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13th Asian Bond Markets Summit

Collaboration for Transformation

20 November 2018 - Singapore
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Are Asia’s bond markets ready for the scrum? As technology seeps into our daily lives, it is only a matter of time before technology makes its presence felt in the region’s bond markets. It has happened in other markets. For instance, nearly three-quarters of the FX turnover in Asia, representing over US$1 trillion a day, is via electronic platforms.

Out of the ashes of the Asian financial crisis two decades ago, local currency bond markets have emerged. Today, the size of these markets is a testament to the painstaking efforts by governments, the private sector and financial institutions to work in unison to lay the foundation blocks towards their development. Bonds are now firmly established as an alternative to loans, serving as another platform to fulfill the region’s financing needs.

As Asia’s bond markets enter the next decade of growth, operating conditions have changed markedly. A region that once struggled out of the debacle of the late 1990s meltdown is now an oasis of economic stability and the driver of global economic growth, especially since the great financial crisis of 2008. China has emerged to become the world’s second largest economy. Its bond market is now the world’s third largest, placed behind the United States and Japan.

Meanwhile, technology is sweeping aside the old ways and ushering in the new. Business models are being re-imagined as attention shifts from selling products to offering seamless experience-based solutions to satisfy emotional needs. Big data, artificial intelligence and cloud-based technology, as well as distributed ledger technology, otherwise known as blockchain, gain traction across industries. These sweeping changes will define the future of the global marketplace.

For Asia’s bond markets, they present both challenges and opportunities. With its history of steady growth, bond markets are at a crossroads. Continue along the same path, the risk is to become irrelevant, especially for the smaller markets in the region. Embrace change, while not risk free, and the promise exists for markets to be transformed in time to reap the rewards flowing from Asia’s emerging middle class, particularly as this sector shifts from savings to investing.

With change a constant, the next phase of growth will need concentrated minds as governments and regulators continue to collaborate across national borders. Deepening and broadening the participation profile in domestic markets should remain a priority. Adopting an agile mindset and re-imagining how bond markets should operate in an ideal world might be key. Opportunities to implement new approaches in a bid to improve market access should be explored, whether they are from a capital-raising standpoint or enabling greater investor participation. After all, bond markets have an important role to play. This could be to finance worthwhile productive economic activity or, as part of a broader agenda of inclusive growth, a role that reflects the principles of environmental, social and governance standards.

Venue
Conrad Centennial Singapore Hotel
Four Seasons Hotel
 
Singapore
Date: 20 November 2018
Keynote Speakers
Datuk Chung Chee Leong
Datuk Chung Chee Leong
chief executive officer
Cagamas
Paroche Hutacharoen
Paroche Hutachareon
director of risk management group, public debt management office
Ministry of Finance Thailand
Sanjiv Vohra
Sanjiv Vohra
managing director & head, global corporate banking for Asia & Oceania
MUFG Bank
Donghyun Park
Donghyun Park
principal economist, economic research and regional cooperation department
Asian Development Bank

