A Guide to Asian High Yield Bonds : Financing Growth by Florian H. A. Schmidt, Sharon Tay

By Florian H. A. Schmidt, Sharon Tay

An updated, accomplished research of the high-yield bond industry in Asia starting with a normal definition of high-yield bond items and the place they dwell in the company capital constitution, this newly up-to-date consultant seems on the improvement of high-yield bonds within the usa and Europe earlier than analysing this quarter in Asia. It covers provider international locations and industries, rankings, and dimension distributions, Read more...

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The covenant and security packages, which do vary across different Asian jurisdictions, are intended to give investors the greatest possible access to the assets of the issuer’s key operating subsidiaries in the event of a default. While they share these trademark features, each high yield transaction is unique, with the covenants and security packages tailored around an issuer’s specific corporate structure, cash flows, and the regulatory environment in the country of operations. 3 NECESSARY MACRO DEVELOPMENTS BENEFITING ASIAN HIGH YIELD While we consider the corporate developments that made Asian high yield an investible proposition again, we should not forget the macroeconomic Why High Yield’s Time Has Come in Asia 9 situation of the region today.

Early redemptions, partial or in whole, are easy to facilitate and relatively cost efficient for bank loans, whereas high yield bonds typically feature call options from years 3 (for five-year issues), 4 (for seven-year issues), and 5 (for 10-year issues) at half a coupon cost. Earlier redemptions have to be transacted via a make whole clause, a route that is almost prohibitively expensive. In terms of flexibility one has to arrive at the conclusion that high yield bonds are clearly superior in terms of their contractual design, whereas bank loans would be preferable with regard to their payment streams.

5 China’s and Developing Asia’s GDP Growth Compared to That of the United States Source: IMF World Economic Outlook Update on January 23, 2013. 6 Asian International Reserve Assets, November 1997 to November 2012 Source: Bloomberg, as of January 31, 2013. ”16 One country with the worst hit currency of the Asian Crisis, Thailand, has recovered to the extent that its international reserve assets are now higher than those of the United States, at US$182bn versus US$150bn as of year-end 2012. 7 Total Government Gross Debt as a Percentage of GDP for Selected Countries Source: IMF World Economic Outlook Database, October 2012.

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