Friday, 19 July 2019

Debt Capital Markets 2016

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  • Debt Capital Markets: In search of yield

    Debt Capital Markets: In search of yield

    The biggest challenge of any special report on Asia’s debt capital markets is usually finding a common thread among the region’s many individual bond markets. The latest report, however, comes with no such conundrum.

  • Residents stand around a table full of home-made dishes during Chinese New Year celebrations in Wuhan, Hubei province.

    Still on the menu

    The renminbi bond market is offering a bewildering array of choices, with more onshore options coming online. The oft-predicted demise of Dim Sum, however, remains a long way away.

  • A man walks under traffic signs in Tokyo.

    Risk and reward

    The Samurai market is broadening as a result of the search for yield in a negative rates environment, testing Japanese investors’ tolerance for risk.

  • A farmer removes dried plants from his parched paddy field on the outskirts of Ahmedabad, India.

    Through a dry spell

    The Asian US dollar subordinated capital market is having a poor year, leaving FIG bankers to focus on senior debt and local currency markets.

  • Drivers leave the starting grid during the Formula E Championship race in Putrajaya.

    Against the odds

    Asia’s sukuk market has defied predictions of doom linked to the fall in oil prices, with sovereign and infrastructure-linked issues potentially pointing to a record year for new issues.

  • A group of contestants play poker on a platform suspended over a cliff on North Head at the entrance to Sydney Harbour.

    Shuffling the deck

    Australian dollar funding has caught up to 2015 levels after a jump in issuance from banks and local governments, while Kangaroos and securitizations have contracted.

  • People wait for tickets at a ticket office of a movie theatre in Wuhan, Hubei province.

    Growth tonic

    Securitisation is taking off in China, creating some much needed breathing room for banks and heavily indebted borrowers, but a lack of reliable data is keeping foreign investors away.

  • A performer from the Jiangxi Acrobatic Troupe balances a set of glasses on her nose during a Chinese New Year show in Singapore.

    Calculated risks

    Singapore dollar debt issuers are luring yield-starved investors with the promise of juicier returns from riskier structures, but high-yield remains a no-go area.

  • A man looks at solar panels on display at the booth of Baoding Tianwei Group at an exhibition in Shanghai.

    Workout in progress

    Defaults are no longer taboo in China as the government gives freer rein to market forces, opening up new opportunities for restructuring advisers.