Outlook for the week
Key economic releases for the week
Last Week Summary
Primary debt markets in Asia started the year strongly despite increased market volatility
and funding stresses from Chinese SOE and real estate sectors. Asia G3 new issue market priced USD37.51bn of deals in the first 2 weeks of January, just a shade shy of the first 2 weeks of January 2020 (USD38.9bn). Chinese real estate issuers took full advantage of the window of opportunity early in the first week to push through 22 deals totalling USD7.7bn. The momentum, however, was slowed with the developing narrative on China Fortune Land coming into focus. China Fortune Land also received a downgrade to B2 by Moody’s on Wednesday this week, due to heightened refinancing risk.