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APAC Chart of the Week: Asian green/social/sustainable HY USD-bond issuance volumes YTD surpass 3Q19 high, clocks 77% of 2020 number

APAC Chart of the Week: 24th January 2020

Green- social- and sustainability-labeled high-yield USD-bond issuances by Asian corporates so far this year have surpassed the 3Q19 quarterly high and clocked 77% of the volume recorded in entire 2020, helped by Chinese property and Indian deals.

A total of USD 3.89bn such bonds have been printed across 11 deals so far this year, 76% higher than the previous high of USD 2.21bn via seven transactions in the entire 3Q19. For the whole of 2020, USD 5.05bn HY bonds were issued in this space across 21 deals in the region.

Chinese property developers accounted for 55.8% of the total USD 3.89bn issuance so far this year, while 39.1% came from Indian companies and the remaining 5.1% from Hong Kong.

Two Chinese property developers and one Indian company issued their maiden green bonds this year: Sinic Holdings issued USD 250m 8.5% 364-day notes and Central China Real Estate printed USD 260m 7.5% 4.5NC2.5 bonds, while Indian wind-farm developer Continuum Energy Levanter priced USD 561m 4.5% due-2026s.

The overall Asia (ex-Japan) HY USD-bond issuance volume so far this year is down 25.6% YoY to USD 20.98bn from 68 deals.

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