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Fully functioning local currency bond markets have been an aspiration in Asia for decades, with the dangers of relying on offshore US dollar funding brought into stark relief back in the dark days of the Asia financial crisis in the late 1990s. Prior to the onset of the crisis, the Asian economy was booming. Who could resist the attraction of the so-called Tiger economies? Asian companies grew fat as money flowed into the region from speculative offshore investors. The region’s financial m
IFR Asia: Mitsuhiro-san, going back to 2010 when CGIF was established, what were the weaknesses you identified in the Asian local currency bond market that led to the creation of CGIF, and what role does it play today? Mitsuhiro Yamawaki, CGIF: Let me first explain who we are, what we do and why CGIF was established. Credit Guarantee and Investment Facility (CGIF), is a trust fund of the Asian Development Bank (ADB) established as part of the Asian Bond Market Initiative (ABMI). Both ABMI and CG
Mitsuhiro Yamawaki Credit Guarantee and Investment Facility Mitsuhiro Yamawaki is deputy CEO and chief risk officer of CGIF. Prior to joining CGIF, Yamawaki was a senior adviser of the credit risk analysis division at Japan International Cooperation Agency (JICA). As director of the credit risk assessment division at the Office of Risk Management (ORM) when CGIF was established, Yamawaki was involved in the risk assessment of ADB’s investment in the company. When promoted to head – O
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