Asia’s primary bond markets started 2020 on a tear, before issuance ground to a halt in mid-March as global markets plunged because of the novel coronavirus pandemic. In late March and April, Asian high-grade issuers took their first steps into a fragile market – one where new issue concessions were essential. As confidence grew, high-yield issuance returned and new deals pushed out to longer tenors, but it took a skilled arranger to balance the needs of issuers and investors. HSBC, which in 2020 created a strategic solutions group to advise clients more effectively on things like ratings and ESG considerations, was quick to respond to changing market conditions. “When we are the lead international bank, we are an advice-giver,” said Sean McNelis, global co-head of debt capital markets for HSBC, who also leads Asia Pacific debt capital markets alongside Sean Henderson. “We want to be the closest to the issuer, not just a passenger.” The Republic of Indonesia’s US$4.3bn
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