As investors scour the globe for green shoots, one unequivocal sign of recovery would be a resurgence of the Asian high-yield bond market. When times were really good, junk-rated issuers pumped out tens of billions of dollar-denominated deals. Investors seeking dizzying coupons underpinned by seemingly strong structural growth could barely get enough. Yet while new issues in the west have come roaring back – there was more financing in the 2009 second quarter for US speculative-grade issuers than all of last year – the Asian primary market still seems nailed shut. While America hands new money to triple C issuers, no Asian corporate rated below triple B has tapped the dollar market since the Philippines' SM Investments completed a $350m five-year deal a year ago.
当投资者在manbetx app苹果 搜寻复苏的萌芽时，一个明确的信号将是亚洲高收益债券市场的复兴。在那些非常美好的日子里，垃圾级债券发行者发行了数以百亿以美元计价的交易。对于受到看似强劲结构性增长支撑、票面利率令人晕眩的债券，投资者的需求似乎没个够。不过，虽然西方市场的新债券发行已经大幅回升——今年第二季度美国投机级债券发行者获得的融资比去年全年都多——但亚洲的一级市场似乎仍然没有丝毫松动。美国人已重新开始向CCC级发行者投资，但自菲律宾SM投资公司(SM Investments)于一年前完成了3.5亿美元的5年期交易以来，亚洲尚未有一家评级低于BBB的企业涉足美元市场。