Asian dollar bond issuance jumped 60% MoM to USD 16.2bn in April, supported by improved regional sentiment and a recovery in High Yield appetite. UBS remains attractive on Asian IG and sees selective value in Asian HY, specifically highlighting Genting Overseas sub-perps.
Key Takeaways
- 1.Asian dollar bond issuance surged in April to USD 16.2bn (+60% MoM), driven by improved geopolitical sentiment and strong supply from South Korean and Kazakhstani issuers.
- 2.Risk appetite recovery led to Pakistan returning to the Eurobond market after four years and a rise in High Yield issuance to 21% of total supply.
- 3.UBS analysts favor Genting Overseas subordinated perpetuals, assigning an 'attractive' rating despite a reduced rating buffer.
Table of Contents
- New Issue Focus
- 12-month rating history
- UBS CIO risk views
- UBS CIO valuation views
- Sell recommendations
- For Credit Suisse clients
- Issuer valuation views
- Required Disclosures
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Authors
Min Huey ChongEve Li
Securities
Genting OverseasShinhan BankExport-Import Bank of Korea (KEXIM)Aluminum Corporation of China
Themes
Geopolitical Sentiment and Credit SpreadsRecovery of High Yield Risk AppetiteSouth Korean and Quasi-Sovereign Dominance
Regions
Asia PacificOtherSouth KoreaKazakhstanPakistan