Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank

Size: px
Start display at page:

Download "Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank"

Transcription

1 Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration Asian Development Bank The opinion expressed in the presentation is that of my own and does not necessarily reflect that of the Asian Development Bank

2 Outline of the Presentation Performance of Local Currency (LCY) Bond Markets in Emerging Asia Challenges Against the Background of the Recent Financial Crisis ADB Current and Future Work Plan over the Mediumterm 2

3 Performance of LCY Bond Markets in Emerging Asia (1) Emerging East Asian LCY bond markets have come a long way since the 1997/98 crippling Asian crisis. Continuing reforms to promote bond market development at the national level and at the regional level like Asian Bond Market Initiative (ABMI) are bearing fruit. In 1996, emerging East Asian LCY bond markets accounted for just 2% of the total global LCY bonds outstanding. 3

4 Performance of LCY Bond Markets in Emerging Asia (2) LCY bond markets have shown their resilience during the current crisis and emerged as a key source of funding for regional governments looking to raise funds to finance rising fiscal deficits and for corporates seeking new funds and for refinancing. 4

5 Performance of LCY Bond Markets in Emerging Asia (3) Bonds Outstanding in Major Markets (USD trillion) LCY Bonds Outstanding % of World Total LCY Bonds Outstanding % of World Total United States % % Japan % % France % % Germany % % UK % % Emerging East Asia % % of which: PRC % % Emerging East Asia excl. PRC % % of which: Republic of Korea % % Brazil % % India % % 5

6 Performance of LCY Bond Markets in Emerging Asia (4) In 4Q2008, shrinking economic growth, investors unwinding of investment in the region, and a reversal of the need for the region s s central banks to issue bonds for sterilization purposes sharply reduced bond issuance in the region. Emerging East Asia s s LCY bond outstanding share of GDP dropped from 61.1% to 54.5%. 6

7 Performance of LCY Bond Markets in Emerging Asia (5) However, in the first half of 2009, the LCY bond markets sharply rose, providing funding not only for the Governments pump priming to counter weak external demand, but also corporates refinancing of debts and new investment as banks continued to limit their lending. Banks also turned to LCY bond markets to build their capital, with subordinated debt. By the first half of 2009, the LCY bonds in emerging East Asia recovered from 54.6% of GDP to 58.2% of GDP 7

8 Performance of LCY Bond markets in Emerging Asia (6) Emerging East Asia Bonds Outstanding Corp Govt USD billion Jun

9 Challenges Against the Background of the Recent Financial Crisis Limited liquidity Diversified investor base Limited access to debt markets by lower rated issuers 9

10 Challenges (1) Limited liquidity and diversified investor base The supply of corporate bonds remains limited Domestic investors tend to buy and hold Investor base remains limited Domestic insurance industry remains underdeveloped Asian retailed investors are more accustomed to equities Foreign investors have found the yields to be too low 10

11 Challenges (2) Limited access to debt markets by lower rated issuers Significantly large spread between bonds issued by AAA and BBB Issuers below investment grade can not issue bonds Low confidence in domestic rating agencies Even issuers with AAA can issue bonds with maturity of only up to 5 years In light of banks reluctance to increase their lending, corporates with lower rating face significant funding difficulty. 11

12 Challenges (3) Credit Spreads - LCY Corp Rated BBB vs AAA Yield (%) Korea, Rep. of Time to maturity (years) 30-Jun Dec Nov Sep-08 Yield (%) Malaysia Time to maturity (years) 30-Jun Dec Nov Sep-08 12

13 ADB Current and Future Work Plan ADB current and future work plan over the medium term follow a two track approaches: at the national level and, at the regional level, such as our work to support ABMI of ASEAN+3 to develop LCY bond markets in 10 ASEAN countries, Korea, and China. 13

14 ADB Work Plan: Indonesia (1) Policy-based loans and TAs, Establish the bond pricing agency, Assist Indonesia in replacing short dated short-term term Treasury bills (STBs( STBs) ) with Treasury bonds (TBs( TBs), Establish short selling rules at the short end to develop the auction calendars, two way pricing, the primary dealing system and pricing benchmarks on the Government bond market. Assist with the reform of its clearing and settlement systems to provide for single point straight through processing to undertake consolidated post trade processing and a single centralized custody/registry and to give security firms access to Bank of Indonesia's window. 14

