Moody’s: Risks rising for Asia’s high-yield bond market

TheStar Sat, Jan 19, 2019 08:18am - 5 years View Original


KUALA LUMPUR: Moody’s Investors Service said its proprietary indicators show that credit quality is weakening and difficult market conditions are driving higher pricing and shorter tenors.

In a statement yesterday, the global rating agency noted that risks would rise this year for the credit quality of Asia’s high-yield bond market as the liquidity positions of issuers are weakening.

   

“Moody’s proprietary indicators for credit quality, including our Asian Liquidity Stress Indicator (ALSI), all weakened in the fourth quarter of last year (Q4 18).

“Furthermore, rated high-yield bond issuance in Asia in 2018 was largely shut to all but the China property sector, and also showed higher coupon rates and shorter tenors as the credit environment worsened,” said Annalisa DiChiara, a Moody’s vice-president and senior credit officer.

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