Asia Pacific

Chinese provincial government-owned Guangzhou Industrial Investment Fund Management Co (Sfund) saw a 14 times covered order book for its return to dollar bonds, while Yunnan Metropolitan Construction Investment Group Co was able to hit its $800m size target.

Sino Biopharmaceutical has increased its refinancing loan to $1bn after receiving a strong response during syndication.

In this round-up the Ministry of Finance cut the subsidy for purchasing new energy vehicles by more than half, Ireland-domiciled funds gained a new way to access the Chinese interbank bond market, and China's central bank opens up

Outsiders often see Japan’s debt market as a staid place, where the maturity of investors and issuers leaves little room for innovation. The development of the green bond market puts the lie to that idea.

Japanese issuers’ supply of green bonds has rocketed in recent years. The country boasts a more diverse set of borrowers and a broader distribution of proceeds than many of its peers but further market development will present unique challenges, writes Morgan Davis

Japan’s top issuers occupy a unique part of Asia’s bond market landscape. They are well-regarded enough — and rated highly enough — that moments of fear in the credit markets can lead to more demand for their deals, rather than less. They face a domestic bond market defined by negative interest rates, an investor base that is ultra-sensitive to movements in the swap rate and an expectation from the government that their funding costs will remain tight.

The yen bond market, for all its vibrancy, cannot contain Japan’s ambitious issuers. Banks and corporates are building on efforts to woo dollar and euro investors as they thirst for new sources of funding, writes Morgan Davis

After the volatility that defined much of 2018, capital market bankers in Asia started the year full of trepidation. Would the Federal Reserve speed up its slow-motion rate rises? Would Chinese defaults become a major problem? Would investors extend the period of hibernation they began during the bearish end to last year?

Foreign investors and issuers are facing big hurdles in navigating China’s Rmb87tr ($12tr) bond market, and the even more complicated regulatory network around it. But the situation is improving and both sides still have plenty to learn from each other. Rebecca Feng reports.

India's capital markets started 2019 with much more vigour than they ended 2018, but a looming election is set to apply the brakes. Will the contest derail issuance for much of the year or be little more than a temporary blip? Bankers tell Morgan Davis they are optimistic

There are various factors holding Vietnam back from its bid to win MSCI emerging market status, including a cap on foreign ownership and a lack of transparency. But the progress the market has made should not be underestimated. Jonathan Breen reports

Pakistan walks a fine line between emerging market and frontier. It is clinging on to its hard won status, reports Morgan Davis