Tougher times ahead for high-yield bankers in Asia

Hong Kong

ASIA'S high-yield debt specialists are facing a tougher time justifying their jobs as investment banks begin to shed product-specific roles in response to a sharp slowdown in activity.

High-yield corporate bond sales in Asia ex-Japan have plunged to US$4 billion from 10 deals so far this year, against US$16.8 billion from 43 deals in the same period in 2013, according to Thomson Reuters data. The numbers reflect financings for junk-rated companies, and exclude corporate perpetual and bank capital hybrids.