22 August 2025 | 8:39PM HKT Asia Credit Trader Rising Panda Bond Issuance Reflects Diversification of Funding Channels Valuation near historical tight levels and weaker global equities markets contributed to a moderate widening in Asia HY spreads, whilst spreads for Asia IG were broadly unchanged. Search for yield motives are still very much intact, and unless risk assets begin to price in notably weaker US growth, spreads are likely to remain rangebound. With expensive valuation providing very little buffe ...