15 ADB Work Plan: Indonesia (2) Support the unification of the two stock exchanges for increased efficiency and provision for electronic trading systems, taxation n revisions for neutrality in respect to all financial products including Sukuks. Enhance market surveillance involving new exchange rules, amendments to the regulatory framework to enhance a financial market supervisory agency autonomy and authority, and increase compliance ce with international rules such as IOSCO, BIS and IAS & ISFR. Develop a human resource development program including the establishment of the Capital Markets Institute with the University of Indonesia. 15

16 ADB Work Plan: The Philippines and Thailand Policy-based loans or TAs, ADB will assist Thailand and the Philippines to adopt a similar reform program to support the bond market development as that of Indonesia. However, the program will be supported only by technical assistance and not by policy-based loans. 16

17 ADB Work Plan: ABMI (1) ADB is working with ASEAN+3, to continue implementing the 2008 medium-term roadmap to accelerate the development of the LCY bond markets. The road map focuses on four key areas: 1. promoting issuance of local currency-denominated bonds, 2. facilitating the demand of local currency-denominated bonds, 3. improving the regulatory framework, and 4. improving related infrastructure for the bond markets. 17

18 ADB Work Plan: ABMI (2) Accelerate the establishment of regional credit guarantee and investment mechanism Work with a group of experts to identify and address barriers to cross-border transactions and explore the possibility of establishing a regional settlement intermediary Provide support for infrastructure bond financing and securitization tion of remittances as pilot projects to help accelerate the creation of new debt instruments. 18

19 ADB Work Plan: ABMI (3) Improve the quality, comparability, and consistency of local currency rency bond market data provided on Asian Bond Online. Improve the Asian Bond Online website to provide information on higher frequency analysis of developments in the bond markets from semi-annually to quarterly and weekly debt highlights summarizing the main market news and analyses of the factors affecting the regional bond market. Provide new technical assistance to implement other areas under the four key areas of the ABMI road map. Explore the possibility of establishing a body to address impediments ments to bond market development in ASEAN+3. 19

20 20 Thank you

ASEAN Capital Market Integration and Lessons from the European Union

ASEAN Capital Market Integration and Lessons from the European Union ASEAN Capital Market Integration and Lessons from the European Union 44 th IAFEI World Congress: Global Recovery Amidst Reforms Makati Shangri-la 16 October 2014 Thiam Hee Ng, Senior Economist Asian Development

More information

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013 Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for

More information

East Asian Corporate Bond Markets

East Asian Corporate Bond Markets Mark Hack and Cathie Close* East Asian corporate bond markets have grown significantly over the past decade. The expansion of these markets has been underpinned by strong economic growth and regulatory

More information

Challenges for Capital Market Development in Asia

Challenges for Capital Market Development in Asia Challenges for Capital Market Development in Asia Osaka, 30 October 2014 Masamichi Kono Vice Minister for International Affairs President, Asian Financial Partnership Center Financial Services Agency,

More information

Dynamics of Bond Market Integration in ASEAN-5

Dynamics of Bond Market Integration in ASEAN-5 Preliminary, do not quote without permission of authors Dynamics of Bond Market Integration in ASEAN-5 Doulos Lee and Nesha Armo Third Annual Bank Negara Malaysia Economics Research Workshop 9 November

More information

OFFICE OF REGIONAL ECONOMIC INTEGRATION (OREI)

OFFICE OF REGIONAL ECONOMIC INTEGRATION (OREI) No. 8 August 213 Policy Brief OFFICE OF REGIONAL ECONOMIC INTEGRATION (OREI) Key Points: The comments from the US Federal Reserve Chairman that quantitative easing could soon be tapering off resulted in

More information

The Future Growth of Stocks and Investments in Thailand

The Future Growth of Stocks and Investments in Thailand 35 th Bangkok International Motor Show 2014 The Future Growth of Stocks and Investments in Thailand Mr. Charamporn Jotikasthira President The Stock Exchange of Thailand March 2014 I. SET: Overview The

More information

Developing the Domestic Debt Market The South African Experience

Developing the Domestic Debt Market The South African Experience Commonwealth Secretariat Debt Management Forum Developing the Domestic Debt Market The South African Experience June 2008 Challenges for South African Debt Market 2 Challenges. Domestic debt management

More information

1. 2015 Gross Borrowing Requirements and Funding Plan

1. 2015 Gross Borrowing Requirements and Funding Plan 1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase

