Asian Sovereigns Lose for First Year Since 2008 as Growth Stalls
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Dollar-denominated bonds sold by Asia’s sovereigns are losing money for the first time since 2008 as growth slows in four of the region’s five largest economies.
Debt issued by countries outside Japan lost 7.1 percent since Dec. 31, the worst performance in five years, according to JPMorgan Chase & Co. indexes. Quasi-sovereign borrowers, such as Indonesia’s PT Perusahaan Listrik Negara, fell 2.8 percent while corporates gained 1 percent. Emperor International Holdings Ltd., which develops real estate in Hong Kong, Macau and China, hired banks for a possible sale in the U.S. currency, according to a Dec. 10 statement.