Research & Consultancy
- IFR Asia: Southeast Asia debt capital markets guide – the Philippines
- IFR Asia: Southeast Asia debt capital markets guide – Singapore
- IFR Asia: Southeast Asia debt capital markets guide: Indonesia
- IFR Asia: Southeast Asia debt capital markets guide – Vietnam
- IFR Asia: Southeast Asia debt capital markets guide – Thailand
- IFR Asia: Southeast Asian debt capital market review – Malaysia
- Smart Investor: stock-picking software roadtested
- Smart Investor: online brokers compared
- IFR Asia Malaysia Islamic finance report: Zeti interview
- IFR Asia Malaysia Islamic finance report: takaful
- IFR Asia Malaysia Islamic finance report: Labuan
- IFR Asia Malaysia Islamic finance report: banking
- IFR Asia Malaysia Islamic finance report: capital markets
- IFR Asia Malaysia Islamic finance report: asset management
- Platforms in the firing line in Australia’s advice review
- Turkey awaits transformation in asset management
- Australia’s super review: too many voices, no clear picture – Asia Pacific Edge
- China corporate governance report: overseas acquisitions
- China corporate governance report: Haier case study
- China corporate governance report: CNOOC interview
- China corporate governance report: foreign independent directors
- China corporate governance report: legal framework
- China corporate governance report: foreign listings
- China corporate governance report: CSR and law
- China corporate governance report: the blue chips
- China corporate governance report: structures
- China corporate governance report: trends
- Malaysia debt markets report: Bank Negara interview
- Malaysia debt markets report: Hyundai Capital profile
- Malaysia debt markets report: Kexim profile
- Malaysia debt markets report: Islamic markets
- Malaysia debt markets report: conventional markets
- Malaysia debt markets report: Foreign issuers
- Can capital protection be Shariah compliant?
- Private banks come to terms with vastly changed status
- Shariah funds: all about equity and trade finance
- Islamic asset management mainly a retail story
- Just how big is Islamic asset management?
- Asset management gets a foothold in Jordan, Lebanon and even Palestine
- Euromoney GCC asset management guide: strategy
- Euromoney GCC asset management guide: Islamic
- Euromoney GCC asset management guide: product
- Euromoney GCC asset management guide: distribution and clients
- Euromoney GCC asset management guide: regional centres
- Euromoney GCC asset management guide: Regulation in Saudi and Kuwait
- Euromoney GCC asset management guide: Gulf economics and the asset management industry
- The quest for alpha
- Top 10: pharmaceuticals (includes profiles of Max India, Wuyi)
- Aussie planners accept fee-for-service
- Asiamoney Top 10: retail (includes profiles of Big C, Sa Sa and Golden Eagle)
- Asiamoney Top 10: bank stocks (includes profile of Hang Seng)
Capital markets, Regional Asia, Research & Consultancy - Monday, December 21, 2009 14:35 - 0 Comments
IFR Asia: Southeast Asia debt capital markets guide – region
IFR Asia Southeast Asia debt capital markets – region
December 2009
If Asia came through the global financial crisis in better shape than it did the Asian financial crisis a decade earlier, one of the most crucial differences was the strength of local currency bond markets. In 1997, borrowers were over-exposed to the dollar, so when their currencies declined in value, their ability to service debt or to borrow again was badly damaged, often fatally. This time, the closure of G3 funding sources barely made a difference to southeast Asian borrowers: they just went local.
Jan Wipplinger, co-head of risk syndicate at Deutsche Bank, thinks the point was proven in the week when Lehman Brothers defaulted and Merrill Lynch was taken over by Bank of America. That same week, Deutsche, Aseambankers and HSBC led a deal for Maybank, a M$1.1 billion issue of tier one debt. “During the height of the crisis internationally, for a bank borrower to be able to go ahead with a tier one transaction shows how resilient the local markets were,” says Wipplinger. “They were somehow isolated from the crisis in the international markets, while local investors at the same time turned to the local borrowers they understood.” Continue…
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