KYSON HO, HSBC: Some of the concerns that Jerome raised are also good for the development of the market. When everything is Triple A and all the deals repay within half a year, investors don’t really differentiate between good deals and bad deals. As economic conditions become less positive and different issuers also adopt different structures, in particular revolving deals and longer tenors, investors really have to think more. Then there will be more incentives for issuers and investors to dem

IFR ASIA: Welcome. Jerome, most of my research for this discussion comes from your note from a couple of weeks ago, so the first question is for you! What makes China securitisation an area of interest for the international community? JEROME CHENG, MOODY’S: First of all, the Chinese regulators reopened the securitisation market in mid-2012, because they recognised that securitisation can be used as a financial tool to help reform the economy and monetise assets. Since then, various regulators ha

IFR Asia China Securitisation Roundtable 2017: Roundtable participants   Cristina Chang Citigroup Cristina Chang is Head of Securitisation for Asia Pacific at Citigroup. She has worked on structured finance transactions for the past 16 years covering various asset classes and a wide geographical region, including several onshore China securitisations for international auto finance companies. She also runs Citigroup’s transportation finance business for Asia, covering capital markets financings a

The opening of China’s domestic bond market is the single biggest opportunity in the global fixed income arena today, and securitisation is likely to be among the biggest beneficiaries. Securitisation is emerging as one of the most promising asset classes in China. The country’s banks need to recycle capital more quickly and shift assets off their balance sheets, while asset owners are stepping up their search for alternative forms of funding. Add to that the arrival of foreign investors followi