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Monday, 18 December 2017

Jonathan Rogers' s stories

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  • Banking on ASEAN integration

    Banking on ASEAN integration

    All Special Reports | 20 September 2017

    The ASEAN Banking Integration Framework is one layer of the ASEAN Economic Community, an entity modelled on the European single market. The AEC comprises four interrelated ambitions: realising a single market and production base; creating a highly competitive economic region; achieving equitable economic development; and full regional integration into the global economy.

  • As good as it gets

    As good as it gets

    All Special Reports | 15 June 2017

    Indonesia’s fortunes from a credit perspective have brightened recently, with spreads on its offshore curve tightening considerably amid a wave of demand from investors in the Reg S/144A market and, perhaps most tellingly, in the Samurai market. A positive ratings trajectory helps explain the story of the credit’s resurgence.

  • Here to stay

    Here to stay

    All Special Reports | 15 June 2017

    Taiwan has long perplexed as a geopolitical entity. Regarded as a renegade province by China, 110 miles to its north-west, and ripe for repatriation to the mainland in the latter’s view, the country is a potential tinderbox.

  • AIIB invigorates infrastructure lending

    AIIB invigorates infrastructure lending

    All Special Reports | 02 March 2017

    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.

  • Jonathan Rogers

    The risks of a post-truth world

    People & Markets | 20 January 2017

    PRECISELY HOW DOES one navigate through the “post-truth” world? Readers of this column are probably familiar with Oxford Dictionaries’ word of the year for 2016, defined by their selection committee as “relating to or denoting circumstances in which objective facts are less influential in shaping public opinion than appeals to emotion and personal belief”.

  • IFR

    The infrastructure of a bond market crisis

    People & Markets | 13 January 2017

    FINANCIAL COLUMNISTS ARE necessarily involved in prediction, even though forecasting markets is perhaps as reliable as astrology or clairvoyance. For longer time periods, financial market prediction is about as effective as forecasting the weather. But here’s one for you: the infrastructure finance market will be the source of the next global financial crisis. I can’t quite tell you when exactly, but it’s one long-range forecast I’m sure will come true.

  • Jonathan Rogers

    Anywhere but Treasuries

    People & Markets | 16 December 2016

    FOR BELIEVERS IN the “Trump reflation trade”, last week’s rate rise from the Federal Reserve slotted into the script nicely. Indeed, so did the official view from the Fed that it will have room for perhaps three rate increases next year, based on the “dot plots” of Fed committee members, faster than the perceived pace of tightening before Donald Trump’s election, and certainly of a greater magnitude in absolute rate terms than was the market consensus earlier this year.

  • Jonathan Rogers new June 2014

    Berau's low-brow offer is pause for thought

    People & Markets | 09 December 2016

    THE ONGOING RESTRUCTURING saga at Indonesian coal producer Berau Coal hit a roadblock last week when a proposed swap of 2015 paper on which the company defaulted last year and on its due 2017s into new debt failed to get inked by creditors.

  • Jonathan Rogers

    An answer to Singapore's default problem

    People & Markets | 02 December 2016

    When most people think of Singapore they imagine efficiency, clean streets, low crime and a lack of corruption. The spectre of debt defaults has not encroached on that image until now, or until a year ago to be precise, when a Singapore dollar bond issued by Indonesian telecoms merchandiser Trikomsel missed a coupon payment.

  • Jonathan Rogers

    Here comes the Asian recession

    People & Markets | 11 November 2016

    AND SO THE orange-faced candidate won. I watched the US presidential election unfold last Wednesday with friends in Singapore, flipping channels between CNN, BBC and Fox News, wondering all the way through why the updates on the electoral college tally were so slow. Surely it was too late to impact the polling booths?

  • Jonathan Rogers

    A lesson from the Wild East

    People & Markets | 04 November 2016

    A COLOURFUL CASE of financial shenanigans is unfolding in Hong Kong. Although relatively small in absolute terms, the collapse of a local money lender is notable in that a lot of the cash which has gone missing was stumped up by the city’s investment banking community.

  • Jonathan Rogers

    The good cops take charge

    People & Markets | 28 October 2016

    I went to a sustainability conference last week held in Singapore by BNP Paribas and my first thoughts, after a day which included such highlights as Cherie Blair talking about advancing women’s equality in the corporate world and former world tennis number one Chris Evert about her days as one of the first superstars of women’s sport, were about how much longer such conferences can be convened.

  • Jonathan Rogers new June 2014

    This time it's different

    People & Markets | 21 October 2016

    THE SECONDARY LOAN market in Asia has been expected to boom for a long time. It was a hoped-for venue of rich liquidity and was seen as a handy, indeed necessary, means for banks to tweak their balance sheets.

  • Jonathan Rogers

    Is Marmite inflation fungible?

    People & Markets | 14 October 2016

    HSBC HAS JUST published a fascinating piece of research, the crux of which is the forecast that global interest rates will remain low for at least the next five years. I’ve heard of long-range weather forecasts (which are notoriously unreliable, global warming excepted) but the idea of a five-year forecast is entirely new to me.

  • Jonathan Rogers

    Revving up the volume on 1MDB

    People & Markets | 07 October 2016

    SOME FRIENDS OF mine from Singapore recently attended the Formula One in Kuala Lumpur. Not being much of a petrol head myself, I have only experienced that noise-fest on one occasion - at the Singapore F1 eight years ago when the city state’s night race made its debut – as the guest of an investment bank.

  • Jonathan Rogers

    China's property bond bubble is back

    People & Markets | 30 September 2016

    HAVING WATCHED VARIOUS bubbles expand in global capital markets since the financial crisis, the recent re-emergence of the China property bubble gives me the most pause.

  • Jonathan Rogers

    Friends in advisory places

    People & Markets | 23 September 2016

    IT’S ALL ABOUT infrastructure these days, particularly in Asia, where the annual spend required to plug the region’s gap in everything from power production to roads and airports is estimated to reach US$5.36trn annually by 2025, according to PwC. Small wonder, then, that lots of people are trying to get a piece of the project finance advisory game.

  • A Filipino contradiction

    A Filipino contradiction

    All Special Reports | 15 September 2016

    The Philippines under its recently elected president Rodrigo Duterte displays some uneasy contradictions. Against the backdrop of extra-judicial killing which has delivered more than 3,000 deaths since his inauguration, and a bomb blast last month that prompted him to declare a national state of lawlessness, credit and equity markets seem impervious. Can this last?

  • Jonathan Rogers

    The inevitability of going Green

    People & Markets | 09 September 2016

    LAST WEEK THE G20 produced a communique from its annual meeting, this time held in Hangzhou in China, which for the first time mentioned Green finance as a critical input into the future of the global economy.

  • Jonathan Rogers

    Laos returns to its original sin

    People & Markets | 02 September 2016

    EVERYBODY LOVES A frontier market. The multilateral development banks get to fulfil their mission statements by helping create a capital market, often by stepping up to issue a domestic bond. Independent advisers can leverage their local contact book for lucrative commissions and the promise of future business, usually government-linked. And get in early on the banking side and you’re at the core of what may eventually become a fully fledged emerging market.

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