Asia’s fixed income markets began 2025 on a stable footing, buoyed by falling rates and policy support from China; however, as credit spreads rise amid tariff mayhem, investors are seeking pockets of opportunities such as NBFIs and LGFVs.

The DRs represent HKEX-listed Chinese firms including Alibaba, Tencent and Xiaomi.

FA reveals the market winners of Asia's Best Companies Poll 2025.

The rationale behind all the winners for the best capital market deals across Asia Pacific.

The rationale behind all the winners for the best finance houses across Asia Pacific.

The deal includes an agreement to buy Banner Life, enter a partnership in the US pension risk transfer business, and an intention to take a 5% shareholding in Legal & General Group.

Slowing loans, M&A and ECM hit banks' fees last year. Technology, exports and bonds are bright spots, while Hong Kong is increasingly being seen as a place to raise foreign capital. PBOC's governor Pan Gongsheng wants a proactive policy approach.

A clearer pathway from regulators is needed for transition finance to build scale.

As part of the nascent Apac living sector, multifamily asset purchasing has been increasing in Japan, bolstered by a rebound in tourism, low interest rates and strong rental growth.

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.