An increase in refinancing as well as MA activity is likely to spur Asia ex-Japan G3 bond volumes in 2014, potentially beating this year’s record-high.
Dollar-denominated debt in the region is expected to reach $150 billion in 2014, with a bulk of gross issuance or $106 billion to come from corporates across investment grade and high yield sectors, according to Morgan Stanley. Another $34 billion is envisaged to come from financials and the remaining $10 billion from sovereigns.
Refinancing needs are going to be one of the key drivers for G3 bond supply next year. “Redemptions are high next year because 2009-2010 were fairly large issuance...
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