Emerging markets in Asia have begun the year without missing a beat from 2017 as the dollar weakness that marked last year extends into 2018.
The good times are certainly being cheered by investment banks across the region, as robust deal volumes and rising flows into regional debt and equity markets approach a peak reached in 2013. Indeed, flows into all emerging market equities in January have topped $8bn, the second-highest on record.
The debt capital markets group at the CLSA unit of Citic Securities in Hong Kong, for example, has already arranged seven high-yield bond offers for clients this month in south-east Asia, six of them denominated in US dollars.