• Bucking a strong global trend as regional borrowers raise cheaper funds at home and wait for the Federal Reserve to cut interest rates.
• US-currency debt issuance in ex-Japan Asia has totaled $18.2 billion since 2024 began, down 28% on year, Bloomberg-compiled data show. This is in stark contrast to the US and Europe, where issuers have smashed records amid a deals bonanza.
• Thanks to the Fed’s historic monetary tightening campaign, Asian companies and governments have found it less expensive to sell debt locally, especially in China where authorities have stepped up policy easing to cure an ailing economy. Global concerns about rising financial stress in the world’s No. 2 economy, especially its unprecedented property crisis, also have weakened the appetite for and momentum of dollar debt sales from the country.