ADRIAN CHENG Fitch Ratings Adrian Cheng is a director in Fitch Ratings’ Asia Pacific corporates team. He currently covers the China property sector. Adrian started his career at the Corporate Financing and Risks Solutions team at Royal Bank of Scotland Group in London and Hong Kong. Before joining Fitch, he was director at the Credit Ratings Advisory team at Citigroup in Hong Kong. Adrian has a bachelor of arts degree in economics from Stanford University. --------------------------------

IFR Asia: Okay. We’ve had plenty of new issuers this year. Adrian, have the Chinese property companies’ capital structures changed, and what does that mean for recovery prospects for unsecured bondholders? Adrian Cheng, Fitch: Yes, I think in general this year, especially for those that could access the market, the senior unsecured portion of the capital structure has definitely increased and, therefore, we have seen some smaller homebuilders with better recovery prospects. Therefore

IFR ASIA: Welcome. 2019’s been a landmark year for Asian high-yield bonds. We’ve already beaten the 2017 all-time record and we’ve still got two months of the year to go! Let’s start off by asking everybody, what’s the reason that it’s been such a boom year. Dan, do you want to go first? Daniel Kim, HSBC: Sure. Obviously, there have been a lot of different numbers flying around, but I think 2018 was a slower year. Obviously, market conditions weren’t as