What Is Driving The Corporate Bond Market Development In Asia

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What is Driving the Corporate Bond Market Development in Asia?

Author : Oskar Kowalewski
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis What is Driving the Corporate Bond Market Development in Asia? by : Oskar Kowalewski

Download or read book What is Driving the Corporate Bond Market Development in Asia? written by Oskar Kowalewski and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the development of corporate bond markets in 10 Asian countries from 1995 to 2014. Using panel data on the market size and total issue of bonds by financial and non-financial companies, we confirm that macroeconomic and institutional factors are related to the depth of the market. In addition, we show that the issuance of bonds is also determined by other factors that strongly depend on the issuer type. We show that creditor rights and institutional quality are important in explaining the issuance of bonds by financial institutions. Furthermore, we determine a strong positive association between the level of domestic credit and the market and issue size of corporate bonds. In our opinion, the results indicate that there is a positive relationship between the development of the corporate bond market and the banking sector. These findings indicate that increased demand for bank loans induced the issuance of bonds by financial institutions which, in turn, may have led to the development of corporate bond markets in Asia.

Bond Market Development in Asia

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264192220
Total Pages : 452 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Bond Market Development in Asia by : OECD

Download or read book Bond Market Development in Asia written by OECD and published by OECD Publishing. This book was released on 2001-03-30 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: This conference proceedings of the second "Round Table on Capital Market Reforms in Asia" held in Tokyo in April 2000, which was organised by the OECD and the Asian Development Bank Institute (ADBI), focused on bond market development in Asia.

Building Local Bond Markets

Author : Alison Harwood
Publisher : World Bank Publications
ISBN 13 : 9780821348192
Total Pages : 538 pages
Book Rating : 4.3/5 (481 download)

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Book Synopsis Building Local Bond Markets by : Alison Harwood

Download or read book Building Local Bond Markets written by Alison Harwood and published by World Bank Publications. This book was released on 2000-01-01 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Asia and Tequila crises of the late 1990s, a growing number of emerging market countries have focused on developing local bond markets to lock in local currency, fixed-rate and long-term funding, and help governments and corporations better manage their financing risks. International organizations from Washington to Southeast Asia are pushing bond market development, to reduce global instability by improving domestic risk management. This book is part of the International Finance Corporation's efforts to assist countries in South Asia and other parts of the world to identify their need for local bond markets, the impediments to developing them, and how those impediments might be removed. The book is based on papers presented at the South Asian Debt Market Symposium held in Sri Lanka in October 1999. It provides valuable insights to emerging market nations wrestling with the issue of building local bond markets. This book will be of interest to bond market specialists, policymakers, and the private sector.

The Development of Local Debt Markets in Asia

Author : Mr.Mangal Goswami
Publisher : International Monetary Fund
ISBN 13 : 1455259373
Total Pages : 33 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis The Development of Local Debt Markets in Asia by : Mr.Mangal Goswami

Download or read book The Development of Local Debt Markets in Asia written by Mr.Mangal Goswami and published by International Monetary Fund. This book was released on 2011-06-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations. Besides fostering a credit culture to deepen local debt markets, the issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can provide the underlying collateral for expanding fixed-income markets, and hence domestic and regional investment opportunities.

Asia's Debt Capital Markets

Author : Douglas W. Arner
Publisher : Springer Science & Business Media
ISBN 13 : 0387250905
Total Pages : 328 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Asia's Debt Capital Markets by : Douglas W. Arner

Download or read book Asia's Debt Capital Markets written by Douglas W. Arner and published by Springer Science & Business Media. This book was released on 2006-12-11 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume comprises studies by leading research scholars in the United States and Asia on Asia’s debt capital markets. The book is unique in drawing upon the research, experience and perspectives of experts from the academic, legal, governmental and practical investment fields. They assess the risks and opportunities, and strategies for developing these markets. The authors adopt a multidisciplinary approach, encompassing economics, finance and law.

The Bond Markets Of Developing East Asia

Author : Robert F Emery
Publisher : Routledge
ISBN 13 : 0429965346
Total Pages : 384 pages
Book Rating : 4.4/5 (299 download)

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Book Synopsis The Bond Markets Of Developing East Asia by : Robert F Emery

Download or read book The Bond Markets Of Developing East Asia written by Robert F Emery and published by Routledge. This book was released on 2018-02-23 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive book provides detailed descriptions and analysis of the bond markets in eight East Asian developing economies: Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand. Drawing on the most recent data available, Emery assesses the strengths and weaknesses of each countrys bond market, concluding with comparisons of the eight countries bond markets. The book will be an invaluable reference for economists, policymakers, and all those interested in emerging capital markets. }Drawing on the most recent data available, this comprehensive book provides detailed descriptions and analysis of the bond markets in eight East Asian developing economies: Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand. Robert Emery devotes a full chapter to evaluating the strengths and weaknesses of each countrys bond market. For each country, Emery describes the history of the bond market and identifies its key participants, the different types of bonds, and the current terms for bond issues. He also discusses the size of the bond market, the bond issuing process, trading procedures and the structure of the market, the clearing and settlement system, and fees and taxes. Finally, he lists the regulators of the market, current regulations, and bond rating agencies; assesses the markets past performance; and offers suggestions for improvement.Each country chapter is organized into a standard format, making it easy for the reader to locate and compare specific information. Emery concludes the book with cross-country comparisons of the eight countries bond markets. It will be an invaluable reference for economists, policymakers, and all those interested in emerging capital markets. }

