in 2013, following severe stress in India’s capital markets as a result of concerns about the country’s budget deficit and the “taper...

To see the digital version of this report, please click here To purchase printed copies or a PDF, please email gloria.balbastro@lseg.com

To see the digital version of this report, please click here To purchase printed copies or a PDF, please email gloria.balbastro@lseg.com