The general market concern right now is the huge new issuance pipeline. Last year many new issues were postponed, especially in high-yield. Whether this pipeline will materialise is uncertain, because if the market remains volatile, these issuers can explore other alternatives such as the loan or bank market, both onshore and offshore, do private placements or reschedule their capex.
The issuers likely to come to market are the Indian and Korean banks, who will continue to pursue expansion. However, issuance from high grade corporates and sovereigns will not be high. The only reason why these borrowers would want to come to market at this stage would be to broaden their...
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