More information

An Overview of Offshore RMB Market. Nov 2013

An Overview of Offshore RMB Market. Nov 2013 An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international

More information

Assessing Sources of Funding for Insurance Risk Based Capital

Assessing Sources of Funding for Insurance Risk Based Capital Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types

More information

Monetary policy, fiscal policy and public debt management

Monetary policy, fiscal policy and public debt management Monetary policy, fiscal policy and public debt management People s Bank of China Abstract This paper touches on the interaction between monetary policy, fiscal policy and public debt management. The first

More information

Country Background Sri Lanka. Investor-Country Conference Cairo, Egypt March 26-27, 2010

Country Background Sri Lanka. Investor-Country Conference Cairo, Egypt March 26-27, 2010 Country Background Sri Lanka Investor-Country Conference Cairo, Egypt March 26-27, 2010 Macro Economic data 2000 2001 2002 2003 2004 2005 2006 2007 2008 GDP growth 6.0 (1.5) 4.0 5.9 5.4 6.2 7.7 6.8 6.0

More information

SUMMARY PROGRAM IMPACT ASSESSMENT

SUMMARY PROGRAM IMPACT ASSESSMENT Third Financial Sector Program, Subprogram 2 (RRP VIE 37577) SUMMARY PROGRAM IMPACT ASSESSMENT I. Introduction 1. This program impact analysis (PIA) documents the formulation of the Financial Sector Program

More information

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking

More information

Non-Government-Guaranteed Bonds in the Petroleum Fund - NBIM

Non-Government-Guaranteed Bonds in the Petroleum Fund - NBIM Page 1 of 7 Non-Government-Guaranteed Bonds in the Petroleum Fund From 2002, the Government Petroleum Fund will be investing a large portion of the portfolio in non-government bonds. The benchmark index

More information

Republic of Italy Borrowing Strategy 30-yr Syndicated BTP. Public Debt Department Italian Treasury

Republic of Italy Borrowing Strategy 30-yr Syndicated BTP. Public Debt Department Italian Treasury Republic of Italy Borrowing Strategy 30-yr Syndicated BTP Public Debt Department Italian Treasury September 2003 2 Introduction Strengthened Public Finance Framework The Republic of Italy has focused on

More information

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return

More information

Investing in Asia s Debt Markets

Investing in Asia s Debt Markets Investing in Asia s Debt Markets Alexandre Bouchardy, CFA Head of Fixed Income Asia April 2013 Content How to Capture the Asian Growth Story Hard or Local Currency Bonds? Risk and Return Opportunities

More information

Invesco Funds Series 1-5 Consolidated Prospectus

Invesco Funds Series 1-5 Consolidated Prospectus Invesco Funds Series 1-5 Consolidated Prospectus 26 November 2010 Invesco Funds Series 1 Invesco Funds Series 2 Invesco Funds Series 3 Invesco Funds Series 4 Invesco Funds Series 5 Each an open-ended umbrella

More information

GE Capital. Long Term Debt Overview. Unsecured debt with maturities from 1-30 years

GE Capital. Long Term Debt Overview. Unsecured debt with maturities from 1-30 years Long Term Debt Overview Unsecured debt with maturities from 1-30 years "This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking

More information

Thailand Update. Yield Movements. Size and Composition

Thailand Update. Yield Movements. Size and Composition Thailand Update Yield Movements Thai government bond yields fell for most maturities between end-december 2009 and end-october 2010 (Figure 1). Yields for 1- and 2-year maturities rose 46 and 25 basis

More information

DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT POLICY

DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT POLICY DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT POLICY Strategy 2nd half of 2014 Published 24 June 2014 - Translation KEY ISSUES, 2ND HALF OF 2014 The strategy for the central government debt policy

More information

Annual Borrowing Plan

Annual Borrowing Plan 20154 Bosnia and Herzegovina Federation of Bosnia and Herzegovina Federal Ministry of Finance Annual Borrowing Plan 2016 January 2016 www.fmf.gov.ba INTRODUCTION In order to increase transparency, fiscal

More information

The Case for International Fixed Income

The Case for International Fixed Income The Case for International Fixed Income June 215 Introduction Investing in fixed-income securities outside of the United States is often perceived as a riskier strategy than deploying those assets domestically,

