Chinese high-yield bonds were marginally weaker, but there was no sign of a sell-off in metals-related credits, despite growing rhetoric from the US about trade tariffs on steel and aluminium.
Asia's debt market: a story of progress
Back in 1994, when I first moved to Hong Kong, the debt capital markets in Asia excluding Japan were almost non-existent. The only way domestic issuers could raise financing was from the loan market, either domestically or offshore, or in the G3 currencies (US dollar, euro or Japanese yen) for the best of them. The few “bonds” were actually loan-style fixed-rated notes, syndicated primarily to banks.
