Asia Credit Roars into New Year as wall of Debt Looms

SINGAPOREHONG KONG, Jan 13 Reuters A busy start to the year for Asias debt markets reflects global cash pouring into the region and companies in a hurry to lock in funding before a record pile of dues must be repaid.

There was 22.8 billion raised in credit in the first week of January, a record for first full trading week of the year in Asia.

The amount was slightly more than the 22.5 billion raised last year, Refinitiv data shows.

A record 283.3 billion in existing debt is due to mature over 2021.

U.S. markets have also been busy, however Asias bankers say the rush of 37 deals this year has had phones running hot as issuers want to raise money ahead of time and as investors with extra allocation to the regions debt have cash to put to work.

I have not seen a robust start like this in 10 years, said Vishal Goenka, AsiaPacific head of credit sales for institutional clients at Deutsche Bank in Singapore, which was involved in 14 highyield deals last week.

It sets the starting gun and the thought process, he said, as investors from global asset managers to regional private banks turn buyers. Because of more liquidity, more issuances can be cleared. Were getting orders from a wide range.

Asias corporate credits, which are paying better than comparably risky debt in Europe and the United States, were a popular trade recommendation for 2021 from big investment houses, including Fidelity and Blackrocks research arm.

COVID19 vaccine rollouts have also underpinned…

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