Speakers / Agenda

08.00
Registration
09.00
Asset Events Speaker
Opening keynote
Datuk Chung Chee Leong
Datuk Chung Chee Leong
chief executive officer
Cagamas
09.10
Asset Events Panel
Panel: Collaboration for transformation
Financial technology will play a major role as Asia’s bond markets enter a new era of growth. As the market expands and new business models are introduced, the need for greater transparency, efficiency and automation comes to the fore. From issuing, trading and investing, to market infrastructure, fintech is set to revolutionise fixed income. Nevertheless, collaboration among stakeholders is crucial for fintech to transform Asia’s bond markets.
  • Automation: Where are we today in Asia and what’s next?
  • What fintech applications have we seen so far?
  • Which areas are best suited for fintech?
Sanjay Garodia
Sanjay Garodia
founder and CEO
Covalent Capital
Luc Froehlich
Luc Froehlich
head of investment directing, Asian fixed income
Fidelity International
Angie Lin
Angie Lin
co-founder& president
FinEX Asia
Paroche Hutacharoen
Paroche Hutachareon
senior expert on bond market development, public debt management office
Ministry of Finance Thailand
Daniel Yu
Daniel Yu
Editor-in-Chief
The Asset
Moderator
09.50
Asset Events Panel
Panel: Asian high yield bonds
The market turbulence has impacted the high yield bond market, with the volume year-to-date down compared with 2017. The tighter liquidity and rising interest rates pose risks to rated high yield corporate issuers. This has forced the issuers to stay at the sidelines as they are not prepared to access the market at any cost. They are waiting for the market to normalize and at the same time, looking at their options to raise capital, although there were issuers which decided to pay up to alleviate their financing requirements.
  • What are the prospects for the high yield bond market for the next 12 months?
  • What are the other funding options available to high yield bond issuers?
  • How did investors approach the high yield bond market as they search for yield?
Neeraj Seth
Neeraj Seth
head of Asian fixed income
BlackRock
Derek Armstrong
Derek Armstrong
managing director, head of APAC DCM
Credit Suisse
Terence Chia
Terence Chia
managing director, head of APAC debt syndicate
Credit Suisse
Anthony Mathias
Anthony Mathias
chief financial officer
Medco Energi
Raymond Chia
Raymond Chia
head of credit research, Asia ex-Japan
Schroders
Chito Santiago
Chito Santiago
managing editor
The Asset
Moderator
10.30
Networking and coffee
11.00
Asset Events Panel
Panel: The outlook for syndicated lending in 2019
Volume for loan syndication remains subdued as much of the year thus far was impacted by the slowdown in China, with the decline in M&A activity, and the rate rise outlook. Outside of China-related activity, however, Singapore has been the bright spot with loan activity registering over 20% rise during the period. Expectations are mixed as how the rest of 2018 will fare. Similarly, the outlook in 2019 will depend on companies navigating through headwinds such as the US-China trade war and the tightening liquidity as US interest rates trend higher. How are companies positioned for the more volatile outlook in the coming 12 months?
  • What opportunities are they seeing in this environment?
  • Which sectors are expected to fare better and what are their funding needs?
  • Will oil price increase lead to a new cycle of growth and increase demand for financing?
  • Will oil price increase lead to a new cycle of growth and increase demand for financing?
Peter Davis
Peter Davis
head of treasury
BOC Aviation
Mildred Chua
Mildred Chua
managing director & head of syndicated finance
DBS
Jayant Parande
Jayant Parande
president & global head – treasury & IR/group treasurer
Olam
Daniel Yu
Daniel Yu
Editor-in-Chief
The Asset
Moderator
11.40
Asset Events Panel
In focus: Asian fixed income
After years of delivering generally excellent risk-adjusted returns to global investors, Asian fixed income seems to have lost its momentum in 2018. With the weaker performance of Asian credits and some local markets like India suffering from rising yields and falling currencies, can these interesting asset classes regain their poise as we move into 2019?
Gregory Suen
Gregory Suen
investment director, Asian fixed income
HSBC Global Asset Management
12.00
Asset Events Panel
Panel: Green finance for Asian infrastructure
Asian economies require massive infrastructure investment to sustain growth. With climate change high on the agenda, financing sustainable infrastructure projects is crucial as Asia work towards meeting its sustainability targets. Asia’s success in the green bond market, on the other hand, is accelerating the adoption of green financing in the region. As Asia’s pipeline for sustainable projects builds up, green finance is set to play an important role in closing the region’s huge investment gap.
  • How can we mobilise private capital to finance sustainable infrastructure?
  • How can investors mitigate climate risk and other risks associated with green infrastructure?
  • How can green finance support the Belt & Road initiative?
Sajal Kishore
Sajal Kishore
head of APAC infrastructure ratings team
Fitch Ratings