Emerging Bond Markets in the Dynamic Asian Economies

Author : Organisation for Economic Co-operation and Development
Publisher : OECD
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Emerging Bond Markets in the Dynamic Asian Economies by : Organisation for Economic Co-operation and Development

Download or read book Emerging Bond Markets in the Dynamic Asian Economies written by Organisation for Economic Co-operation and Development and published by OECD. This book was released on 1993 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a detailed survey of a largely unexplored territory - the bond markets in the Dynamic Asian Economies of Hong Kong, Korea, Malaysia, Singapore, Taiwan and Thailand.

Good Practices for Developing a Local Currency Bond Market

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292616110
Total Pages : 350 pages
Book Rating : 4.2/5 (926 download)

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Book Synopsis Good Practices for Developing a Local Currency Bond Market by : Asian Development Bank

Download or read book Good Practices for Developing a Local Currency Bond Market written by Asian Development Bank and published by Asian Development Bank. This book was released on 2019-05-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local currency bond markets in ASEAN+3 play an important role in diversifying financial intermediary channels and mitigating the impacts of financial crises. They also have the potential to help mobilize developing Asia's significant savings to meet the region's enormous infrastructure investment needs. Drawing extensively on knowledge generated by the ASEAN+3 Bond Market Forum, the publication looks at the essential building blocks and the enabling environment for these markets, as well as the roles of government, relevant authorities, and market participants.

Impediments to Cross-border Investments in Asian Bonds

Author : Douglas Arner
Publisher : Institute of Southeast Asian Studies
ISBN 13 : 9789812303615
Total Pages : 28 pages
Book Rating : 4.3/5 (36 download)

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Book Synopsis Impediments to Cross-border Investments in Asian Bonds by : Douglas Arner

Download or read book Impediments to Cross-border Investments in Asian Bonds written by Douglas Arner and published by Institute of Southeast Asian Studies. This book was released on 2005 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the Asian financial crisis, the development of local currency bond markets in each of the APEC economies as well as regional bond markets has received the highest priority among financial market policy-makers. Bond markets are considered as an alternative vehicle for domestic savings mobilization and also as a critical means of mitigating the dual mismatch problems of currency and maturity. However, tangible achievements have yet to materialize. The appeal of Asian bonds as evidenced by cross-border investments is dismally insignificant. Given the limited level of market activities associated with foreign investment in Asian bonds and with the supply of local currency or foreign currency denominated bonds issued by foreign borrowers in Asia, this study is designed to identify the types of impediments to cross-border investment in Asian bonds and to propose policy recommendations.

Bond Market Development in Asia

Author : Organisation for Economic Co-operation and Development
Publisher : OECD Publishing
ISBN 13 :
Total Pages : 462 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Bond Market Development in Asia by : Organisation for Economic Co-operation and Development

Download or read book Bond Market Development in Asia written by Organisation for Economic Co-operation and Development and published by OECD Publishing. This book was released on 2001 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt: This conference proceedings of the second Round Table on Capital Market Reforms in Asia held in Tokyo in April 2000, which was organised by the OECD and the Asian Development Bank Institute (ADBI), focused on bond market development in Asia.

The Underlying Constraints on Corporate Bond Market Development in Southeast Asia

Author : Krishnan Sharma
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis The Underlying Constraints on Corporate Bond Market Development in Southeast Asia by : Krishnan Sharma

Download or read book The Underlying Constraints on Corporate Bond Market Development in Southeast Asia written by Krishnan Sharma and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been little analysis on the underlying institutional constraints to corporate bond market development in Thailand, Malaysia and Indonesia. Research so far has concentrated on weaknesses in market infrastructure. This paper illustrates the interlocking relationships between corporations, banks and governments to have dissuaded bond issuance by companies and also contributed to the underdevelopment of the demand side of the market. The implication of this research is that, in addition to the oft-recommended measures to strengthen the market infrastructure, corporate bond market development in these countries is also contingent upon deep-set institutional change.

