April 2009
China’s corporate bond market: China fills corporate pipeline
Maturity of bond market will be tested as issuance builds.
China’s developing corporate bond market is set to undergo perhaps the sternest test yet of its depth and sophistication. The volume of deals priced so far this year testifies to the immense demand for cash, as the economy slows and banks face pressure to lend to state infrastructure projects. According to figures from Dealogic, nine of the top 20 debt deals by size in Asia (excluding Japan) this year have come from China, as opposed to just two in the corresponding period last year.
Total volume this year for all Chinese debt deals has reached $28.5 billion from 53 deals, compared with $5.4 billion from 12 deals during the same period last year and just $3.9 billion from four deals in 2007. Bankers in Beijing say that the deal pipeline is fuller than they have ever seen it, and expect the demand to increase as the year progresses....
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