Asia-Pacific Credit 2026 Outlook: BI Replay
Asia credit's bond supply in 2026 is likely led by Japanese banks and insurers' rising dollar funding needs, plus Japan telecom where SoftBank Group and NTT can be sizeable issuers. Gross supply should stay muted in China/Hong Kong property, ASEAN banks, Indian and ASEAN utilities and infrastructure, as well as Asia's metals and mining. Spreads of ASEAN banks and Asia ex-Japan telecom could stay tight while Japan bank AT1s might have RV vs. its seniors. China SOEs, TSMC, SK Hynix, Vedanta and Melco could potentially tighten, while SoftBank Group, SJM bonds, Indian renewable companies' holdco bonds, Indonesian high yield miners as well as San Miguel Global Power's perps could face pressure on high leverage.
Please join Bloomberg Intelligence credit analysts as they share key ideas amid historically tight spread levels and a changing landscape.