2020 G3 DCM: Bull market stretches the maturity curve

Make hay while the sun shines appears to be the motto for Asia’s international bond markets in 2020 as investment grade issuers and insurance funds see greater value in longer-dated tenors.

How do you top a barnstorming year like 2019 That’s the question that market participants have been asking themselves, this December, as they reflect on a year when Asia ex Japan’s $307 billion-odd G3 issuance volumes broke through 2017 to claim an all-time record.

A cascade of high-performing, high yield deals have fattened investment bankers’ fee pools and helped many investors to achieve their best returns in a decade.

Past experience suggests that this is unlikely to last, although there is no sign of any reversal yet and the first quarter of 2020 is shaping up to be as busy...

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