IFR Asia Outlook for Asian credit Roundtable 2018: As good as it gets?

The end of the first quarter of 2018 provided the ideal backdrop for a debate on the future of Asia’s credit markets. After a bumper year for Asian bonds in 2017, followed by the busiest January for international issuance on record, rising US Treasury yields and renewed diplomatic tensions have injected a note of uncertainty. IFR Asia convened a panel of experts for a roundtable discussion in Hong Kong on March 16, bringing together credit and rates strategists as well as major institutional investors and investment bankers. The event set out...Read more

To purchase printed copies or a PDF of this report, please email leonie.welss@lseg.com and shahid.hamid@lseg.com

IFR Asia Outlook for Asian credit Roundtable 2018: Roundtable participants

Paul Au China Merchants Bank International Paul Au is head of fixed income at China Merchants Bank International, the offshore investment banking platform of China Merchants Bank, responsible for primary issuance and secondary market sales and trading. He joined CMBI in 2017 after over six years at UBS, most recently as co-head of debt capital markets for Asia, and earlier spent eight years in debt syndicate at Citigroup.   Paul Carrett FWD Group Paul Carrett is the group chief investment officer for FWD Group, a pan-Asian insurance business,...

IFR Asia Outlook for Asian credit Roundtable 2018: Part 1

IFR ASIA: Welcome everyone. Michael, perhaps you can kick us off with your sense of what’s changed since we sat down 12 months ago. What’s different this time around? MICHAEL TAYLOR, MOODY’S: That’s an interesting question, because not a lot has changed. We’re now in the eighth or ninth year of economic expansion across the G20. I suppose the biggest change is that last year that expansion was synchronised across the world’s major economies. It’s the first time since the global financial crisis that we’ve seen all parts of the global economy...

IFR Asia Outlook for Asian credit Roundtable 2018: Part 2

DESMOND HOW, GAOTENG: This is also why domestic CNY bonds are regarded more as a rates product than a credit product, as Paul mentioned. A big part of it is because credit differentiation is very low. Everything that is not Triple A will be high Double A. It doesn’t make a lot of sense to foreign investors. And the default rate, traditionally, has been low. There was a small spike last year, but even then, we’re talking about less than 1%. And if you look at this year’s onshore debt that’s maturing, one house alluded this figure of CNY5...

Roundtable

Roundtable

Our Privacy Statement & Cookie Policy

All websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.

Privacy Statement Cookie Policy
Ok to continue