Investment grade Asia bonds strike back

State-owned Indian Railway Finance Corporation taps the bond market with a tightly controlled deal.

Shinhan Bank puts its house in order and returns to the market with a smoothly executed $500 million bond.

China is shifting towards manufacturing abroad as opposed to natural resources; on the other hand, Chinese overseas lending has weakened due to domestic economic concerns.

Lillian Li, Moody’s Ratings VP and senior credit officer, explained to FA that companies in manufacturing, high tech, infrastructure and logistics are facing higher geopolitical risks than other sectors; China's outbound direct investment is on the rise.

Chinese overseas investments, including in emerging markets, should boost the domestic economy; meanwhile, US president Donald Trump and China have extended a ‘tariff truce’ until November 10.

Issuances for offshore Rmb bonds now exceed Rmb1 trillion -- transitioning from a policy ambition to a commercial solution in less than two decades. Christopher Chu examines the trend, which started in 2007, as part of FA’s 30th anniversary coverage.