Northeast Asia

Japanese issuers are among the best-regarded in the world, offering global investors a safe haven at times of heightened volatility. That is now more important than ever. Their last financial year started amid widespread trade disputes between China and the US. It ended with the global spread of Covid-19, a pandemic that threatens to fundamentally alter the capital markets. GlobalCapital talked to a group of Japan’s top issuers to find out how they have navigated the volatility — and what they’re planning next.

The market for bonds that target environmental, social and governance (ESG) concerns previously put the focus on the environmental aspect, leading to a rush of green bond issuance but little attention on social problems. Not anymore. Social bonds have become a much more prominent tool for highly-rated issuers, helping fund solutions to problems ranging from educational shortfalls in developing countries to the spread of Covid-19 around the world. Japanese issuers have been at the forefront, developing a busy domestic market. GlobalCapital talks to a group of prominent issuers about the potential of social bonds.

Japan’s socially responsible investment (SRI) market has blossomed, helping the country to become a leading destination for the sector. Morgan Davis reports.

Japanese companies have reduced their offshore bond issuance over the last few years. But could a push for overseas business bolster supply? Morgan Davis reports.

Zhongsheng Group Holdings is issuing a HK$3.88bn ($500m) zero-coupon convertible bond to fund the repurchase of an outstanding CB.

China has made great strides in attracting foreign capital by relaxing stringent rules around access to its markets. But it needs to go further, with experts saying reform should be brought to the top of the agenda once the dust from the Covid-19 outbreak settles. Addison Gong reports.

It should come as little surprise that the Covid-19 pandemic has led to a sharp repricing of Chinese bonds in the onshore and offshore markets. What might be a surprise is that the two markets have gone in different directions. Rebecca Feng reports

Chinese battery maker Leoch International Technology has returned to the loan market for a $100m refinancing.

Online payments platform Yeahka has begun stirring up investor interest in its Hong Kong IPO, which is set to be launched next week, according to a source close to the deal.

China Resources Gas Group's stock price dropped by nearly 7% on Tuesday, following an equity fundraising the day before.

Chinese oil and gas company MIE Holdings Corp has missed interest payment on a dollar bond during the grace period, triggering cross-defaults on its loan facilities. The firm has been hit hard by tumbling oil prices this year, putting pressure on its liquidity.

More and more Chinese issuers are using the Covid-19 pandemic as a convenient excuse to justify missed or delayed payments of bonds. The trend needs to stop.