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Tuesday, 24 October 2017

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IFR Asia Green Bonds Roundtable 2017: Sustainable growth

IFR Asia Green Bonds Roundtable 2017: Sustainable growth

IFR Asia 1004 - Green Bonds Roundtable 2017

Asia’s Green bond market is beginning to bloom. Even in a quiet year for China’s domestic market, the arrival of first-time issuers from the likes of India, Australia and Singapore is adding new depth to the region’s green finance push.

IFR Asia Green Bonds Roundtable 2017: Roundtable participants

IFR Asia 1004 - Green Bonds Roundtable 2017

IFR Asia Green Bonds Roundtable 2017: Roundtable participants

IFR Asia Green Bonds Roundtable 2017

IFR Asia Green Bonds Roundtable 2017: Part 1

IFR Asia 1004 - Green Bonds Roundtable 2017

IFR ASIA: Good morning, ladies and gentlemen. Let’s start off this discussion with a look at how the green bond market has developed in this part of the world. Katharine, can you tell us how you see it?

Broader interest

IFR Asia Green Bonds Roundtable 2017: Part 2

IFR Asia 1004 - Green Bonds Roundtable 2017

IFR ASIA: Let’s talk about the China experience a little bit. I just read an article from Sean Kidney, the head of the Climate Bonds Initiative, saying that over 93% of Chinese green bonds have received external reviews at issuance, which is much higher than the global average of around 73%. You could argue that China is leading the way here. Where do we see the Chinese market developing?

China is a leading producer of wind turbines and solar panels.

IFR Asia Asian Development Bank Roundtable 2017: Mobilising Asian investors for sustainable development

IFR Asia - Asian Development Bank Roundtables 2017

IFR’s annual ADB roundtable, held as part of the Asian Development Bank’s annual meetings hosted this year by Yokohama, took place at a significant moment. This year marked not just the 20th anniversary of the Asian financial crisis but more importantly perhaps the 50th anniversary of the founding of the Asian Development Bank.

IFR Asia Asian Development Bank Roundtable 2017: Roundtable participants

IFR Asia - Asian Development Bank Roundtables 2017

IFR Asia Asian Development Bank Roundtable 2017: Roundtable participants

IFR Asia Asian Development Bank Roundtable 2017

IFR Asia Asian Development Bank Roundtable 2017: Part 1

IFR Asia - Asian Development Bank Roundtables 2017

Welcome to this IFR seminar, entitled “Mobilising Asian Investors for Sustainable Development”. One of the central themes of the 2017 ADB meetings in Yokohama is infrastructure. In this session, I wanted to go beyond restating the vast sums of money needed and discuss if and to what extent the infrastructure funding gap can be closed by capital markets, which is a key assumption among policymakers.

IFR Asia Asian Development Bank Roundtable 2017

IFR Asia Asian Development Bank Roundtable 2017: Part 2

IFR Asia - Asian Development Bank Roundtables 2017

Keith Mullin, KM Capital Markets: At the sharp end of creating instruments, securities structures that meet the need, I am a little sceptical about the preparedness of bond investors to rise to the challenge and take up the slack in infrastructure financing. You’re very close to the market, Alexi. Is my scepticism warranted?

A girl plays on a swing during the Hindu festival of Dasain in Kathmandu.

IFR Asia Outlook for Asian Credit Roundtable 2017: While the sun shines

IFR Asia - Outlook for Asian Credit RT 2017

The outlook for Asian credit has rarely been brighter. The first quarter of 2017 was a record for international bond issues from Asia, beating the previous three-month record by 25%, and high-yield offerings are booming.

IFR Asia Outlook for Asian Credit Roundtable 2017: Roundtable participants

IFR Asia - Outlook for Asian Credit RT 2017

IFR Asia Outlook for Asian Credit Roundtable 2017: Roundtable participants

IFR Asia Outlook for Asian Credit Roundtable 2017: Group

IFR Asia Outlook for Asian Credit Roundtable 2017: Part 1

IFR Asia - Outlook for Asian Credit RT 2017

IFR ASIA: Welcome. Michael, where are we in the Asian credit cycle at the moment, and do you think that’s justified?

