The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Asia: Busy DCM bankers left wanting more

It’s been a good start to the year for Asian debt capital markets. Sovereigns have issued, high yield is back. But will the deal flow continue to rise?

This year, if the first six weeks are anything to go by, should be a record one in Asian debt capital markets. G3 issuance, up to February 15, was $21.34 billion, compared with $83.4 billion for the whole of last year, according to Dealogic.

After a miserable second half of 2011, the bright start to this year has galvanized the region’s DCM bankers. "We ended January with almost $11 billion of issuance," says Murlidhar Maiya, head of DCM for emerging Asia at JPMorgan. "That’s the best we’ve seen, probably ever. We just printed our 11th deal of the year [on February 1], compared with three dozen in all of last year."

Jon Pratt, head of DCM for Asia Pacific at Barclays Capital, calls it "the busiest start we’ve seen for the G3 bond market in Asia".

What has changed? Part of it is a question of pent-up supply: the second half of last year was all but a write-off, first because of concerns about Chinese governance but mainly because of problems in Europe. So there is already a build-up of issuance, particularly refinancings, that can’t be postponed indefinitely.

However, on top of that, investors cannot stay uninvested indefinitely, and many have seen the new year as an opportunity to put money to work.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree