15th Asia Bond Markets Summit – Webinar Series
Asia’s Capital Markets: Response, Recovery, Resiliency
12, 18 & 19 November 2020
In association with
Gold Sponsors

The Covid-19 pandemic is the biggest black swan event since 2008’s US financial crisis. But it is a crisis like no other, decimating economies across the globe. Governments in the Asia-Pacific region have responded by throwing together unheard of relief packages, the biggest in modern history. Years of fiscal discipline and prudent debt management, meanwhile, have given a number of countries some wiggle room. Indonesia and the Philippines, for instance, have tapped the offshore capital markets to raise funds as buffer for what is likely to be an uncertain road to recovery. These issuances, which were made at the height of the virus outbreak and achieved the lowest coupon ever, are an affirmation of global investors’ confidence. During this time, the ability to tap different pockets of liquidity is also critical.

One of the themes notable during the first half of the year was issuers launching bigger-sized and longer-tenor deals, which were uncommon in previous years. Another interesting feature in 2020 is the prevalence of green, sustainability, social, and Covid-19 bonds issued by a diverse range of companies from China, Korea, Thailand, the Philippines, and Indonesia. The pandemic-induced health emergency highlights the region’s need to do more to overcome the challenge of climate and social change, and pivot to a sustainable future.

The strength of the offshore capital markets is matched by the stability of the domestic markets. Bonds outstanding in emerging East Asia totalled US$16.3 trillion at the end of March 2020, representing an increase of 4.2% from end-December 2019 and 14% from March 2019. With funding requirements to remain elevated for the foreseeable future, the ability of governments to issue in their domestic markets will be critical, even as government bonds already account for the majority of local issuances, representing 60% of the market or US$9.9 trillion. Meanwhile, with social distancing, government treasuries are experimenting with new ways of distributing bonds, including using distributed ledger technology.

The Asset Events+ is pleased to be hosting the 15th annual Asia Bond Markets Summit on the theme – Asia’s capital markets: response, recovery, resiliency. The annual gathering of thought leaders and industry participants will discuss the implications of Covid-19 on the capital markets and the shape of the future of financing.

 
 
Part 1 – Predicting the post-Covid-19 future
12 November 2020 | 5:00 - 6:00 pm HKT
16:45 (HKT)
Access to webinar opens
17:00 (HKT)
Exclusive discussion
Asia’s capital markets have passed the stress test in the first six months of the Covid-19 pandemic. But the road to recovery is uncertain with risks tilted to the downside.
  • What issues are vital for corporates in the post-Covid-19 world?
  • How will investors approach markets that are faced with elevated stress and with potential pitfalls ahead?
  • With rates lower for longer, how will the search for yield evolve and impact types of issuers coming to the market?
Paul Sandhu
Paul Sandhu
head of multi-asset quant solutions and client advisory, Asia-Pacific
BNP Paribas Asset Management
Neeraj Seth
Neeraj Seth
head of Asian credit
BlackRock
Jeremy Carter
Jeremy Carter
chief credit officer
Fitch Ratings
Leslie Maasdorp
Leslie Maasdorp
vice president and CFO
New Development Bank
Rahim Khawaja
Rahim Khawaja
head of capital market solutions, corporate banking department, Asia-Pacific
Sumitomo Mitsui Banking Corporation
Daniel Yu
Daniel Yu (moderator)
editor-in-chief
The Asset
17:50 (HKT)
Q&A
18:00 (HKT)
End of discussion

Part 2 – Gauging risk vs return of Chinese credits
18 November 2020 | 5:00 - 6:00 pm HKT
16:45 (HKT)
Access to webinar opens
17:00 (HKT)
Latest trends in investing in Chinese bonds
Charles Firth
Charles Firth
managing director, sales APAC solutions markets
Credit Suisse
17:10 (HKT)
Exclusive discussion
As China emerges from the pandemic, issuers from the country are wasting no time to resume their engagement with international investors. Chinese issuers now account for up to 70% of activity in the G3 offshore bond market annually. Meanwhile, recent market-opening measures are behind the steady flow of international funds into China’s US$13.2 trillion onshore bond market. As the rest of the world continues to struggle to overcome the health emergency, and with unprecedented monetary easing by the US Federal Reserve to support Covid-19 recovery, investors face returns elsewhere that are likely to stay lower-for-longer. Chinese credits could present a considered alternative as investors remain constructive while being selective in pursuing offshore/onshore opportunities.
  • How has Covid-19 affected investors’ appetite for offshore Chinese credits?
  • How should investors play the offshore/onshore dynamics for Chinese bonds?
  • How is China's macroeconomic situation affecting investor interest into Chinese credit?
  • What should investors look out for and what should they avoid?
Sophia Zhou
Sophia Zhou
portfolio manager, international fixed income department
E Fund Management
Amy Kam
Amy Kam
head of Asian credit
GAM
Gene Fang
Gene Fang
associate managing director
Moody's Investors Service
Angus Hui
Angus Hui
head of Asian and EM credit
Schroders
Darryl Yu
Darryl Yu (moderator)
deputy editor
The Asset
17:50 (HKT)
Q&A
18:00 (HKT)
End of discussion

Part 3 – Outlook for Asian high yields
19 November 2020 | 5:00 - 6:00 pm HKT
16:45 (HKT)
Access to webinar opens
17:00 (HKT)
Exclusive discussion
A casualty of Covid-19 at the height of the outbreak is the drying up of high-yield new issues. First half volume is down by more than 34%. But as China started to contain the virus, the market reopened, led by Chinese property issuers. Investors’ demand picked up just as swiftly. The reasonable secondary market performance is somewhat surprising given the challenging outlook.
  • How were high yield issuers able to return amid Covid-19 fears?
  • Despite the attractive yields, are investors pricing in correctly the risk?
  • Beyond China, what other high-yield issuers are expected to come to the market?
Antony Matias
Anthony Matias
director & chief financial officer
Medco Energi
Hanling Cui
Hanling Cui
managing director, Hong Kong board office
Modern Land (China)
Annalisa Di Chiara
Annalisa Di Chiara
senior vice president
Moody's Investors Service
Abhijeet Neogy
Abhijeet Neogy
senior vice president and portfolio manager
PIMCO
Howe Chung Wan
Howe Chung Wan
managing director and head of Asian fixed income
Principal Global Investors
Daniel Yu
Daniel Yu (moderator)
editor-in-chief
The Asset
17:50 (HKT)
Q&A
18:00 (HKT)
End of discussion

In association with
Gold Sponsors
Supporting Organization

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