The sovereign has sold its largest-ever bond. This should help protect the economy from the coronavirus and finances a significant portion of its stimulus package. However, the structure is unlikely to be utilised globally for political reasons.
Once considered bull market products, perpetuals are increasingly becoming a more regular component of a borrower’s arsenal. But are bond investors being lulled into a false sense of security about the asset class again?
The new government wants to get growth back to a level that befits the country’s promise. One key route is a moratorium on loans. The rating agencies loathe the idea, but the country’s leading bankers and economists give a broadly positive assessment.
Despite aggressive pricing and historically tight yields, investors' appetite for Asia tech credit appears undiminished. It's an issuer's market for sure, but is it enough for a Xiaomi, Gojek, Traveloka or Tokopedia to take the bait?