IFR Asia Outlook for Asian Credit Roundtable 2017

IFR Asia Outlook for Asian Credit Roundtable 2017: Part 2

IFR Asia - Outlook for Asian Credit RT 2017

Of course if you understand the policy dynamic it will be easier for you to cherry pick the best sectors in the near to medium term. In my view even those LGFVs that may not have a viable business model should be OK in the near time because the government needs to open up the market for this sector.

IFR Asia China Securitisation Roundtable 2017: New models emerge

IFR Asia China Securitisation Roundtable 2017: New models emerge

IFR Asia - China Securitisation Roundtable 2017

The opening of China’s domestic bond market is the single biggest opportunity in the global fixed income arena today, and securitisation is likely to be among the biggest beneficiaries.

IFR Asia China Securitisation Roundtable 2017: Roundtable participants

IFR Asia - China Securitisation Roundtable 2017

IFR Asia China Securitisation Roundtable 2017: Roundtable participants

IFR Asia China Securitisation Roundtable 2017: Group

IFR Asia China Securitisation Roundtable 2017: Part 1

IFR Asia - China Securitisation Roundtable 2017

IFR ASIA: Welcome. Jerome, most of my research for this discussion comes from your note from a couple of weeks ago, so the first question is for you! What makes China securitisation an area of interest for the international community?

IFR Asia China Securitisation Roundtable 2017

IFR Asia China Securitisation Roundtable 2017: Part 2

IFR Asia - China Securitisation Roundtable 2017

KYSON HO, HSBC: Some of the concerns that Jerome raised are also good for the development of the market. When everything is Triple A and all the deals repay within half a year, investors don’t really differentiate between good deals and bad deals. As economic conditions become less positive and different issuers also adopt different structures, in particular revolving deals and longer tenors, investors really have to think more. Then there will be more incentives for issuers and investors to demand well-structured transactions that are appropriate for the particular environment and the asset class.

Parents walk primary school students to school amid thick haze in Chiping county, Shandong province.

IFR Asia ESG Financing Roundtable 2017: A clearer future

IFR Asia - ESG Financing Roundtable 2017

Environmental, social and governance factors are becoming ever more important in investment decisions. Whether fund managers worry about climate change or simply want to protect the long-term value of their portfolio, sustainability is now high on the agenda.

IFR Asia ESG Financing Roundtable 2017: Roundtable participants

IFR Asia - ESG Financing Roundtable 2017

IFR Asia ESG Financing Roundtable 2017: Roundtable participants

IFR Asia ESG Financing Roundtable 2017

IFR Asia ESG Financing Roundtable 2017: Part 1

IFR Asia - ESG Financing Roundtable 2017

IFR ASIA: Welcome everyone. Terry, can you start us off with how important ESG – environmental, social and governance – criteria are in the capital markets. Why is it such an important topic to discuss?

IFR Asia ESG Financing Roundtable 2017

IFR Asia ESG Financing Roundtable 2017: Part 2

IFR Asia - ESG Financing Roundtable 2017

SARAH PERCY-DOVE, BLACKROCK: As an investor, I’d like to ask Terry: would you change a credit rating for the better if the green aspects were legally enforceable?

Dian opera performers take a picture of themselves before a performance in Kunming, Yunnan.

IFR Asia LGFV Funding Roundtable 2016: Back in fashion

IFR Asia - LGFV Funding Roundtable 2016

The finances of China’s local governments are once again capturing the attention of capital markets participants, but for very different reasons.

IFR Asia LGFV Funding Roundtable 2016: Roundtable participants

IFR Asia - LGFV Funding Roundtable 2016

IFR Asia LGFV Funding Roundtable 2016: Roundtable participants 

IFR Asia LGFV Funding Roundtable 2016_Group

IFR Asia LGFV Funding Roundtable 2016: Part 1

IFR Asia - LGFV Funding Roundtable 2016

IFR ASIA: Welcome to the discussion on China’s local government financing vehicles. Let’s start with a definition: what is an LGFV, and why are they relevant for the capital markets?

IFR Asia LGFV Funding Roundtable 2016

IFR Asia LGFV Funding Roundtable 2016: Part 2

IFR Asia - LGFV Funding Roundtable 2016

IFR ASIA: Ivan, how do you account for all of this when you’re looking at a rating?

