A Guide to Asian High Yield Bonds

Beschreibung

With interest rates hovering near zero in Europe, the U.S. and Japan, and veritable seas of excess liquidity sloshing around corporate coffers, the appetite for debt among institutional investors is greater than it has been in many years. And nowhere is that more apparent than in Asia's high yield debt market. As of mid 2013, Asian high-yield issuances had surpassed those for all of 2010, with deals in Chinese debt capital markets alone, totaling a whopping U.S.$129.7 billion. Yet, even with what could be termed a "high yield feeding frenzy," there remains a shortage of authoritative guides for investors looking to take advantage of the vast opportunities available in the Asian debt markets. Thoroughly updated, revised and expanded to reflect those changes, A Guide to Asian High Yield Bonds, Second Edition once again fills the void in the literature on the subject. Written in author Florian Schmidt's trademark journalistic style combining historical perspective with expert analysis, it offers a timely, fine grained look at Asia's high yield debt market. Mr. Schmidt begins by providing a general definition of high yield bond products and where they reside within the corporate capital structure. He explores the development of high-yield bond markets in the U.S. and Europe and considers how they differ from Asia's market. He then cuts to the chase with detailed analyses of issuer countries and industries, ratings, and size distributions. He explores the substantial diversification of the issuer universe in Asia, providing a thorough technical analysis of high-yield bond structures commonly employed in Asian transactions, while detailing respective covenants and security packages and how they vary across the region. Finally, he takes a close look at contemporary Asian economies, highlighting emerging trends in the high-yield debt market and offering uniquely well-informed opinions on how they will likely play out over the next several years. New to this edition is up-to-the minute coverage of, among other topics, the Asian high yield bond restructuring, the emergence of the high yield "Dim Sum" market, and the inside story of the high-yield placement market shutdown of 2008/2009. Also new is a substantially expanded discussion of the major differences between Asian debt structures and those in the U.S., along with a more thorough analysis of the suitability of high yield bonds versus other instruments-especially bank loans-from the perspective of an Asian family-owned enterprise. A Guide to Asian High Yield Bonds, Second Edition is an indispensable resource for CFOs contemplating high yield issuance, as well as investment bankers, bank credit analysts, portfolio managers, and institutional investors.
An up-to-date, comprehensive analysis of the high-yield bond market in Asia Beginning with a general definition of high-yield bond products and where they reside within the corporate capital structure, this newly updated guide looks at the development of high-yield bonds in the United States and Europe before analysing this sector in Asia. It covers issuer countries and industries, ratings, and size distributions, and also covers the diversification of the high-yield issuer universe. It includes a thorough technical analysis of high-yield bond structures commonly employed in Asian transactions, including discussion of the respective covenants and security packages that vary widely across the region. Chapters and sections new to this edition cover such subjects as high-yield bond restructuring, the new high-yield "Dim Sum" market, and the high-yield placement market shutdown of 2008 - 2009. Finally, the book looks at the new characteristics of Asian economies for indicators on how the high-yield market will develop there are the near future. * Offers an extremely detailed analysis of Asia's high-yield bond market * Features new and updated material, including new coverage of the key differences between Asian structures and United States structures * Ideal for CFOs of companies contemplating high-yield issuance, as well as investment bankers, bank credit analysts, portfolio managers, and institutional investors

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Florian H. A. Schmidt

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