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UBS

July 8, 2026

Asia Pacific Bonds

Market ReportRates CreditConsumer DiscretionaryFinancials

The report reviews the Asia Pacific USD bond primary market for June 2026, noting significant growth in issuance volume and diversification across sectors. UBS expresses a constructive outlook on Asian credit based on attractive yields and resilient market fundamentals.

Key Takeaways

  • 1.Asia USD bond primary market activity was strong in June with total issuance reaching USD 23.2bn across 42 deals.
  • 2.South Korea and mainland China remain the largest issuers in the Asia Pacific region, contributing 51% of total supply.
  • 3.June returns for Asian investment grade and high yield bonds were 0.3% and 1.0% respectively.

Table of Contents

  • New issue focus
  • UBS CIO risk views
  • UBS CIO valuation views
  • Sell recommendations
  • Issuer valuation views
  • Required Disclosures
  • Risk Information

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Authors

Min Huey ChongEve Li

Securities

Tencent Holdings LimitedRepublic of the PhilippinesState Bank of India

Themes

Investment grade dominancePrimary market activity

Regions

Asia PacificSouth KoreaChinaIndia