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A Guide to Asian High-Yield Bonds

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

Asia’s Credit Markets – From High-Yield to High-Grade

Debt capital markets and loans business has become truly global during the past few years. Many European and U.S. issuers are visiting Asia’s credit markets regularly to tap into what is one of the most important investor pools. The same holds true for non-Asian investors who are regularly approached by Asian issuers planning or conducting international road shows and non-Asian bankers who facilitate such investor relations’ exercises, or simply want to understand the dynamics and mechanics of Asia’s credit markets.

Asia’s Credit Markets will represent the only publication covering the complete history of Asia’s post crisis credit markets. Readers will appreciate the history and dynamics of the markets, while issuers will value this work as the first to provide an independent and unbiased comparison of all products, currencies and sectors.

Asia’s Credit Markets provides:

  • A definitive guide to the region’s credit markets
  • A comprehensive analysis of the dynamics driving post-crisis Asia’s credit markets, interdependencies, participants’ strategies and the full range of credit products
  • Country-by-country analysis  / case studies and interview with key issuers providing valuable insights into what is possible within the current frameworks