Asia Pacific

◆ French issuer banks on ‘good name recognition’ to price far tighter than euros ◆ Investors now have high exposure to issuer ◆ Foreign subordinated issuance may slow down due to worsening rate moves

◆ Issuers return with solid, but unspectacular deals ◆ CLOs promise a great reset ◆ China’s problems stay in China

Details of Arm's Chinese operations should not have surprised investors, say bankers

Asian borrowers are finding better funding options in Australian dollars and Japanese yen as higher US dollar interest rates bite

Fears of contagion from Chinese defaults yet to shake sentiment

◆ China property co debt straits play out in EM... ◆ ... and European corporate bonds ◆ The industrious sterling bond market

Supply chains under renewed pressure as Europe teeters on edge of recession

Deal pipeline uncertain as fresh volatility erupts from China’s distressed property sector

Pricing is expected around September 7

◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo

◆ No foreign bank has issued subordinated debt in the currency since CS collapse ◆ Local heavyweight showed there is demand for AT1 ◆ Will be issuer's fourth currency outing since Q2 results

IG spreads are still resilient but signs suggest macro headwinds are taking a toll