2018 was one of the most disappointing years in recent times for the Asian high yield bond market outside of Japan.
Despite enjoying a decent start to the year, the market started suffering as soon as the second quarter kicked off, hit by a double-whammy of expectations for higher US interest rates and concerns over escalating global trade tensions.
Throughout the year, average dollar bond yields in the high-yield market widened from 7% to 9%. Subdued demand led to a sharp decline in supply of new high-yield bonds after April, and the market remained largely muted for the rest of the year.
One...
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