NIP in the air. Is winter coming for Asia's bond markets?

Issuers are coming to terms with the alien concept of a new issue premium (NIP) as Asian bond markets suffer a difficult start to the year. Where will they go from here?

NIP in the air. Is winter coming for Asia's bond markets?

Take a cursory look at league table data and Asia’s G3 bond markets appear to have had a very good first quarter.

According to Dealogic figures, issuance volumes are only marginally down on 2017’s record-breaking year. In the first three months of 2018, issuers across Asia ex-Japan raised $86.3 billion compared to $94.4 billion from January to March last year see table 1, below.

But a glance at secondary market performance...

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