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016: Steady progress

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016: Steady progress

IFR Asia/LPC - Evolution of Asian Loans RT 2016

Asian loan markets are at a crossroads. 2016 has been a dismal year for the product with volumes declining to a three-year low amid market volatility, slow economic growth and limited M&A activity. The 12% year-on-year drop in the first nine months of 2016 compounds a similar decline in the same period in 2015, which was already reeling from a slowing Chinese economy.

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016: Roundtable participants

IFR Asia/LPC - Evolution of Asian Loans RT 2016

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016: Roundtable participants

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016_Group

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016: Part 1

IFR Asia/LPC - Evolution of Asian Loans RT 2016

IFR ASIA/LPC: A warm welcome to everyone and a very good afternoon. Thank you for taking the time. Justin, could you please give us a brief overview of the year so far in syndicated loans for this business? Do you find it has changed and become more challenging?

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016_Koichiro Oshima

IFR Asia/LPC Evolution of Asian Loans Roundtable 2016: Part 2

IFR Asia/LPC - Evolution of Asian Loans RT 2016

IFR ASIA/LPC: Richard, do you agree with Michel on the pricing that you see in secondary markets on loans? Do you buy them at those kind of levels and are they attractive?

Baby pandas born in 2015 are placed on grass for pictures during a photo opportunity at a giant panda breeding centre in Ya’an, Sichuan province, China.

IFR Asia RMB Bond Markets Roundtable 2016: A brighter future

IFR Asia - RMB Bond Markets Roundtable 2016

China is going global, and so is its currency. The renminbi officially entered the International Monetary Fund’s basket of global reserve currencies on October 1, and barely a week goes by without talk of major reforms to open some aspect of the country’s capital markets to the world.

IFR Asia RMB Bond Markets Roundtable 2016: Roundtable participants

IFR Asia - RMB Bond Markets Roundtable 2016

IFR Asia RMB Bond Markets Roundtable 2016: Roundtable participants

IFR Asia Rmb Bond Markets Roundtable 2016_Group

IFR Asia RMB Bond Markets Roundtable 2016: Part 1

IFR Asia - RMB Bond Markets Roundtable 2016

IFR ASIA: Good morning, ladies and gentlemen. So, Tim, what’s happening in the renminbi bond markets? How do you see the funding landscape for potential issuers?

IFR Asia Rmb Bond Markets Roundtable 2016_Tony Tang

IFR Asia RMB Bond Markets Roundtable 2016: Part 2

IFR Asia - RMB Bond Markets Roundtable 2016

IFR ASIA: Presumably foreign investors will like these, wouldn’t they?

A worker stands atop scaffolding as he sets up a safety net at a construction site in central Beijing.

IFR Asia Asian Bank Capital Roundtable 2016: Perfecting the safety net

IFR Asia - Asian Bank Capital Roundtable 2016

Bank capital has long been a hot topic in Asia, but the asset class has so far failed to ignite the kind of excitement that the Basel reforms once promised – at least outside of Australia. That is all about to change.

IFR Asia Asian Bank Capital Roundtable 2016: Roundtable participants

IFR Asia - Asian Bank Capital Roundtable 2016

IFR Asia Asian Bank Capital Roundtable 2016: Roundtable participants

IFR Asia Asian Bank Capital Roundtable 2016

IFR Asia Asian Bank Capital Roundtable 2016: Part 1

IFR Asia - Asian Bank Capital Roundtable 2016

IFR ASIA: Welcome. Sean, you took part in a similar discussion we hosted almost three years ago, so perhaps you’re the best to kick this off. Where do we stand with bank capital in Asia? How much capital do banks really need here?

IFR Asia Asian Bank Capital Roundtable 2016

IFR Asia Asian Bank Capital Roundtable 2016: Part 2

IFR Asia - Asian Bank Capital Roundtable 2016

IFR ASIA: Well, there’s always been a degree of resistance to Basel in Asia. India, China, you name it, they never wanted to apply these rules to a state-owned system, but they’ve got them. It’s sort of the same with TLAC. It’s happening whether you like it or not.

Creating quality jobs, developing the private sector, and combating climate change are key to a sustainable region, ADB President Takehiko Nakao said in his opening address at the 49th Annual Meeting of ADB’s Board of Governors in Frankfurt.

