IFR Asia Outlook for Asian Credit Roundtable 2017: While the sun shines

The outlook for Asian credit has rarely been brighter. The first quarter of 2017 was a record for international bond issues from Asia, beating the previous three-month record by 25%, and high-yield offerings are booming. Supply and demand are nicely balanced: investors are hungry for assets, and issuers want to lock in long-term funding and sell riskier products while appetite is high and rates are low. Most market participants expect a fairly benign 2017, which will drive Asian new issues to new heights. IFR Asia’s Outlook for Asian Credit...Read more

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IFR Asia Outlook for Asian Credit Roundtable 2017: Roundtable participants

IFR Asia Outlook for Asian Credit Roundtable 2017: Roundtable participants   William Fung AMTD William Fung is managing director in the CIO office at AMTD, where he is also in charge of debt capital markets and distribution. He joined AMTD in March 2016 after about seven years at UBS, most recently as an executive director responsible for debt syndicate. AMTD is involved in investment banking, asset management and corporate insurance brokerage. Its major shareholders are China Minsheng Investment, private equity firm LR Capital, Morgan...

IFR Asia Outlook for Asian Credit Roundtable 2017: Part 1

IFR ASIA: Welcome. Michael, where are we in the Asian credit cycle at the moment, and do you think that’s justified? MICHAEL TAYLOR, MOODY’S: We’ve been saying for several years that Asia has some pretty fundamental credit strengths, and I think that view has been borne out by events over the last few years. We believe those credit strengths are still there, and we’re not expecting to see any kind of major negative credit event in the region. But we think that those strengths will be increasingly tested as the environment has become more...

IFR Asia Outlook for Asian Credit Roundtable 2017: Part 2

Of course if you understand the policy dynamic it will be easier for you to cherry pick the best sectors in the near to medium term. In my view even those LGFVs that may not have a viable business model should be OK in the near time because the government needs to open up the market for this sector. IFR ASIA: Beyond China, do we see big opportunities in other markets at the moment? HAITHAM GHATTAS, DEUTSCHE BANK: We continue to be very, very constructive on the general expansion of the Asian debt capital markets. India in 2014 had a big...

Roundtable

Roundtable

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