In recent years, it has become common to ponder whether South and Southeast Asia will be able to emerge from out of China’s shadow within the international bond markets. So far, the answer has always been no.
In 2020, the question is all the more pressing given an expected slow down in issuance from China where the National Development Reform Commission NDRC has been restricting bond quotas in the high yield market to refinancing.
Looking around the rest of the region one thing becomes clear. There is an increasing divergence between those countries where issuance levels have been trending up India and Indonesia and those where investment...
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