Tuesday, 23 July 2019

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  • IFR Asia Asian Development Bank Roundtable 2016

    IFR Asia Asian Development Bank Roundtable 2016: Part 2

    IFR ASIA: Let’s look at opening up some of the local currency markets. Mr Sriram, there has been a lot going on in the rupee market recently. What is the potential for offshore rupee Masala bonds?


    Expanding the horizons: 2009 was an atypical year for the Indian bond market. While it saw heightened volatility in tandem with the global credit crisis, it continued to offer ample liquidity. For taking advantage of this liquidity and relentlessly expanding the horizons of the rupee debt markets, Citigroup is IFR Asia’s India Bond House of the Year.

  • Indian policemen hold their weapons as they present an honour guard outside the civil secretariat co

    ‘Inspector Raj’still rules

    For all its promises to address the perennial problems of inadequate infrastructure and bureaucratic red tape, the Indian Government is failing to convince its population that it is open for business.

  • 1997: A new shade of red

    China Telecom’s 1997 IPO is remembered as a pivotal moment in China’s engagement with the global capital markets, smashing size records and sowing the seed for big listings from the country’s public sector. The origins of the deal, however, trace back to Hong Kong’s red-chip fever in the mid-1990s.

  • 1997: The music stops

    The boom in Asia’s capital markets came to a shuddering halt in the second half of 1997, only a few months after IFR Asia’s first issue. One by one, central banks across Asia were forced to float their currencies, triggering huge devaluations and mass defaults. By the end of the year, Thailand, Indonesia and South Korea had all turned to the International Monetary Fund for assistance.

  • 1998: Taiwan: The one that got away

    While the dominoes were falling across Asia, Taiwan weathered the Asian financial crisis relatively well. The island’s economy did slow from 6.7% growth in 1997 to 4.6% in 1998, but that was by far the highest of any of its Asian neighbours – most of which slumped into recession. The central bank was forced to release its grip on the currency, and inflated stock prices took an initial tumble in the 1997 rout, but recovered relatively quickly. In the 12 months to June 1998, the stock price index fell 16

  • 1998: Trouble spreads

    The turmoil in South-East Asia claimed its first victim in Hong Kong at the beginning of 1998, when homegrown investment bank Peregrine’s aggressive underwriting in Indonesia led to its downfall. The trouble spread, however, and by August the Hong Kong government was forced to intervene to prop up local stocks.

  • 1999: No subprime here, thanks

    Securitisation played a part in Asia’s recovery, too, helping banks and governments recycle balance sheets and offload risk. Structured financing survived test after test in the region, from the Asian financial crisis to consumer credit blowups, before the US subprime disaster finally put paid to any mainstream ambitions.

  • 1999: Signs of recovery

    Deals began to flow again in 1999, at least in North Asia. China’s red chips resumed their overseas march through the Hong Kong IPO market, and governments began looking to sell down the investments they had been forced into at the height of the crisis.

  • 2000: PetroChina: Let it flow

    PetroChina’s IPO in April 2000 opened the floodgates for jumbo Chinese state-owned enterprises looking to access overseas equity capital. In proving investors would support a major listing in H-share format, the deal paved way for the many IPOs of Chinese lenders and insurers that would transform the Hong Kong market in the years to come.

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