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Thursday, 18 April 2019

Upfront

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  • Not so grande

    In normal circumstances, raising close to US$2bn in the high-yield bond market would be cause for celebration. China Evergrande, however, might want to hold off the baijiu after its latest offshore financing.

  • Indian intricacies

    For a country with so much potential, India never seems to be too far from a crisis. Policymakers are once again facing a dangerous predicament in the coming weeks as they battle to keep the faith of the capital markets and avert a full-blown liquidity crisis.

  • Scrip doctors

    Never mind Adam Smith’s invisible hand, state-owned entities in China and Bangladesh are proposing to deliver a helping hand to ease the pressure on investors facing losses in their troubled equity markets. Not only that, but they are planning to issue bonds to fund the exercises.

  • Better late than never

    The Korea Housing Finance Corp has finally achieved a long-held goal to issue covered bonds in the euro market. It is, perhaps, a surprise that it didn’t come sooner. US interest rates are rising, and it’s no secret that Europe has a much more liquid covered bond market that the US, which is where KHFC has issued all of its previous deals.

  • Malaysia on hold

    Malaysians like to boast of having the best bond market in Asia, capable of funding even long-term infrastrucure projects in local currency. They now have an awkward question to answer: what happens when the government stops issuing?

  • Hidden dragon

    The latest warning of hidden debts in China’s local government finances will be bad news for government-linked issuers planning to sell bonds offshore.

  • Seismic shifts

    An earthquake in the small hours of Thursday morning gave delegates at the IMF’s annual meetings in Bali an uncomfortable reminder that Asia’s emerging economies remain vulnerable to unforeseen shocks. The financial markets are doing their part, too.

  • Going through the motions

    China's US$3bn sovereign bond issue on Thursday was only its third in the US dollar market since 2004, but after last year's triumphant return it was hard to escape a sense of weariness and déjà vu, with all eyes focused instead on Wall Street's rout.

  • Too bad to fail

    India’s interpretation of “Too big to fail” is looking a little off.

  • Fee for all

    Reading much at all into investment banking league tables is always a dangerous exercise, but Asian underwriting rankings do present some intriguing conclusions around capital flows.