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? Bryan Collins, Fidelity: It’s very possible that you end up swapping risks, and it’s also possible that you swap th ose risks and give up yield. That’s why the market is very discerning, and you don’t just see every deal that comes along actually make it to market – and that’s good. It shows you that capital is still disciplined and you still have s

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? Ying Wang, Fitch Ratings: First of all, I think we need to make it clear that this is idiosyncratic. It’s not driven by the company’s fundamentals, or by the company’s ability to execute its sales. It’s primarily driven by politics. I’m not saying other property developers don’t

IFR Asia High-yield bonds Roundtables 2015: Participants Kenny Chan Times Property Kenny Chan is chief financial officer of Hong Kong-listed Times Property, a two-time issuer of US dollar high-yield bonds. Times priced its first offshore bond in March 2014, and tapped the 12.625% notes the following month to take the issue size to US$305m, and returned to the offshore market in March 2015 with a US$280m 11.45% deal.   Bryan Collins Fidelity Worldwide Investment Bryan Collins is a portfolio manag

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. The Chinese property sector is, by far, the largest source of high-yield bonds in Asia – Kaisa alone has US$2.5bn of offshore notes outsta