A strategic divestment and one of the first non-property high-yield Chinese bond sales to come to market since the Covid-19 lockdown secure the Chinese conglomerate’s war chest.
The cancellation of a stake sale in the country’s flagship coal mining company comes as economic growth and ratings agencies cast a shadow on the economy.
The international hunt for yield has helped the Philippines sell its largest-ever offshore bond, but despite a ratings upgrade by S&P, it must balance fiscal easing with a balanced currency.
After a lacklustre few years thanks in part to over-regulation, Pakistan is cleaning up its image for issuers and investors and betting on simplified IPO rules to catalyse the market. Three IPOs are waiting for approval and more are in the wings, bankers claim.
Understanding what lies behind the mask is becoming ever more important as a wider variety of credits from across the region access the international bond markets.
Investors may need to display more cunning to navigate the Asian high yield bond markets during 2020 as the approaching Year of the Rat ushers in a heavy pipeline of redemptions.