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

DOMINION GLOBALIZATION WORKSHOP

DOMINION GLOBALIZATION WORKSHOP DOMINION GLOBALIZATION WORKSHOP Financial Sector Dennis Encarnation Harvard University For more information, please contact me at www.encarnation.com SERVICES Financial Services & Capital Markets Topics:

More information

The Growing Importance of Fixed Income Analytics

The Growing Importance of Fixed Income Analytics Trusted by the Market. Driven by You. www.yieldbook.com The Growing Importance of Fixed Income Analytics Susan Y. Lin Managing Director Regional Head, Asia Pacific The Yield Book and Citi Fixed Income

More information

Portrait of the Crisis: Risks and Opportunities for Investors

Portrait of the Crisis: Risks and Opportunities for Investors Portrait of the Crisis: Risks and Opportunities for Investors Hung Tran IIF, Counsellor and Senior Director of Capital Markets and Emerging Markets Policy Garanti Masters Private Banking Conference Istanbul,

More information

Asian Stock Markets in 2015:

Asian Stock Markets in 2015: Asian Stock Markets in 2015: Expected trends and the role of Asian Funds Passports Dr. Andrew Freris CEO, Ecognosis Advisory Ltd March 2015 1 Summary, Part I The Asian markets which outperformed in 2014,

More information

BRUNEI DARUSSALAM STATISTICAL APPENDIX. International Monetary Fund Washington, D.C. IMF Country Report No. 14/191. July 2014

BRUNEI DARUSSALAM STATISTICAL APPENDIX. International Monetary Fund Washington, D.C. IMF Country Report No. 14/191. July 2014 July 2014 IMF Country Report No. 14/191 BRUNEI DARUSSALAM STATISTICAL APPENDIX This Statistical Appendix on Brunei Darussalam was prepared by a staff team of the International Monetary Fund. It is based

More information

Debt Management Office

Debt Management Office Debt Management Office Vitalizing the Government s Debt management function in Pakistan Salim Raza 25 th October, 2014 1 Section 1 Domestic Govt. Bond issues are base for Debt Capital Markets. DCM=channels

More information

The Growth of China s Inter Bank Corporate Bond Market 1

The Growth of China s Inter Bank Corporate Bond Market 1 The Growth of China s Inter Bank Corporate Bond Market 1 I. Overview of China s Corporate Bond Market After more than 20 years in development, the China s bond market has developed into a multi layered

More information

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise 166% in H1 215 vs H2 214 The

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

Financing Infrastructure for Connectivity: Policy Implications for Asia

Financing Infrastructure for Connectivity: Policy Implications for Asia Research Policy Brief 33 Financing Infrastructure for Connectivity: Policy Implications for Asia Biswa Nath Bhattacharyay June 2011 The Asian Development Bank Institute s (ADBI) research policy briefs

More information

Cross-Border Private Placement Market. 10 October 2014

Cross-Border Private Placement Market. 10 October 2014 Cross-Border Private Placement Market 10 October 2014 2014 Morrison & Foerster (UK) LLP All Rights Reserved mofo.com Speakers The 2014 Edition of the Legal 500 UK states that Morrison & Foerster is the

More information

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE.

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. Fidelity Funds Société d Investissement à Capital Variable 2a, Rue Albert Borschette B.P. 2174 L-1021 Luxembourg R.C.S. B34036 Tél: +352 250 404 (1) Fax: +352 26 38 39 38 THIS DOCUMENT IS IMPORTANT AND

More information

The Central Bank from the Viewpoint of Law and Economics

The Central Bank from the Viewpoint of Law and Economics The Central Bank from the Viewpoint of Law and Economics Handout for Special Lecture, Financial Law at the Faculty of Law, the University of Tokyo Masaaki Shirakawa Governor of the Bank of Japan October

More information

2014 Asia Securities Forum Presented by the Korea Financial Investment Association

2014 Asia Securities Forum Presented by the Korea Financial Investment Association 2014 Asia Securities Forum Presented by the K O R E A I. Korean Capital Market I. Current Status II. Prospects II. Korean Financial Investment Industry C O N T E N T S III. Capital Market Regulations 2

More information

Perspectives on Venture Capital and Fixed Income Markets

Perspectives on Venture Capital and Fixed Income Markets Perspectives on Venture Capital and Fixed Income Markets Parag Saxena International Business Forum on Financing for Development Doha, Qatar, November 2008 Today s Discussion: Three Significant Forces for

