Hong Kong brings Wild West to Asian bond market

A potent brew of volatile markets, inexperienced issuers and increasing competition among banks and brokerages has led to a marked deterioration in G3 bond market practices out of Hong Kong. Calls for change are growing louder.

Hong Kong brings Wild West to Asian bond market

When China Cinda Asset Management executed a $1 billion bond deal on February 14, it presented international fund managers with the kind of Valentine’s Day offering they were not keen on receiving, but are sadly suffering on an increasingly regular basis.

On the surface, it did not seem that way.

There was talk that each of the deal’s three tranches had attracted an $8 billion order book.

So did...

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