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A Review of the Offshore Bond Market in Emerging Asia
Ip-Wing Yu, Angela Sze 2023-02-14
Offshore bond issues by non-financial corporations in Emerging Asia have increased considerably since the Global Financial Crisis and warrant close monitoring as they become a transmission channel of global financial conditions to these economies. Based on bond data and issuers’ financial characteristics from 2010 to 2021, this paper sheds light on this issue by providing three findings. First, balance sheet conditions of issuers are found to be weakened during the period, with highly leveraged issuers accounting for more than half of the offshore bonds issued by EM Asian corporates. Issuers’ profitability and interest repayment ability were also found to be weakened. Second, our empirical analysis finds that external factors including market volatility and global liquidity condition are drivers of offshore bond issuance other than firms’ financial conditions. Finally, the paper also finds that the proceeds raised by offshore bond issues were found to have increased on issuers’ holdings of short-term assets and marketable securities, suggesting more intermediaries activities by these firms.
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