More information

Statement of Investment Policies and Procedures

Statement of Investment Policies and Procedures Effective July 1, 2015 Canadian Cancer Society Statement of Investment Policies and Procedures Background The Society wishes to invest funds in a prudent manner, with appropriate consideration given to

More information

Danish mortgage bonds provide attractive yields and low risk

Danish mortgage bonds provide attractive yields and low risk JANUARY 2015 Danish mortgage bonds provide attractive yields and low risk New European Union legislation favours Danish mortgage bonds KEY CONCEPTS New legislation favours Danish mortgage bonds Attractive

More information

The Use of RMB in International Transactions:

The Use of RMB in International Transactions: The Use of RMB in International Transactions: -Background, Development and Prospect JIN Zhongxia 金中夏 Head Research Institute People s Bank of China The early stage of cross-border RMB usage RMB as settlement

More information

LEBANON'S DEBT MANAGEMENT FRAMEWORK

LEBANON'S DEBT MANAGEMENT FRAMEWORK LEBANON'S DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 MARCH 2010 For further information, please contact: 1 DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 CONTENTS I. Purpose of the report... 5 II. Regulatory framework...

More information

Retirement Balanced Fund

Retirement Balanced Fund SUMMARY PROSPECTUS TRRIX October 1, 2015 T. Rowe Price Retirement Balanced Fund A fund designed for retired investors seeking capital growth and income through investments in a combination of T. Rowe Price

More information

Deutsche Floating Rate Fund

Deutsche Floating Rate Fund Taxable Fixed-Income 2 nd quarter 2014 Deutsche Floating Rate Fund Access a world of opportunities through the global resources of Deutsche Bank Canada United States Netherlands Belgium United Kingdom

More information

Loan Capital Formation Strategy of Companies I.D. Anikina*

Loan Capital Formation Strategy of Companies I.D. Anikina* Abstract Loan Capital Formation Strategy of Companies I.D. Anikina* Defines of principles, goals, objectives, stages and factors of loan capital companies. Analyzed the main methods of forming loan capital

More information

Highlights of FY2015 Government Debt Management

Highlights of FY2015 Government Debt Management Highlights of FY2015 Government Debt Management Issuance Size The total issuance of the JGB for FY2015 is to reduce significantly to 170.0 trillion yen ( 11.5 trillion yen against FY 2014 initial JGB Issuance

More information

Asia Bond Monitor 2005

Asia Bond Monitor 2005 Asia Bond Monitor 2005 November 2005 asianbondsonline.adb.org The Asia Bond Monitor (ABM) reviews the development of East Asian local currency bond markets. It examines market size and composition, market

More information

Emerging Markets Local Currency Debt and Foreign Investors

Emerging Markets Local Currency Debt and Foreign Investors Emerging Markets Local Currency Debt and Foreign Investors Recent Developments Daniela Klingebiel Pension & Endowments Departments Nov. 20, 2014 Outline Structural trends in emerging markets (EM) external

More information

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit

More information

Eighth UNCTAD Debt Management Conference

Eighth UNCTAD Debt Management Conference Eighth UNCTAD Debt Management Conference Geneva, 14-16 November 2011 Debt Resolution Mechanisms: Should there be a Statutory Mechanism for Resolving Debt Crises? by Mr. Hakan Tokaç Deputy Director General

More information

International Monetary Fund Washington, D.C.

International Monetary Fund Washington, D.C. 2009 International Monetary Fund May 2009 IMF Country Report No. 09/151 Thailand: Financial Sector Assessment Program Technical Note Fixed Income Markets This technical note on fixed income markets for

More information

Asian Development Bank Institute. ADBI Working Paper Series

Asian Development Bank Institute. ADBI Working Paper Series ADBI Working Paper Series Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves? The People s Republic of China s Answer Bin No. 306 August 2011 Asian Development

More information

Turkey Domestic Corporate Bond Markets

Turkey Domestic Corporate Bond Markets Turkey Domestic Corporate Bond Markets April 2011 Corporate Bond Market Development in Turkey Priorities and Changes Istanbul, Turkey G. Meltem Kökden T.İş Bankası A.Ş 1 Domestic Corporate Bond Markets

More information

State budget borrowing requirements financing plan and its background May 2013

State budget borrowing requirements financing plan and its background May 2013 Public Debt Department State budget borrowing requirements financing plan and its background May 2013 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 Record high level of foreign investors'