IFR Asia Asian Development Bank Roundtable 2016: Internationalising Asia’s capital markets

IFR Asia - Asian Development Bank Roundtable 2016

Asia’s bond markets are at the centre of a concerted marketing effort. From Pandas and Dim Sum bonds to Masalas and Formosas, many of Asia’s local debt products are already firmly established in the world’s financial lexicon.

IFR Asia Asian Development Bank Roundtable 2016: Roundtable participants

IFR Asia - Asian Development Bank Roundtable 2016

IFR Asia Asian Development Bank Roundtable 2016: Roundtable participants

IFR Asia Asian Development Bank Roundtable 2016

IFR Asia Asian Development Bank Roundtable 2016: Part 1

IFR Asia - Asian Development Bank Roundtable 2016

IFR ASIA: Welcome. Let’s start with a sort of general assessment of how global investors view Asia and Asia’s markets at the moment. I’m going to ask the bankers on the panel to open us up with that.

IFR Asia Asian Development Bank Roundtable 2016

IFR Asia Asian Development Bank Roundtable 2016: Part 2

IFR Asia - Asian Development Bank Roundtable 2016

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?

Pha That Luang, the golden stupa, a national symbol of Laos, is seen in Vientiane.

IFR Asia Frontier Markets Roundtable 2016: Opening doors

IFR Asia - Frontier Markets Roundtable 2016

After a dismal run for global emerging markets, Asia’s frontier sovereigns could almost be forgiven for turning down the chance to issue international bonds.

IFR Asia Frontier Markets Roundtable 2016: Roundtable participants

IFR Asia - Frontier Markets Roundtable 2016

IFR Asia Frontier Markets Roundtable 2016: Roundtable participants

IFR Asia Frontier Markets Roundtable 2016

IFR Asia Frontier Markets Roundtable 2016: Part 1

IFR Asia - Frontier Markets Roundtable 2016

IFR ASIA: Let’s start with a view from the macro level. How do you see the need for international issuance out of Asia? Is there still a drive for countries to come into the global markets?

IFR Asia Frontier Markets Roundtable 2016

IFR Asia Frontier Markets Roundtable 2016: Part 2

IFR Asia - Frontier Markets Roundtable 2016

IFR ASIA: The ADB has been very keen on local currencies within ASEAN, am I correct?

IFR Outlook for Indian Borrowers Roundtable 2016

IFR Asia Outlook for Indian Borrowers Roundtable 2016

IFRA Outlook for Indian Borrowers Roundtable 2016

IFR’s Outlook for Indian Borrowers Roundtable took place in Singapore in December 2015. As with the Indian Credit Conference in Mumbai that had preceded it by a couple of weeks, the backdrop was IFR’s inaugural Indian Borrowers Survey, results of which are published in this supplement following the edited transcript.

IFR Asia Outlook for Indian Borrowers Roundtable 2016: Participants

IFRA Outlook for Indian Borrowers Roundtable 2016

David RasquinhaExport-Import Bank of IndiaDavid Rasquinha is deputy managing director at Export-Import Bank of India responsible for project exports, trade finance, lines of credit, treasury and risk management. He has held a range of positions since joining the bank in 1985, serving as the bank’s resident representative in Washington, DC from 1999 to 2004. Rasquinha has also served on several working groups set up by the Reserve Bank of India.

IFR Asia Outlook for Indian Borrowers Roundtable 2016: Part 1

IFRA Outlook for Indian Borrowers Roundtable 2016

IFR: What does the borrowing landscape look like for Indian issuers in 2016?

IFR Asia Outlook for Indian Borrowers Roundtable 2016: Part 2

IFRA Outlook for Indian Borrowers Roundtable 2016

IFR: What about appetite for high-yield from India?

IFR Asia Outlook for Indian Borrowers Roundtable 2016: Part 3

IFRA Outlook for Indian Borrowers Roundtable 2016

IFR: Interesting point. RBI has not allowed Indian banks to tap the Masala bond market, for AT1s. But they should probablydo that.

IFR Asia Outlook for Indian Borrowers Roundtable 2016: Part 4

IFRA Outlook for Indian Borrowers Roundtable 2016

IFR India borrowers survey

A labourer carries a pipe in the construction site of a metro in Shenyang, Liaoning province.

