Jonathan Rogers graduated from Oxford University in 1986 where he read Politics, Philosophy and Economics. That year he joined Nomura International , attending the company’s graduate trainee programme at Nomura Securities’ headquarters in Tokyo. He worked as an institutional bond salesman for Nomura in London for five years, covering central banks and institutions in Scandinavia. He subsequently worked on the institutional sales desk at Long Term Credit Bank of Japan in London before moving on to the derivatives and structured note desk at First National Bank of Chicago in London. Jonathan joined IFR Asia in 2003 as syndicated loans editor and subsequently became debt capital markets editor in 2005. He is currently IFR Asia’s chief analyst, credit.
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Yields on Japanese government bonds from the seven-year tenor point out to 10 years have risen by an average 6bp so far this year, moving from negative to positive, albeit to relatively scant returns of 0.01% and 0.12%, respectively.
Around a decade ago, there was a template for how Asia’s frequent benchmark issuers went about bringing deals to the primary market: there were the likes of the Republic of the Philippines and Korea Development Bank, which did it the right way; and there was the Republic of Indonesia, which did it the wrong way.
If the Asian Infrastructure Investment Bank had not existed, it might have been necessary to invent it. That sounds glib, but there can be no doubt that the AIIB presents a welcome shot in the arm for Asia’s infrastructure sector.