More information

Monetary Policy in the Post-Crisis Period

Monetary Policy in the Post-Crisis Period Monetary Policy in the Post-Crisis Period A. Hakan Kara Research and Monetary Policy Department EAF Conference October 10, 2011 Contents I. Changing View of Central Banking II. Capital Flows to Emerging

More information

State budget borrowing requirements financing plan and its background

State budget borrowing requirements financing plan and its background Public Debt Department State budget borrowing requirements financing plan and its background September 2014 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 MoF comment... 8 Rating agencies

More information

T. Rowe Price Target Retirement 2030 Fund Advisor Class

T. Rowe Price Target Retirement 2030 Fund Advisor Class T. Rowe Price Target Retirement 2030 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap

More information

Treasury Bonds directly makes the Sub-Fund riskier than traditional exchange traded funds investing in A-Shares or in markets other than the PRC.

Treasury Bonds directly makes the Sub-Fund riskier than traditional exchange traded funds investing in A-Shares or in markets other than the PRC. IMMEDIATE RELEASE IMPORTANT NOTES 1. E Fund Citi Chinese Government Bond 5-10 Years Index ETF (the Sub-Fund ) is a passively managed exchange traded fund ( ETF ) and is traded on the Stock Exchange of

More information

The FTSE China Onshore Bond Index Series

The FTSE China Onshore Bond Index Series Research The FTSE China Onshore Bond Index Series ftserussell.com May 2015 China is now the world s largest economy (when measured by purchasing power parity (PPP) 1 ) and the largest trading nation 2.

More information

Cagamas Berhad National Mortgage Corporation of Malaysia

Cagamas Berhad National Mortgage Corporation of Malaysia Cagamas Berhad National Mortgage Corporation of Malaysia Presentation to the Indonesia International Conference on Islamic Finance Development of Securitisation in Malaysia - Cagamas Experience Chung Chee

More information

Domestic vs. Global Fixed Income

Domestic vs. Global Fixed Income Domestic vs. Global Fixed Income New Zealand Fixed Income Research 1, 24 February 2012 Investors face an asset allocation choice between holding domestic or global fixed income. Each can play a similar

More information

Perspectives on Venture Capital and Fixed Income Markets. ChileGlobal Seminar September 26, 2007

Perspectives on Venture Capital and Fixed Income Markets. ChileGlobal Seminar September 26, 2007 Perspectives on Venture Capital and Fixed Income Markets ChileGlobal Seminar September 26, 2007 Today s Discussion: Three Significant Forces for National Economic Growth Venture Capital Fixed Income Markets

More information

MGE#12 The Balance of Payments

MGE#12 The Balance of Payments MGE#12 The Balance of Payments The Current Account, the Capital Account and the Balance of Payments Introduction to the Foreign Exchange Market Savings, Investment and the Current Account 1 From last session

More information

Financial Structure and International Debt Market

Financial Structure and International Debt Market Financial Structure and International Debt Market 1. Optimal Financial i lstructure 2. Financial Structure of Foreign Subsidiaries 3. Debt Management and Funding Goal 4. International Debt Markets 5. Rating

More information

Case study: Making the move into investment grade corporates

Case study: Making the move into investment grade corporates National Asset-Liability Management Europe Case study: Making the move into investment grade corporates Tomas Garbaravičius 3 March 2016 London Outline The reasoning behind the decision to corporate bonds

More information

INDUSTRIAL AND COMMERCIAL BANK OF CHINA ICBC: Your Global Portal to RMB Market. July 2012

INDUSTRIAL AND COMMERCIAL BANK OF CHINA ICBC: Your Global Portal to RMB Market. July 2012 ICBC: Your Global Portal to RMB Market July 2012 Content General Introduction Investment in RMB Services Solution 1 General Introduction to Renminbi (RMB) RMB Renminbi (commonly abbreviated as RMB) is

More information

Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management

Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management 1. Foundation of the Agreement Under Article 1 of Act No. 43/1990 on the National Debt Management Agency,

More information

A GUIDE TO FLOATING RATE BANK LOANS:

A GUIDE TO FLOATING RATE BANK LOANS: Contact information: Advisor Services: (631) 629-4908 E-mail: info@catalystmf.com Website: www.catalystmf.com A GUIDE TO FLOATING RATE BANK LOANS: An Attractive Investment for a Rising Interest Rate Environment

