A Guide to Asian High Yield Bonds : Financing Growth by Florian H. A. Schmidt, Sharon Tay PDF

By Florian H. A. Schmidt, Sharon Tay

ISBN-10: 1118502027

ISBN-13: 9781118502020

ISBN-10: 1118502035

ISBN-13: 9781118502037

ISBN-10: 1118502051

ISBN-13: 9781118502051

An updated, complete research of the high-yield bond marketplace in Asia starting with a normal definition of high-yield bond items and the place they stay in the company capital constitution, this newly up-to-date advisor seems on the improvement of high-yield bonds within the usa and Europe ahead of analysing this zone in Asia. It covers supplier international locations and industries, rankings, and dimension distributions, Read more...

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There is a broadening scope of opportunities. Why High Yield’s Time Has Come in Asia 29 In the past, the [Asian] market was dominated by sovereigns and quasisovereigns. Now there are far more opportunities in high yield and local currencies. ”35 The emergence of, and confidence in, Asian high yield bonds have been put to the test on several occasions, though. While the market had to face up a threat of the same magnitude as the Asian financial crisis during and after subprime, it has emerged much faster this time and arguably with a higher degree of maturity.

This view is supported by an analysis of the most notable differences between the first generation of Asian high yield transactions and those of today. One of these is the much broader buy-side participation in today’s issues. S. investment managers. S. investment managers) was based on the other side of the world, perhaps lacking an in-depth understanding of the intricacies of Asian and Indonesian credit as well as risks and rewards. After the Asian Crisis, as capital once again built up in Asia, the buy-side pool changed dramatically: a large number of new hedge funds and asset management companies set up shop in the region, while banks started to look down the credit curve in search of better returns for their proprietary trading desks or investment books.

Just as the restructuring of corporate America gave birth to the junk bond market in the 1970s, the new generation of Asian high yield has been engendered by a set of circumstances particular to the region at this stage in its development. Rapid economic growth of specific industries and their issuers; record low regional default rates; pressure on principals to increase returns; issuers’ increasing awareness of high yield’s benefits as a senior, unsecured form of long-term, non-dilutive, and cost-effective capital with a multitude of applications; resurgent global investor interest in Asian credit; Why High Yield’s Time Has Come in Asia 31 the formation of an indigenous investor base, specifically supported by private wealth management firms; the emergence of private equity and sponsor capital; and, of course, hugely favorable global credit market conditions have all played their part and will continue to shape the market’s growth.

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A Guide to Asian High Yield Bonds : Financing Growth Enterprises, + Website by Florian H. A. Schmidt, Sharon Tay


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