HONG KONG : China's property sector debt turmoil is set to keep a lid on Asian high-yield corporate bond deals in the first half of next year after a string of defaults by real estate firms left global investors licking their wounds, bankers said.
Across the Asia-Pacific region, there was US$50.4 billion worth of high-yield corporate bonds issued this year, the lowest since 2018 compared to US$63.9 billion in 2020, according to Refinitiv figures. In higher grades of credit across the region, a strong start to the year means volumes will be higher for 2021 compared to the year prior.
"It would have to be a company where most investors feel that it's relatively safe as a credit proposition and where they assess there is enough support from other investors and where they deem liquidity is going to be decent." "New issuance from the property sector I think could be sometime in the first half, maybe even first quarter," said Avinash Thakur, Barclays' Asia Pacific head of debt origination.
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