Friday, 19 July 2019

Debt Capital Markets 2013

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  • People are seen in the reflection of a polished wall on a rainy day in Hong Kong.

    Debt capital markets: Game of two halves

    After the first half of 2013 broke all

  • A cook arranges baskets of newly made dumplings at a restaurant in Shenyang.

    Still hungry for more

    The great bull-run in global credit has come to an end and, although investors are struggling to cope with the return to ‘normal’ US Treasury yields, Asia’s bond markets still have room to grow.

  • An acrobat walks prepares to get off a safety net after a show at the Rambo Circus in Mumbai.

    Safety nets

    Asia’s domestic currency pools are supposed to be big enough to protect the region’s growing companies from any turmoil in the global markets. A sell-off in US Treasuries, however, has had a big impact on yields across the region.

  • Vehicles are seen stuck in a traffic jam during rush hour in Jakarta.

    Contrasting fortunes

    Fans of the asset class believe high-yield debt will be more resilient to rising US Treasury yields, but a period of risk aversion is putting that theory to the test.

  • A US$100 bill and ¥10,000 notes are spread in Tokyo.

    Beyond the dollar

    The G3 market has been all about US dollar funding in recent years, but the greenback is not the only truly global currency on offer to Asian issuers. As dollar rates rise, the Samurai market is back in focus.

  • Parents wait outside a school as their children take the National College Entrance Exam in Huaibei.

    Reform takes priority

    A clampdown on irregular trading and a cash crunch have left credit traders in no doubt that China is stepping up efforts to reform its capital markets. As traders and investors wait for clearer signals, however, the uncertainty is choking liquidity.

  • A South Korean soldier patrols as vehicles returning from North Korea's inter-Korean Kaesong Industrial Complex back to South Korea arrive at a checkpoint on the Grand Unification Bridge.

    Basel barriers

    The introduction of loss-absorbing bank capital across Asia has stalled, with little sign of any consensus emerging across the region’s many distinct markets.

  • Australian players wait for an umpire’s decision during an international rugby union test match.

    Life down under

    At least in Australia, the structured finance market is functioning normally. Hopes of a comeback elsewhere, however, look far-fetched.