An exceptional year in Asian capital markets showed which banks were one-trick ponies and which had a stable of ideas. Focusing on offshore financing for Chinese companies, which account for around two-thirds of capital markets issuance in Asia ex-Japan, is usually a safe strategy, but it didn’t work in 2022.
Chinese issuance still dominated, but companies turned to onshore financing to avoid market turmoil elsewhere – or simply had no need to raise capital as China’s economy stalled under strict Covid-19 restrictions. The A-share market took...Read more
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