IFR Asia China Municipal Funding Roundtable 2015: Building connections

IFR Asia - China Municipal Funding Roundtable 2015

The reform of China’s local government finances is creating an opportunity out of a crisis. After years of debt-fuelled expansion, the country’s provinces and municipalities are now turning to the capital markets to consolidate their borrowings and finance future spending, presenting investors with an opportunity to diversify and underwriters with a growing revenue stream.

IFR Asia China Municipal Funding Roundtable 2015: Roundtable participants

IFR Asia - China Municipal Funding Roundtable 2015

IFR Asia China Municipal Funding Roundtable 2015: Roundtable participants

IFR Asia China Municipal Funding Roundtable 2015

IFR Asia China Municipal Funding Roundtable 2015: Part 1

IFR Asia - China Municipal Funding Roundtable 2015

IFR ASIA: Let me come to you first, Fernando. Just set the scene for us here. What’s happening in the Chinese municipal sector, and why would it make sense for local government enterprises to consider the capital markets?

IFR Asia China Municipal Funding Roundtable 2015

IFR Asia China Municipal Funding Roundtable 2015: Part 2

IFR Asia - China Municipal Funding Roundtable 2015

IFR ASIA: There has been some recent discussion on securitising some of the municipal debt.

Madoka Hirabayashi from Tokyo holds a basket filled with freshly harvested organic vegetables during a permaculture workshop in Hokuto, 150km west of Tokyo.

IFR Asia Green Bonds Roundtable 2015: Sowing the seeds for Asia’s future

IFR Asia - Green Bonds Roundtable 2015

Green bonds may be emerging as the Next Big Thing in Europe and the US, but in Asia the idea has so far been greeted with a fair dose of cynicism. Only a handful of issuers in Asia Pacific – predominantly banks – have launched bonds under the Green label, and few of the region’s homegrown investors have embraced the concept of responsible investing.

IFR Asia Green Bonds Roundtable 2015: Roundtable participants

IFR Asia - Green Bonds Roundtable 2015

IFR Asia Green Bonds Roundtable 2015: Roundtable participants

IFR Asia Green Bonds Roundtable 2015

IFR Asia Green Bonds Roundtable 2015: Part 1

IFR Asia - Green Bonds Roundtable 2015

IFR ASIA: Good afternoon. Let’s start with an introduction from our climate bonds expert. Sean, what are Green bonds, and why should we care?

IFR Asia Green Bonds Roundtable 2015

IFR Asia Green Bonds Roundtable 2015: Part 2

IFR Asia - Green Bonds Roundtable 2015

IFR ASIA: Will we get to a point, do we think, that Green bonds actually offer a pricing benefit for an issuer? Who wants to tackle that one?

Cultural show at the 48th Annual Meeting’s Opening Session.

IFR Asia Asian Development Bank Roundtable 2015: Where are Asia’s capital markets heading?

IFR Asia - Asian Development Bank Roundtable 2015

IFR travelled to Baku, Azerbaijan, in early May to host a full house of around 200 delegates at a luncheon seminar during the Asian Development Bank’s annual meeting.

IFR Asia Asian Development Bank Roundtable 2015: Roundtable participants

IFR Asia - Asian Development Bank Roundtable 2015

IFR Asia High-yield bonds Roundtables 2015: Participants

Asian Development Bank Roundtable 2015

IFR Asia Asian Development Bank Roundtable 2015: Part 1

IFR Asia - Asian Development Bank Roundtable 2015

IFR ASIA: Welcome. Let’s kick things off with the state of play in Asia’s banking sector. Where are we in terms of meeting global regulatory requirements, and how is that affecting lending?

Asian Development Bank Roundtable 2015

IFR Asia Asian Development Bank Roundtable 2015: Part 2

IFR Asia - Asian Development Bank Roundtable 2015

ARUNDHATI BHATTACHARYA, SBI: Of course I don’t agree that we don’t have a sound banking system! If you look at India, one of the reasons for the large amount of NPLs was the fact that we had a large amount of infrastructure built in the country at a particular period of time. And all of the heavy lifting was done by the commercial banks. They had 10-year money, and as a result all of this funding was done on a 10-year basis, with the expectation that repayments would happen in an average time of 7½ years. Now you cannot have 30-year assets being paid back in 7½ years. You’re looking at disaster if you do that, and that’s exactly what has happened.

