This special report is published in collaboration with GlobalCapital.

    HSBC and GlobalCapital hosted a virtual roundtable to discuss the blowout start to high yield bond issuance in 2021. Leading market experts highlighted how Asia’s debt markets have shifted — and how borrowers are positioning themselves for the rest of the year.

    The new year started with a bang for Asia’s high yield dollar bond market, with borrowers and banks putting out deals at a rapid pace. While the deal spree is reminiscent of January 2020 when the high yield market started strong before facing the brunt of volatility stemming from the Covid-19 pandemic, progress on vaccines has given market participants more reason to be optimistic.

    Nevertheless, bond issuers, investors and bankers alike are approaching 2021 with a sense of caution. The market seems poised for growth after 2020’s lower volumes, but hurdles remain. Will high yield issuance keep up the pace set in January? Will the market see new borrowers and get diversity from sectors and regions outside of China real estate? How will the growth of green and social bond impact high yield borrowing?

    Participants in the roundtable were:
    Azhan Azmi, group chief financial officer, Serba Dinamik
    Kenny Chan, chief financial officer, Zhenro Properties Group
    Annalisa Di Chiara, senior vice president, Moody’s Investors Service
    Jonathan Drew, managing director, sustainable finance, real assets and structured finance, global banking, Asia Pacific, HSBC
    Daniel Kim, managing director, debt capital markets, HSBC
    Neeraj Seth, managing director, head of Asia credit, BlackRock
    Kailash Vaswani, president, corporate finance, ReNew Power

    Moderator: Morgan Davis, bond editor, GlobalCapital Asia

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