More information

Inside the Markets Conference Call

Inside the Markets Conference Call Inside the Markets Conference Call April 3, 2014 Presented by: Hefren-Tillotson Asset Management Meticulous Wealth Management Since 1948 Hefren-Tillotson, Inc. 308 Seventh Ave Pittsburgh, PA 15222 Ph:

More information

J.P. Morgan Asset Management

J.P. Morgan Asset Management LU0159059210 LU0117861202 LU0325075579 LU0325075496 LU0289215518 LU0289219007 LU0289215435 LU0572778313 LU0117881226 LU0115097544 LU0278564033 LU0278563068 LU0441853263 LU0441851994 LU0522352607 LU0117867159

More information

BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER I GENERAL PROVISIONS

BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER I GENERAL PROVISIONS APPROVED BY Government of the Republic of Lithuania Resolution No 1437 of 15 December 2014 BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER

More information

Overview of Asian Insurance Markets

Overview of Asian Insurance Markets Overview of Asian Insurance Markets Simon Walpole Session Number: TPS2 Joint IACA, IAAHS and PBSS Colloquium in Hong Kong www.actuaries.org/hongkong2012/ Market Ranking in Asia Notes: 1. Colored boxes

More information

Development of the government bond market and public debt management in Singapore

Development of the government bond market and public debt management in Singapore Development of the government bond market and public debt management in Singapore Monetary Authority of Singapore Abstract This paper describes the growth of the Singapore Government Securities (SGS) market.

More information

HSBC Asian High Yield Bond Fund

HSBC Asian High Yield Bond Fund Important information: HSBC Asian High Yield Bond Fund (the Fund ) invests primarily in a broad range of higher yielding Asian fixed income securities and instruments. Investments of the Fund may include

More information

IFC & World Bank Experience in Establishing Mortgage Refinance/Liquidity Companies. Workshop on Housing Finance in South Asia

IFC & World Bank Experience in Establishing Mortgage Refinance/Liquidity Companies. Workshop on Housing Finance in South Asia IFC & World Bank Experience in Establishing Mortgage Refinance/Liquidity Companies Workshop on Housing Finance in South Asia Jakarta, Indonesia May 27-29, 2009 Content What is a Mortgage Refinance/Liquidity

More information

Monthly Update. January 2014

Monthly Update. January 2014 Monthly Update Politics On the 29 th of January, the President of the Republic of Serbia Mr. Tomislav Nikolic called for earlier Parliamentary elections for the 16 th of March 2014, in order to speed up

More information

Overview of Korean ETF Market 2010. 8

Overview of Korean ETF Market 2010. 8 Overview of Korean ETF Market 2010. 8 1 Agenda About ETFs Overview Key success factors of ETFs New Trends of Korean ETF Industry Challenges to Korean ETF Industry 2 About ETF 3 What is ETFs ETFs are open-end

More information

ACRAA and Harmonization under Asian Bond Market Initiative. By Mr. Kazuo Imai Chairman, Association of Credit Rating Agencies in Asia

ACRAA and Harmonization under Asian Bond Market Initiative. By Mr. Kazuo Imai Chairman, Association of Credit Rating Agencies in Asia ACRAA and Harmonization under Asian Bond Market Initiative By Mr. Kazuo Imai Chairman, Association of Credit Rating Agencies in Asia On the Occasion of 6 th Tokyo Roundtable on Capital Market Reform in

More information

Emerging Markets Value Stock Fund

Emerging Markets Value Stock Fund SUMMARY PROSPECTUS PRIJX March 1, 2016 T. Rowe Price Emerging Markets Value Stock Fund A fund seeking long-term growth of capital through investments in undervalued stocks of companies in emerging market

More information

The investment fund statistics

The investment fund statistics The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal

More information

Asian Development Bank

Asian Development Bank ERD POLICY BRIEF SERIES Economics and Research Department Number 7 Causes of the 1997 Asian Financial Crisis: What Can an Early Warning System Model Tell Us? Juzhong Zhuang Malcolm Dowling Asian Development

More information

DEBT MANAGEMENT OFFICE NIGERIA

DEBT MANAGEMENT OFFICE NIGERIA DEBT MANAGEMENT OFFICE NIGERIA MANAGING NIGERIA S DEBT STOCK Presentation at the Investor/Issuer Education Outreach Programme Organised by Securities and Exchange Commission on July 27, 2011 By Patience

