Moody's unveils Asian Refunding Index

It'll measure market's ability to absorb upcoming Asian high-yield.

According to a report, Moody's is launching its Asian Refunding Index (See Figure 1). This counterpart to the US index measures the market's ability to absorb upcoming Asian high-yield maturities based on recent issuance trends.

A rising index suggests that issuers should find it increasingly easy to raise funds to refinance bonds as they mature, while a declining index suggests the contrary. The index will appear in future editions of High Yield Interest.

The one-year index for Asia shows a high degree of volatility, which is unsurprising given how erratic the markets can be and the ease with which issuance can be turne on or off.

The one-year Asian Refunding Index rose to 7.6x in June from 6.7x in May, compared to its long-term average of 7.7x and an all-time high of 29.9x set in December 2012. The three-year index rose to 3.7x in June from 3.5x in May, compared with its long-term average of 4.3x and all-time high of 7.7x set in June 2011.

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