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Asian Debt Capital Markets Roundtable 2011: participants

Participants (from left to right) Asian Debt Capital Markets Roundtable participants Yu-Ming Wang MFC Global Investment Management Regional head, fixed income Vivek Goyal Fitch Ratings Head of business & relationship management group, Asia Pacific Jon Pratt Barclays Capital Head, Asia debt capital markets Alexi Chan HSBC South-East Asia debt capital markets Duncan Phillips Citigroup Hong Kong Head of debt syndicate, Asia Jonathan Rogers IFR Asia Senior Analyst Clayton Carol Nomura Head of leveraged finance, South-East Asia ...Read more

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Asian Debt Capital Markets Roundtable: Part 1

Jonathan Rogers: We were supposed to be on course for a record year in the Asia G3 market, based on the record clip of issuance in the first seven months of the year, with plenty of players suggesting we would see a print around the US$100bn mark. Issuance has since petered off dramatically. Will it pick up? Alexi Chan: From HSBC’s perspective, we remain confident that there will be a number of successful US dollar bond issues from Asia during the fourth quarter, and into 2012. Whilst the Asian G3 market was challenged in August and September...

Asian Debt Capital Markets Roundtable: Part 2

Jonathan Rogers: Now to ask Alexi, from the perspective of HSBC, and to be blunt: what is the reason for the existence of the Hong Kong dollar bond market? And what is the view going forward in terms of such variables as the Dim Sum market and the possibility of the peg being broken, which again surfaced as a rumour last week? Why do people still have an interest in the Hong Kong dollar bond market? Alexi Chan: The Hong Kong dollar bond market is one of the well-developed Asian local currency bond markets in the region, and has continued to...

Asian Debt Capital Markets Roundtable: Part 3

Jonathan Rogers: What kind of haircuts will we see? The market is implying 40% on the weaker names, based on secondary bond prices. Vivek Goyal: I don’t think we’ve reached that stage just yet. Given where we are in the cycle, we’re still scratching the surface in terms of discounting. Jonathan Rogers: OK, let’s go back to the bankers. With so little being done in terms of deals last quarter and not a great deal this quarter, with such deep discount secondary market prices on China property names the obvious call is to be doing buy back tenders...

Asian Debt Capital Markets Roundtable: Part 4

Jonathan Rogers: With regards to perpetuals, how does the market compare for corporate and bank capital issuance? How is it likely to develop? Duncan Phillips: The drivers of capital/hybrid issuance are actually quite different to the drivers in the CNH market. With the latter, the needs are usually fairly uniform – the issuers need renminbi to take into mainland China. With capital/hybrid issuers, however, they can have quite specific requirements, depending on the form of rating or account equity they are ultimately targeting. Combined with...