Daniel Stanton is head of Asian credit at IFR and is based in Singapore, where he has been reporting on capital markets since 2009. He has previously worked in Dubai, London and Pontypridd. He can be found tweeting at @IFRstanton.
India’s shadow banking crisis is spreading to the property sector after the US dollar bonds of Lodha Developers International, one of the country’s largest real estate developers, dropped to an all-time low in the wake of a rating cut and liquidity concerns.
China’s onshore bond market stayed on course after the renminbi sank to its lowest level against the US dollar since the global financial crisis, even though this added to investors’ concerns about economic headwinds and the escalating US-China trade war.
Asian offshore bond issuance ground to a halt early last week, as a sudden decline in the renminbi and a further worsening of US-China relations shook global markets.