By Florian H. A. Schmidt, Sharon Tay
An updated, finished research of the high-yield bond marketplace in Asia starting with a normal definition of high-yield bond items and the place they live in the company capital constitution, this newly up to date advisor seems to be on the improvement of high-yield bonds within the usa and Europe prior to analysing this zone in Asia. It covers supplier international locations and industries, scores, and dimension distributions, and in addition covers the diversification of the high-yield supplier universe. It incorporates a thorough technical research of high-yield bond constructions usually hired in Asian tra. Read more...
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Additional resources for A Guide to Asian High Yield Bonds : Financing Growth Enterprises, + Website
3. Financial Times Global 500, as of September 28, 2012. Dominic Wilson and Roopa Purushothaman, “Dreaming with BRICS: The Path to 2050,” Global Economics Paper No. 99, Goldman Sachs, October 1, 2003. org/wiki/List_of_ countries_by_foreign-exchange_reserves, citing IMF sources. “China’s Reserve Riddle,” Financial Times, October 20, 2006. Public debt, International Monetary Fund, April 2012 World Economic Database. Source of issuance levels: Bloomberg; source of CAGR calculations: author’s own. Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer, “Corporate Ownership around the World,” Journal of Finance 54, no.
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.
31 As the degree of asymmetric information decreases, the scale of safety becomes less important, and the debt choice will be determined by other factors, such as transaction costs and the flexibility of covenants. Asian borrowers’ often particularly strong desire to stay private (and/or unrated) and the real or perceived information asymmetry associated with this desire should be viewed as one of the more important factors, next to funding costs, which have given loan financing a competitive edge in the past in Asia.
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