Rancour behind the records in Asian high yield

For a market that is shattering records, high yield in Asia faces a lot of challenges. 

There is the fact that China remains utterly dominant in terms of supply, yet permission for Chinese offshore issuance rests with an understaffed regulator that gives approvals in irksome bursts. There is a steady erosion in covenants. And there is widespread disquiet throughout the industry about some of the underwriting practices that have entered the market. 

Yet high-yield issuance in Asia has never looked so good.