Senior representative
James Cameron
head of infrastructure and real estate group Asia Pacific
HSBC
Yuri Kuroki
Yuri Kuroki
Asia funding representative
IFC
Siong Ooi
Siong Ooi
managing director, co-head of debt capital markets - loans & bonds, Asian investment banking division
MUFG Bank
Jeanne Stampe
Jeanne Stampe
head Asia sustainable finance
World Wide Fund for Nature (WWF)
Darryl Yu
Darryl Yu
assistant editor
The Asset
Moderator
12.40
Asset Events Panel
In conversation: Acquisition finance in Asia
With cash-rich private equity firms driving several M&A deals across the region, the acquisition finance market in Asia is seeing increased activity. As valuations for M&A climb, lenders are having to contend with higher leverage for deals in search of yield. How does the acquisition finance market fare in Asia relative to the globe? What’s driving activity and how are lenders responding? What mitigations are being included in leveraged buyouts to account for the increased gearing? Can the market sustain this trend? Which markets are seeing increased activity? What are the risks? Is the bond market playing a role in acquisition finance.
Swati Roy
Swati Roy
managing director, LSS
Standard Chartered
Chito Santiago
Chito Santiago
managing editor
The Asset
Moderator
13.00
Luncheon
14.00
Asset Events Speaker
Luncheon keynote address
Sanjiv Vohra
Sanjiv Vohra
managing director & head, global corporate banking for Asia & Oceania and co-head investment banking for Asia & Oceania
MUFG Bank
14.10
Asset Events Panel
In focus: Asian Bond Monitor 4th Quarter Report
This session will discuss the findings of the Asian Bond Monitor 4th Quarter Report. It will examine recent development trends as well as risk outlook for the Emerging East Asian bond market as well as provide updates on the development of the green bond market.
Donghyun Park
Donghyun Park
principal economist, economic research and regional cooperation department
Asian Development Bank
Shu Tian
Shu Tian
economist, economic research and regional cooperation department
Asian Development Bank
14.30
Asset Events Panel
In conversation: The frontier markets, OBOR and China
This session will examine the development of China outbound M&A and loan market for Chinese corporates as well as explore the financing opportunities for China’s One Belt, One Road program. It will also discuss the challenges and opportunities facing frontier markets such as PNG & Pakistan.
Rehan Anwer
Rehan Anwer
managing director, investment banking
Credit Suisse
Tim Tu
Tim Tu
head of structuring, Greater China, APAC financing group,
Credit Suisse
Jimmy Koh
Jimmy Koh
managing director, business insights and analytics, group wholesale banking/ sector solutions group
UOB
Chito Santiago
Chito Santiago
managing editor
The Asset
Moderator
15.00
Networking and coffee
15.30
Asset Events Panel
Panel: Of sustainability bonds and ESG investing
ESG investing in Asia is gaining ground as the region shifts its focus from purely financial returns to include sustainability goals. The region recently saw the issuance of several landmark sustainable bonds. Institutional investors, on the other hand, lead the way in integrating ESG factors into their investment strategy as asset managers ramp up their ESG offerings. Will ESG investing finally be catapulted into the mainstream?
  • What impact have we seen in ESG investment patterns in Asia?
  • How can we attract issuers and investors to increasingly look into ESG?
  • What are the major challenges faced by ESG investors and how can we address them?
Delvin Chong
Delvin Chong
senior vice president, treasury & capital markets
Cagamas
Sharon Tan
Sharon Tan
head of client service & implementation for Asia Pacific
DWS
Robert Kraybill
Robert Kraybill
managing director
Impact Investment Exchange Asia
Rahim Khawaja
Rahim Khawaja
senior vice president, global structured finance, investment banking department
Sumitomo Mitsui Banking Corporation
Darryl Yu
Darryl Yu
assistant editor
The Asset
Moderator
16.10
Asset Events Conversation
Panel: China – The continuing story
China continues to play an important role in global investment portfolios. The inclusion of China into major indices and the launch of the Bond Connect scheme will further pave the way for foreign investors to access the world’s third largest bond market. Yet, concerns surrounding liquidity, transparency, default risk and ratings continue to plague the market.
  • What will the index inclusion mean for global investors?
  • Update on Bond Connect and other access channels
  • How can investors prepare to reallocate capital to China?
Eric Liu
Eric Liu
portfolio manager
BlackRock
Caroline Yu Maurer
Caroline Yu Maurer
head of Greater China equities
BNP Paribas Asset Management
Ko-Wei Hsiung
Ko-Wei Hsiung
associate director, debt capital markets
HSBC
Augusto King
Augusto King
managing director and head of capital markets group
MUFG Securities Asia
Roland Mieth
Roland Mieth
portfolio manager for emerging Asia
PIMCO
Ying Wang
Ying Wang
head of China corporates research & head of energy & utilities
Fitch Ratings
Moderator
16.50
Asset Events Cocktails
Closing remarks
17.00
Asset Events Cocktails
Networking and cocktails

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