Asian bonds: fourth quarter slowdown looming

Bankers anticipate a marked reduction in supply after three banner quarters, but look to leveraged finance to keep the fees rolling in.

September’s bond pipeline may be bulging but bankers expect issuance to decline markedly during the fourth quarter as investor demand wanes and Chinese issuance tapers off after October’s National People’s Congress.

As FinanceAsia has been reporting in a three-part autumn preview, it has not only been a record-breaking year in the dollar-denominated market, but also yet another one when US Treasury yields continue to defy economists’ expectations.

While global economic growth has picked up, inflation has not and its absence has once again wrong-footed many commentators. US Treasury yields have not spiked up towards the 3% mark as expected. Instead, they currently remain around...

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