Debt pipeline builds as execution becomes more difficult

REI Agro, Xinyuan Real Estate and PT Japfa Comfeed are the latest to join a growing queue of borrowers.

A growing pipeline of borrowers are meeting with investors and preparing to launch bond deals, but the pace of issuance has slackened from January. According to Dealogic data, Asian issuers have raised $54 billion through US dollar bonds year-to-date, compared to $48.6 billion during the same period in 2012, which is a pretty torrid pace considering 2012 was a record year for debt markets.

In January alone, Asian borrowers raised $23 billion, but issuance has tapered slightly this month with $8 billion raised so far. “It is still busy but in terms of absolute volumes, we are not going to see the same pace as we did...

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