Asia weekly — Borrowers navigate choppiness in markets

Richard Macauley

23 January 2026•3 min read

Politics rock the boat

Global politics and diplomacy made this week a fraught one to come to market, although we saw successful issuances from ReNew Energy Global, Shui On Land, and Kuaishou, among others.

US president Donald Trump’s latest bid to take over Greenland gave market participants some pause even before the week began, especially since it set up a US/EU showdown at the World Economic Forum annual meeting in Davos. And, on Monday evening (19 January), Japan’s prime minister only added to concerns by calling a snap election.

PM Sanae Takaichi announced a vote was set for 8 February and floated the idea of a tax cut coupled with increased government spending — sending yields on 40-year JGBs to their highest on record.

Kuaishou makes debut offering

Kuaishou Technology successfully placed a $1.5bn / CNH 3.5bn dual-currency issue on Monday.

The Beijing-based short-video platform — and key competitor to ByteDance's TikTok — will use the cash to invest in AI, with the goal of strengthening its position in China’s highly competitive social media landscape.

India’s ReNew boosts issuance

ReNew Energy Global weathered the storm to price $600m five-year notes with a yield of 6.5%.

That’s greater volume than had been expected last week, when 9fin wrote that the Indian renewable power company was looking to raise about $500m.

Read our QuickTake on the deal here.

China Oil and Gas postpones

While ReNew got its deal done on Thursday (22 January), after the worst of the market turmoil, China Oil and Gas opted to postpone a plan to offer three-year dollar notes, citing market volatility.

Read our QuickTake on that deal here.

A high-yield developer returns

Shui On Land became the first Hong Kong-listed high-yield Chinese property developer to offer dollar notes this year, pricing a $300m three-year notes with a yield of 10.375%.

The developer launched a concurrent tender offer to purchase its $400m 5.5% senior notes due 29 June 2026.

Read our QuickTake on that deal here.

Elsewhere in primary issuance

The Australian dollar sector is having a stellar month, with volume standing at A$43.4bn with one full trading week to go, Kevin Hanly of 9fin’s Bond Radar writes.

That’s the strongest month in at least two years for Aussie dollar issuance, and far exceeds the previous record of A$36.85bn, seen in February 2025.

Other key Asian issuers accessing the market included Hong Kong’s MTR Corp and Singapore’s United Overseas Bank, which both priced A$2bn dual-tranche transactions.