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Who is driving international bond issuance in Asian emerging markets?


By Ioannis Gougoulias

We have looked at figures for international bond issuance in the Asian Emerging Markets for the first three quarters of 2018. This post goes over the most important trends and the most interesting dynamics in 2018 so far. In our effort for a more thorough analysis, we also made a year on year comparison. Our figures suggest that, Chinese issuers and Korean borrowers have an impressive presence this year so far and that their influence in this segment of the market is more than significant.

What are international bonds?

An international bond is a debt instrument that is issued in a country by a non-domestic entity. They are debt securities issued in the international market as opposed to the domestic market. International bonds can be issued as Eurobonds, Foreign bonds and Global bonds.


Chinese issuers print 30% of international bonds in Asia

In the first three quarters of 2018, China remains the largest contributor of international bonds in the Asian market. In total, Chinese issuers printed USD53bn in international bonds, 30% down compared to same period for 2017. This trend can be explained by the recent political tensions and trade war between US and China.

Real Estate companies print 52% of Chinese international bonds

Splitting the numbers by industry sector, Chinese international bonds were mainly issued by Real Estate Corporates, 52%. This increased activity can be explained by the fact that a large amount of redemptions were met in 2018 and property developers want to refinance their debt at cheaper rates.

Korean borrowers step up in international bonds

South Korea is another strong player in the market year-to-date. Bonds from South Korean issuers attracted strong demand from international bond investors. The slowing economy and the BOK’s softer monetary policy provide a handy solution for investors amidst a negative return environment. FIGs and Corporates led the international issuance in the country, contributing more than 80% of the total amount.

Who is the Best Dealer in the Asian Emerging market?

Click on the following link to discover who is the largest dealer in the specific segment of the market: CMDportal League Tables.

Find who won last year's Emerging Market dealer Awards in the CMDportal Awards 2018 on page 22: 2018 CMD Awards.


Where is this data coming from?

To obtain the above data we used the CMDportal's Data Sheet tool, via the following filters:

Report Type: By Instrument Currency or By Issuer Country

Start Date: 1/1/2018 to 30/9/2018

Region: Asia excl. Japan

ISIN: XS

Instument Type: Bond;MTN;Note


Can i produce a Debt Capital Markets statistical query like this?

Yes you can. CMDportal provides a wide range of tools to analyse bond and money markets. Data Sheet results can be downloaded as an XLS file.

Mr. Gougoulias is an Analyst at CMDportal. He can be reached at analysts@cmdportal.com.



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