IFR Asia Reg S Bonds Roundtable 2018: The rise of Asia’s own dollar bond market

The growth of the Reg S bond market has been one of the defining trends of the Asian capital markets in recent years. Driven by the seemingly unstoppable rise of Asian wealth – especially deep-pocketed Chinese investors – US dollar bond sales in the region no longer depend on the participation of US institutions. Dollar debt issuance swelled to a record US$376bn in 2017 in Asia Pacific, excluding Japan, up 45% on the previous year. Offerings targeted at the US investor base, however, are now in the minority: analysts estimate less than one...Read more

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IFR Asia Reg S Bonds Roundtable 2018: Roundtable participants

Bryan Collins Fidelity International Bryan Collins is a portfolio manager with over 15 years of investment experience. He joined Fidelity’s Hong Kong office as a fixed income trader in 2006, and became a portfolio manager in 2009. He manages Fidelity’s fixed-income funds in Asia – including the Asian High Yield Fund, Asia Bond Fund, China RMB Bond Fund and Hong Kong Bond Fund – as well as a number of cash funds. In total, Bryan is responsible for managing over US$5bn of assets on behalf of clients.   Lorna Greene National Australia Bank Lorna...

IFR Asia Reg S Bonds Roundtable 2018: Part 1

IFR ASIA: I think the first question is really what’s behind the Asian Reg S phenomenon. Lorna, I know you’ve done a lot of work on this. LORNA GREENE, NAB: There are a number of macro trends that are driving this. Certainly, we’ve seen a shift of wealth from the West to the East. There is the rising middle class across Asia, in particular in countries such as China and India. We are also seeing that there are quite high household savings rates as well amongst a number of countries in the region and all of these factors have led to the deep...

IFR Asia Reg S Bonds Roundtable 2018: Part 2

IFR ASIA: Probably the cheapest source of money for a lot of issuers in Greater China is going to be bilateral loans or private placements with Chinese banks or Chinese institutions. What’s your take on those? FRANCIS HO, CLP: Yes, these are very important trends. As China opens up, the banks can do more business in alignment with the central bank’s policy. If the central government promotes a particular kind of industry, then the banks can write large cheques at reasonable terms. From the perspective of a company based in Hong Kong, which...

Roundtable

Roundtable

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