More information

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2013 third quarter

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2013 third quarter Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking

More information

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

More information

Affecting The Availability of

Affecting The Availability of Financial Regulatory Factors Affecting The Availability of Long-Term Investment t Finance Eric Parrado H. Chairman Banking and Financial Institutions Regulation Authority of Chile Sixth Meeting of the

More information

US Dollar Debt of Emerging Market Firms

US Dollar Debt of Emerging Market Firms US Dollar Debt of Emerging Market Firms Sasha Kofanova, Aaron Walker and Eden Hatzvi* US dollar-denominated borrowings by emerging market (EM) corporations have increased rapidly in recent years, raising

More information

Bond Markets and Shipping: A Summary of 2011. 5th Annual Marine Money Hong Kong Ship Finance Conference Rodricks Wong, Marine Money Asia

Bond Markets and Shipping: A Summary of 2011. 5th Annual Marine Money Hong Kong Ship Finance Conference Rodricks Wong, Marine Money Asia 5th Annual Marine Money Hong Kong Ship Finance Conference Rodricks Wong, Marine Money Asia Shipping Bonds in Vogue Bonds remain as a vital source of funding for shipping companies in Asia Proceeds raised

More information

HOUSING FINANCE IN TRANSITION ECONOMIES

HOUSING FINANCE IN TRANSITION ECONOMIES HOUSING FINANCE IN TRANSITION ECONOMIES OECD Workshop Warsaw, Poland December 5-6, 5 2002 Loïc Chiquier The World Bank 1 Challenge in Transition Economies! Key for growth, poverty, wealth (75 wealth),

More information

1. Briefly discuss some of the services that international banks provide their customers and the market place.

1. Briefly discuss some of the services that international banks provide their customers and the market place. Page 287-288 QUESTIONS 1. Briefly discuss some of the services that international banks provide their customers and the market place. Answer: International banks can be characterized by the types of services

More information

Wealth Management Education Series. Cultivate an Understanding of Bonds

Wealth Management Education Series. Cultivate an Understanding of Bonds Wealth Management Education Series Cultivate an Understanding of Bonds Wealth Management Education Series Cultivate an Understanding of Bonds Managing your wealth well is like tending a beautiful formal

More information

Foreign Exchange Investments Discover the World of Currencies. Private Banking USA

Foreign Exchange Investments Discover the World of Currencies. Private Banking USA Foreign Exchange Investments Discover the World of Currencies Credit Suisse Securities (USA) llc Private Banking USA 2 Foreign exchange: There s no ignoring the largest market in the world. Introduction

More information

FL GM Overseas Bond Pension Fund Fund Factsheet September 2015

FL GM Overseas Bond Pension Fund Fund Factsheet September 2015 This factsheet has been produced to provide information for Trustees of Friends Life Group Managed Funds and their advisers only. It should not be distributed to, or relied upon by other retail clients.

More information

Liquidity and Funding Resources

Liquidity and Funding Resources 112 Allianz Group Annual Report Liquidity and Funding Resources Organization The liquidity management of the Allianz Group is based on policies and guidelines approved by the Board of Management of Allianz

More information

Investing in Emerging Markets It Is Not What It Used To Be

Investing in Emerging Markets It Is Not What It Used To Be Investing in Emerging Markets It Is Not What It Used To Be Brian J. Gibson, CFA Senior Vice President, Public Equities Alberta Investment Management Corporation Background and History Over the decades,

More information

Mawer Canadian Bond Fund. Interim Management Report of Fund Performance

Mawer Canadian Bond Fund. Interim Management Report of Fund Performance Interim Management Report of Fund Performance For the Period Ended June 30, 2015 This interim management report of fund performance contains financial highlights but does not contain either interim or

More information

Opportunities in an improving macro environment

Opportunities in an improving macro environment Opportunities in an improving macro environment Jaime Sáenz de Tejada, Head of Spain and Portugal SG Premium Review Conference December 4th, 2013 1 Disclaimer This document is only provided for information

More information

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow No. 1 2015 FOREIGN EXCHANGE ASSET MANAGEMENT REPORT Moscow Bank of Russia Foreign Exchange Asset Management Report No. 1 (33) 2015 Reference to the Central Bank of the Russian Federation is mandatory in

More information