The growth of the Reg S bond market has been one of the defining trends of the Asian capital markets in recent years. Driven by the seemingly unstoppable rise of Asian wealth – especially deep-pocketed Chinese investors – US dollar bond sales in the region no longer depend on the participation of US institutions.
Bryan CollinsFidelity InternationalBryan Collins is a portfolio manager with over 15 years of investment experience. He joined Fidelity’s Hong Kong office as a fixed income trader in 2006, and became a portfolio manager in 2009. He manages Fidelity’s fixed-income funds in Asia – including the Asian High Yield Fund, Asia Bond Fund, China RMB Bond Fund and Hong Kong Bond Fund – as well as a number of cash funds. In total, Bryan is responsible for managing over US$5bn of assets on behalf of clients.
IFR ASIA: I think the first question is really what’s behind the Asian Reg S phenomenon. Lorna, I know you’ve done a lot of work on this.
IFR ASIA: Probably the cheapest source of money for a lot of issuers in Greater China is going to be bilateral loans or private placements with Chinese banks or Chinese institutions. What’s your take on those?