A contractor works atop the Shanghai Tower in Shanghai’s financial district of Pudong.

IFR Asia High-yield bonds Roundtable 2015: Positioning for growth

IFR Asia - High Yield Roundtable 2015

IFR Asia’s High-Yield Roundtable took place on February 10, against a fascinating backdrop in the Asian credit markets. Weeks earlier, Chinese property developer Kaisa Group announced it had failed to repay a loan after local authorities blocked its sales and its chairman left, spreading panic among high-yield investors and raising fears of a systemic crisis.

IFR Asia High-yield bonds Roundtables 2015: Participants

IFR Asia - High Yield Roundtable 2015

IFR Asia High-yield bonds Roundtables 2015: Participants

IFRAsia High-yield bonds roundtable 01

IFR Asia High-yield bonds Roundtable 2015: Part 1

IFR Asia - High Yield Roundtable 2015

IFR ASIA: To open the discussion, I’d like to raise the issue of Chinese property developer Kaisa, which almost defaulted in January after local authorities blocked its sales. How significant is this to the wider market?

IFR Asia High-yield bonds Roundtable 2015_12

IFR Asia High-yield bonds Roundtable 2015: Part 2

IFR Asia - High Yield Roundtable 2015

IFR ASIA: Is there a danger in looking for diversification that you’ll be swapping one set of risks for another that could be even harder to assess?

A worker installs models in preparation for a real estate exhibition in Shanghai.

IFR Asia China Corporate Funding Roundtable 2014

IFR Asia - China Corporate Funding Roundtable 2014

China’s growing use of international debt has been the single-most important story of the past three years in the Asian capital markets.

IFR Asia China Corporate Funding Roundtable 2014: Roundtable participants

IFR Asia - China Corporate Funding Roundtable 2014

IFR Asia China Corporate Funding Roundtable 2014: Roundtable participants

IFR Asia China Corporate Funding Roundtable 2014

IFR Asia China Corporate Funding Roundtable 2014: Part 1

IFR Asia - China Corporate Funding Roundtable 2014

IFR: Welcome. The outlook for China’s corporate sector in the international bond markets is on everyone’s mind after a surge of offshore debt issuance from China over the last couple of years. So to kick things off, what’s behind that trend, and is it going to continue?

IFR Asia China Corporate Funding Roundtable 2014

IFR Asia China Corporate Funding Roundtable 2014: Part 2

IFR Asia - China Corporate Funding Roundtable 2014

IFR: It’s all part of trying to reduce this structural subordination for a company that has most of its assets onshore and is borrowing offshore.

A teenager rides a bicycle near the Baiterek, which is 105-metres (344 ft) with the globe above, in Astana.

IFR Asia Asian Development Bank Roundtable 2014

IFR Asia - Asian Development Bank Roundtable 2014

For the second year running, IFR hosted a well-attended seminar during the Asian Development Bank’s annual meeting, held this time in Kazakhstan’s gleaming new capital, Astana. Part of the ADB’s official knowledge-sharing programme, the luncheon event brought together a panel of experts to discuss the development of Asian bond markets at a time when the ADB and other public sector bodies are working hard to promote Asia’s capital markets as an alternative to traditional bank finance.

IFR Asia Asian Development Bank Roundtable 2014: Participants

IFR Asia - Asian Development Bank Roundtable 2014

IFR Asia China Corporate Funding Roundtable 2014: Roundtable participants

IFR Asia Asian Development Bank Roundtable 2014: Part 1

IFR Asia - Asian Development Bank Roundtable 2014

IFR: I’m delighted to welcome everyone to the Thomson Reuters IFR Seminar, sponsored by Daiwa Securities, HSBC and Moody’s Investors Service. To kick off this debate, I’d like to ask each of our panellists to introduce themselves with a few words on how they see the development of Asia’s bond markets.

IFR Asia Asian Development Bank Roundtable 2014: Part 2

IFR Asia - Asian Development Bank Roundtable 2014

IFR: Are there hurdles to overcome when that capital account is liberalised? What sort of dangers do we need to be aware of for offshore RMB?

