When the tiger bites back: Tanuj Khosla column

Asia’s debt markets are doing a roaring trade on the back of western investors eager for EM exposure. But bankruptcy laws in the region can be weak, so investors must beware

As a research analyst at a buy-side firm in Asia, I have been having a ball in recent months; attending two or three roadshows per week, enjoying delicious lunches and getting the chance to question exceedingly polite chief executives and chief financial officers of billion-dollar companies.

The fundraising frenzy in Asian fixed income has primarily centred on US dollar-denominated high yield bonds, the dim sum market and perpetual issues.

High yield activity has been driven by the large interest