Friday, 19 July 2019

Outlook for Asian Credit 2013

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  • Fishermen in their wooden boat try to cross waves in Bantul.

    Outlook for asian credit: Changing tides

    Breaking records may have almost become passé for Asian b

  • World-renowned violinist Itzhak Perlman rehearses with a local symphony in the southern Chinese city of Guangzhou.

    Will the music stop?

    2012 broke all the records when it came to bond issuance, but signs that investors are shifting back towards equities are especially worrying for Asia. What’s next for Asian credit?

  • A customer looks at price tags at the vegetable section of a supermarket in Hefei

    The rates conundrum

    This year the world economy may finally start growing again, eliciting fears that rates will not remain low for so much longer and leaving investors struggling to find ways to avoid the losses that a spike in benchmark yields could cause to bond portfolios

  • Climbers collect mock buns on a tower during a 'bun-scrambling' event as part of the Bun Festival on the tiny island of Cheung Chau in Hong Kong.

    Risk and reward

    With yields on Asian investment-grade bonds looking increasingly thin, the juicy coupons on junk-rated debt are drawing more investors down the credit curve in search of returns. Issuers, however, are not having everything their own way.

  • Small wooden boats with local vendors and tourists manoeuvre through the Damnoen Saduak floating market, 110 km (68 miles) west of Bangkok in Rachaburi.

    Market afloat

    The Thai corporate bond market looks set for another busy year as the Thai central bank is committed to keeping interest rates low and issuers are keen to take advantage by extending their maturity profiles.

  • Australian farmer  points at his wheat crop at his farm in Condobolin.

    Calm after the storm

    After Australia’s major banks issued a flurry of covered bonds last year, they are preparing to diversify their liabilities in 2013 and issue new RMBS and senior unsecured bonds

  • People rush to place joss sticks at the Guan Yin temple in Singapore.

    More to come?

    After a record 2012, Singapore’s debt capital markets specialists are keen to build on the city’s growing status as an international funding centre. A repeat of those record volumes, however, may be a step too far.

  • Honour guards stand in a line before an official welcoming ceremony inside the Great Hall of the People in Beijing.

    Winds of change

    China’s officials are promoting bonds as a way to relieve pressure on both the bank loan market and the depressed equity market. While that sets the scene for more rapid growth, it also poses new risks for this underdeveloped market.

  • Chinese boat trackers, called Qian Fu, pull a vessel upstream along the Wu Jiang River, a tributary of the Yangtze River in the Sichuan

    Strength to strength

    After a flying start to 2013, the question the Asian debt community is asking itself is: will this year be another record-breaker for Asia’s primary market?