Asian companies have borrowed more via the US dollar bond market than through syndicated bank loans this year for the first time, in what looks set to be a permanent shift in the way companies in the region raise money.
Year to date, corporate borrowers in Asia excluding Japan have raised $78bn in the G3 currency bond market – debt denominated in dollars, yen or euros – compared with $68bn via loans, according to Dealogic. That marks a sharp reversal from 2011, when Asian companies borrowed $104bn in syndicated loans and just $42bn in bonds.
The change in funding sources marked a “paradigm shift” for Asian companies, said Viktor Hjort, head of Asian fixed income research at Morgan Stanley, and one that many analysts believe will be lasting.
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