An employee of puzzle maker Beverly holds a piece of the company's white micro 1000 piece jigsaw puzzle at the International Toy Show in Tokyo

IFR Asia Bank Capital Roundtable 2013

IFR Asia - Bank Capital RT 2013

Bank capital securities are among the most complex in the public debt markets – and the most controversial. Since the 2008 credit crisis exposed the flaws in the products that were designed to help keep the world’s banks solvent, regulators have enforced a number of changes to mixed responses across the globe.

IFR Asia Bank Capital Roundtable 2013: Participants

IFR Asia - Bank Capital RT 2013

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IFR Asia Bank Capital Roundtable 2013: Part 1

IFR Asia - Bank Capital RT 2013

To see the digital version of this report, please click here.

IFR Asia Bank Capital Roundtable 2013: Part 2

IFR Asia - Bank Capital RT 2013

To see the digital version of this report, please click here.

IFR Asia Bank Capital Roundtable 2013: Part 3

IFR Asia - Bank Capital RT 2013

To see the digital version of this report, please click here.

Dim Sum Bonds Roundtable participants (from left to right)

IFR Asia Dim Sum Bonds Roundtable 2012: Participants

IFR Asia - Dim Sum Bonds roundtable

Dim Sum Bonds Roundtable participants

IFR Asia Dim Sum Bonds Roundtable 2012: Part 1

IFR Asia - Dim Sum Bonds roundtable

IFR: Welcome. Has the Dim Sum bond lost some of its appeal? Over the last 18 months, Dim Sum bonds have been horrible

IFR Asia Dim Sum Bonds Roundtable 2012: Part 2

IFR Asia - Dim Sum Bonds roundtable

IFR: John, when you came to market with your two deals, were they individually rated?

IFR Asia Dim Sum Bonds Roundtable 2012: Part 3

IFR Asia - Dim Sum Bonds roundtable

IFR: We mentioned swaps before. Is there a sweet spot there? Are there any limits?

IFR Asia Dim Sum Bonds Roundtable 2012: Part 4

IFR Asia - Dim Sum Bonds roundtable

IFR: Let’s turn that question back on the investor base. Angus, presumably you look at the overall rating, rather than the standalone, don’t you?

Participants (from left to right)

Asian Debt Capital Markets Roundtable 2011: participants

IFR Asia - Asian Debt Capital Markets roundtable

Asian Debt Capital Markets Roundtable participants

Asian Debt Capital Markets Roundtable: Part 1

IFR Asia - Asian Debt Capital Markets roundtable

Jonathan Rogers: We were supposed to be on course for a record year in the Asia G3 market, based on the record clip of issuance in the first seven months of the year, with plenty of players suggesting we would see a print around the US$100bn mark. Issuance has since petered off dramatically. Will it pick up?

Asian Debt Capital Markets Roundtable: Part 2

IFR Asia - Asian Debt Capital Markets roundtable

Jonathan Rogers: Now to ask Alexi, from the perspective of HSBC, and to be blunt: what is the reason for the existence of the Hong Kong dollar bond market? And what is the view going forward in terms of such variables as the Dim Sum market and the possibility of the peg being broken, which again surfaced as a rumour last week? Why do people still have an interest in the Hong Kong dollar bond market?

Asian Debt Capital Markets Roundtable: Part 3

IFR Asia - Asian Debt Capital Markets roundtable

Jonathan Rogers: What kind of haircuts will we see? The market is implying 40% on the weaker names, based on secondary bond prices.

Asian Debt Capital Markets Roundtable: Part 4

IFR Asia - Asian Debt Capital Markets roundtable

Jonathan Rogers: With regards to perpetuals, how does the market compare for corporate and bank capital issuance? How is it likely to develop?

Ambitious plans for growth

IFR Malaysian Capital Markets Roundtable 2010

IFR Malaysian Capital Markets Roundtable 2010

Sentiment in Malaysia is running high. Participants at IFR’s Malaysian Capital Markets Roundtable in Kuala Lumpur on October 8 noted that the country came through the crisis relatively unscathed. Malaysian banks are generally in good shape and, from a capital markets perspective, the country is broadly self-sufficient.