Bond Market Development in Asia

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264192220
Total Pages : 452 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Bond Market Development in Asia by : OECD

Government Bond Market Development in Asia

Author : Yun-hwan Kim
Publisher :
ISBN 13 :
Total Pages : 732 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Government Bond Market Development in Asia by : Yun-hwan Kim

Download or read book Government Bond Market Development in Asia written by Yun-hwan Kim and published by . This book was released on 2001 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: In-depth studies were conducted in 10 developing countries (DMCs) to determine the feasibility of developing markets for government bonds and to identify impediments to their development. The country studies included a review and analysis of fiscal and monetary policy and management, the state of government bond markets, the feasibility and appropriateness of issuing government bonds at market rates, and the creation of benchmark yield curve. These studies also identified measures that will help develop secondary bond markets. The results of the study will help pinpoint specific problem areas in bond market development and identify appropriate policy measures in DMCs.

Bond Market Development in East Asia

Author : Raul V. Fabella
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Bond Market Development in East Asia by : Raul V. Fabella

Download or read book Bond Market Development in East Asia written by Raul V. Fabella and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In postcrisis Asia, the development of domestic bond markets is increasingly seen as one of the key requirements to strengthen the financial sectors of East Asian countries and to reduce their vulnerabilities to future financial crises. There is a great diversity in terms of the level of bond market development across East Asian countries. Judged by several indicators of bond market development, Hong Kong, China and Singapore are ahead of other countries, followed by a second tier consisting of Korea; Malaysia; and Taipei,China and a third tier consisting of People's Republic of China, Philippines, and Thailand. Indonesia's bond market is perhaps the most nascent among East Asian bond markets. Initiatives to develop bond markets in East Asia should focus on: (i) sustaining a stable macroeconomic environment with low inflation and stable interest rates, (ii) developing a healthy government bond market that would serve as a benchmark for the corporate bond market, (iii) completing the postcrisis agenda of banking sector restructuring, (iv) improving corporate governance, (v) strengthening the regulatory framework for bond market, (vi) rationalizing tax treatment of bonds, (vii) broadening the investor base, and (viii) promoting the growth of regional bond market centers. Since at present there is a great diversity in the levels of bond market development across countries, significant country-specific deciphering of these requirements will be needed for developing country strategies for bond market development.

What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies

Author : Ms.Diana Ayala Pena
Publisher : International Monetary Fund
ISBN 13 : 1513539205
Total Pages : 45 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies by : Ms.Diana Ayala Pena

Download or read book What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies written by Ms.Diana Ayala Pena and published by International Monetary Fund. This book was released on 2015-07-07 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the determinants of shifts in debt composition among EM non-financial corporates. We show that institutions and macro fundamentals create an enabling environment for bond market development. During the recent boom episode, however, global cyclical factors accounted for most of the variation of bond shares in total corporate debt. The sensitivity to global factors appears to vary with relative bond market size—which we interpret to be associated with liquidity and easy entry and exit—rather than local fundamentals. Foreign bank linkages help explain why bond markets increasingly substituted for banks in channeling liquidity to EMs. Our results highlight the risk of capital flow reversal in EMs that benefited from the upturn in the global financial cycle mostly due to their liquid markets rather than strong fundamentals.

A Guide to Asian High Yield Bonds

Author : Florian H. A. Schmidt
Publisher : John Wiley & Sons
ISBN 13 : 1118502027
Total Pages : 480 pages
Book Rating : 4.1/5 (185 download)

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Book Synopsis A Guide to Asian High Yield Bonds by : Florian H. A. Schmidt

Download or read book A Guide to Asian High Yield Bonds written by Florian H. A. Schmidt and published by John Wiley & Sons. This book was released on 2014-01-28 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

The Emerging Asian Bond Market

Author : Ismail Dalla
Publisher : World Bank Publications
ISBN 13 : 9780821334874
Total Pages : 172 pages
Book Rating : 4.3/5 (348 download)

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Book Synopsis The Emerging Asian Bond Market by : Ismail Dalla

Download or read book The Emerging Asian Bond Market written by Ismail Dalla and published by World Bank Publications. This book was released on 1995-01-01 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive survey of the East Asian bond markets, identifies best practices for fostering their development, and presents a broad agenda for further reforms. East Asia's spectacular economic performance over the past several decades has been marked by macroeconomic stability, consistent growth, low inflation, the lowering of trade barriers, and an overall improvement in living standards. The region now has a well developed banking system and boasts four of the top 20 stock markets in the world. Its bond markets, however, are relatively small and at an early stage of development. This report provides a comprehensive survey of the East Asian bond markets, identifies best practices for fostering their development, and presents a broad agenda of reforms for their further development. The report, which is based on studies of bond markets in China, Hong Kong, Indonesia, the Republic of Korea, Malaysia, the Philippines, Singapore, and Thailand, finds great diversity among those markets. It was presented at the Emerging Asian Bond Market Conference, co-sponsored by the World Bank and the Hong Kong Monetary Authority and held in Hong Kong, June 26-27, 1995. It is believed that with the proper institutional prerequisites in place, the markets will grow very rapidly and become a leading source of financing for the region. "The [study] and this conference mark the World Bank's increasing support and participation in the development of bond markets in the region." --Joseph Yam, Chief Executive, Hong Kong Monetary Authority