Asian high yield: the only way is up?

How much longer can the region's high yield bond bonanza continue after another month of strong issuance?

Issuance by non-investment grade Asian borrowers has been so strong during the first four months of 2017 that volumes are now very close to topping the region's all-time record-breaking year, 2013.

According to Dealogic's broadest measure of non-investment grade credits, issuers in Asia ex-Japan ex-Australia had raised $29.1 billion by the end of April, compared to $29.9 billion throughout the whole of 2013. 

Much of this strength came from the first quarter of 2017, which broke all records when $23.6 billion was raised from a total of 51 deals, including bonds without standard high yield covenants from the likes of Noble group, Bohai Capital, Hesteel...

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