Abdul Farid Alias, Maybank

IFR Malaysian Capital Markets 2010: Participants

IFR Malaysian Capital Markets Roundtable 2010

Ai Chin Tan is head of investment banking at OCBC Bank (Malaysia). Prior to her current position, she was head of debt origination at RBS Bank Malaysia (formerly ABN AMRO), in charge of both local and foreign currency debt raising and financial advisory services. She was also previously general manager and head of the capital markets and structured finance division in the investment banking arm of Maybank Group. She has accumulated almost 20 years of experience in a wide array of investment banking activities.Thomas Meow, CIMB

Angus Salim Amran, Cagamas

IFR Malaysian Capital Markets 2010: Participants

IFR Malaysian Capital Markets Roundtable 2010

Ai Chin Tan is head of investment banking at OCBC Bank (Malaysia). Prior to her current position, she was head of debt origination at RBS Bank Malaysia (formerly ABN AMRO), in charge of both local and foreign currency debt raising and financial advisory services. She was also previously general manager and head of the capital markets and structured finance division in the investment banking arm of Maybank Group. She has accumulated almost 20 years of experience in a wide array of investment banking activities.Thomas Meow, CIMB

Malaysian Capital Markets Roundtable

IFR Malaysian Capital Markets 2010: Participants

IFR Malaysian Capital Markets Roundtable 2010

Ai Chin Tan is head of investment banking at OCBC Bank (Malaysia). Prior to her current position, she was head of debt origination at RBS Bank Malaysia (formerly ABN AMRO), in charge of both local and foreign currency debt raising and financial advisory services. She was also previously general manager and head of the capital markets and structured finance division in the investment banking arm of Maybank Group. She has accumulated almost 20 years of experience in a wide array of investment banking activities.Thomas Meow, CIMB

IFR Malaysian Capital Markets 2010: Part 1

IFR Malaysian Capital Markets Roundtable 2010

IFR: Malaysia had a relatively good crisis and came through it in pretty good shape. Sentiment today in the domestic capital markets seems to be fairly robust, the economic metrics are looking OK, and the central bank has been quite pragmatic in its rate policy. Angus, what are your general thoughts?

IFR Malaysian Capital Markets 2010: Part 2

IFR Malaysian Capital Markets Roundtable 2010

IFR: So expand on that last point about the fund. How do you envisage that might work?

IFR Malaysian Capital Markets 2010: Part 3

IFR Malaysian Capital Markets Roundtable 2010

IFR: The government is trying hard to promote FDI. Thomas, do you think this is an initiative that’s going to be successful?

IFR Malaysian Capital Markets 2010: Tables

IFR Malaysian Capital Markets Roundtable 2010

Capital markets thrive on rampant optimism

IFR India CM Roundtable 2010

IFR India Capital Markets 2010

Indian capital markets are booming. ECM, DCM, loan syndications, infrastructure and M&A are all firing as investors and financiers vie to put their money to work. The tone of IFR’s Indian Capital Markets Roundtable in Mumbai encapsulated the mood perfectly. In a wide-ranging conversation, participants offered up a very positive outlook for the year ahead.

IFR India CM Roundtable 2010: Participants

IFR India Capital Markets 2010

Sunandan Chaudhuri, SBICAP Securities

IFR India CM Roundtable 2010: Part 1

IFR India Capital Markets 2010

IFR: I’d like to start off the conversation on the topic of the Indian economy, which generally seems to be in very good shape. Sunandan, as the economist on our panel, could I ask you to comment on the RBI’s latest rate decision, then talk more broadly about what’s driving the Indian economy and outline any potential red flags?

IFR India CM Roundtable 2010: Part 2

IFR India Capital Markets 2010

IFR: Raman, ratings have come up in a couple of answers so far. We’ve talked about the strong economy. How does that square against the credit quality of Indian corporates from a rating perspective?

IFR India CM Roundtable 2010: Part 3

IFR India Capital Markets 2010

IFR: One of the issues that always comes up when discussing M&A in India is the fact that a lot of companies are family owned. This has acted as a drag on M&A activity. Are things changing on this front? Are family-owned companies willing to sell out or dilute?

IFR India CM Roundtable 2010: Tables

IFR India Capital Markets 2010