Thu, 14 Jan: US: U.S. Federal Reserve Releases Beige Book (3:00AM), CH: Exports YoY
Fri, 15 Jan: US: Industrial Production MoM (10:15PM)
2020 Review
Asia G3 primary markets mounted a strong comeback thanks to the Central Bank liquidity
drive and fiscal stimulus across large economies. The pandemic outbreak looked to be
derailing everything in the beginning of the year, but the comeback was equally strong with total issuance of USD387bn up 13.7% from the previous year and setting a record high.
Philippines, Malaysia and Singapore saw the biggest percentage increase in bond issuance YoY at 160%, 125% and 76% respectively. China’s lead over the next biggest issuing country in absolute issuance volume continues to grow.
Top performing new issues in secondary market trading: In IG they consisted mainly of longerdated bonds, while HY performers saw a greater mix of industrial names away from traditional real estate names.
Increased investor participation was obvious as average book coverage, number of participating accounts and IPG to Issue Price tightening all increased YoY (4.9x -> 5.7x, 104.5 -> 126.9, 24.7bps -> 34.8bps respectively).
Last Week Summary
Great Eastern Holdings on Wednesday said that Great Eastern Life Assurance Company will be redeeming early all S$400 million of 4.6 per cent subordinated notes due 2026 but callable in 2021.
