GC
April trumps January to top dollar DCM volumes
April was a month of records for dollar deals in Asia ex Japan's debt capital markets. Not only did it see the largest monthly volume of new issues ever — a staggering $33bn — but also the biggest bond from an Asian issuer for more than a decade. Bankers and analysts expect there to be little let-up in the months ahead, with oil companies and Indonesian credits dominating the line-up, writes Isabella Zhong.
The strong demand has been partly driven by investors switching to Asia for their emerging market exposure and out of troubled markets like Russia, according to a Hong Kong portfolio manager. But there are nonetheless the first signs of fatigue, and some issuers have had to pay up.
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