IWIRC Indonesia的动态

Private credit is rising in the East. The growth in assets under management of private debt in APAC has outpaced other regions, rising by 19.5% from 2020 to 2023, compared with the global average of 11.5%. Pimfha C. explains the top private credit trends in Asia in 2024. https://lnkd.in/dcD_iYVs

2024 has proven to be a unique year for Emerging Credit. It showcased a remarkable performance with minimal defaults from both Sovereign and Corporate issuers. The year saw significant positive drivers, including macro improvements in countries like Nigeria, Turkey, and Argentina post-elections. Moreover, successful debt restructuring in Ukraine marked a highlight among other achievements. In fact, over the past two years, both Sovereign and Corporate credit have demonstrated robust performance, fully recovering from the setbacks of 2022. However, non-resident EM bond funds experienced continuous outflows, totalling -$29 billion for 2024, as reported by JP Morgan. It is noteworthy that foreign investors have historically not missed out like this in the asset class's strong returns, see chart. Looking ahead, the substantial carry in EM credit sets a promising stage for another year of solid performance akin to 2024. The looming question remains whether foreign investors will re-engage with the asset class, hinting at a potential shift in dynamics for the upcoming period. Especially once there is higher clarity on what Trump's actual policies will look like. #Emergingmarkets #bonds #fixedincome #credit #em Pictet Asset Management Chart: CEMBI and EMBI performance vs foreign EM bond fund flow (Source: Pictet and JP Morgan)

Standard Chartered Bank Strengthens Foreign Currency Investments for Kenyan Investors. Standard Chartered Bank?cements its foreign currency investments as investors increasingly seek opportunities beyond local markets. This year, the bank introduced US Corporate Bonds, USD Government bonds, and its own curated funds – Signature CIO funds. This complements an array of other products such as ESG funds, USD MMF, and Mutual Funds in various denominations. @Edith Chumba, Head Wealth and Retail Banking, Kenya and East Africa at Standard Chartered, highlighted the strategic importance of financial education. “At Standard Chartered, we believe that an informed investor is an empowered investor. Recent surveys indicate that 60% of new investors feel inadequately prepared to make investment decisions on global platforms. We are responding by enhancing our educational initiatives and digital offerings to build confidence and competence in the investment sector.” https://lnkd.in/eQ2_FGNS

With the inclusion in JPMorgan's EM index in June, #India emerges as an appealing destination for bond #investors. #investing #assetmanagement #bonds #indianbonds https://ow.ly/sQC550RE9PC

Global Investment Banking Fees Surge 7% to Two-Year High Investment banking fees soared to US$57.7 billion in the first half of 2024, marking a 7% increase. However, according to a report by LSEG, the performance in Asia (excluding Japan) saw a 25% year-on-year decline.

?? Navigating Effective Debt Structuring in Emerging Markets ?? Emerging markets present a unique blend of opportunities and challenges for strategic debt structuring. The dynamic nature of these regions—characterized by evolving regulations, fluctuating currencies, and varying economic stability—requires a well-thought-out approach to unlock the potential for growth while managing risks. Here’s what I’ve found crucial: 1?? Localized Market Knowledge: Understanding the economic, regulatory, and cultural landscape of each region is non-negotiable. Local insights can guide more informed decisions on debt terms and mitigate risks tied to market volatility. 2?? Currency Risk Management: With frequent currency fluctuations, adopting strategies like currency swaps and hedging is essential to safeguard investments. Structuring debt in stable currencies or incorporating adjustable rates can be a game-changer for protecting value. 3?? Flexible Financing Terms: In emerging markets, economic conditions can shift quickly. Building flexibility into debt agreements—like grace periods or adjustable payment schedules—helps both parties adapt and thrive as conditions change. 4?? Impact of Political Stability: Political shifts often have direct implications for investment. It’s crucial to monitor political climates closely and consider contingency plans to address potential impacts on financing structures. 5?? Fostering Strong Partnerships: Working with reliable local partners, including banks and financial advisors, helps mitigate risks and opens avenues for better negotiation and on-the-ground support. By employing these strategies, we can structure debt effectively, balancing growth and resilience. Emerging markets are full of untapped potential, and a strategic, risk-aware approach ensures we’re well-positioned to benefit from that growth. ?? What strategies do you consider essential for debt structuring in emerging markets? Let’s exchange insights and learn from each other’s experiences! #EmergingMarkets #DebtStructuring #FinancialStrategy #CurrencyRisk #Investment #RiskManagement #GlobalFinance #BusinessGrowth

These bonds offer higher yields compared to their global counterparts. ?For instance, the Asia high-yield market delivered a total return of 10.5% in the first half of 2024, outperforming other major credit markets.? The default rates in the Asian high-yield market, especially outside the Chinese property sector, have been declining. ?This trend is expected to continue, making these bonds more attractive.? Asia’s robust economic growth and supportive measures, particularly in China, are contributing to the stability and attractiveness of high-yield bonds in the region.? Investing in Asian high-yield bonds provides diversification benefits, as these bonds have historically maintained lower default rates compared to US high-yield bonds. China plays a significant role in the Asian high-yield bond market for several reasons.? Chinese issuers represent more than half of the Asian US dollar high-yield bond market by market value. ?This dominance means that the performance and policies of Chinese companies and the government heavily influence the overall market.? China’s economic policies and growth have a substantial impact on the high-yield bond market. ?For instance, supportive measures from the Chinese government, such as easing monetary policies and providing liquidity support, can enhance market stability and investor confidence.? The Chinese property sector is a major component of the Asian high-yield bond market. ?The interconnectedness of this sector with China's GDP motivates the government to ensure stability in property prices, which in turn affects the bond market.? The supply and demand dynamics of Chinese US dollar bonds, along with yield differentials between China’s US dollar bond market and its onshore renminbi bond market, play a crucial role in determining the liquidity and valuation of these bonds. Terence Nunis Terence K. J. Nunis, Consultant Chief Executive Officer, Equinox GEMTZ

These bonds offer higher yields compared to their global counterparts. ?For instance, the Asia high-yield market delivered a total return of 10.5% in the first half of 2024, outperforming other major credit markets.? The default rates in the Asian high-yield market, especially outside the Chinese property sector, have been declining. ?This trend is expected to continue, making these bonds more attractive.? Asia’s robust economic growth and supportive measures, particularly in China, are contributing to the stability and attractiveness of high-yield bonds in the region.? Investing in Asian high-yield bonds provides diversification benefits, as these bonds have historically maintained lower default rates compared to US high-yield bonds. China plays a significant role in the Asian high-yield bond market for several reasons.? Chinese issuers represent more than half of the Asian US dollar high-yield bond market by market value. ?This dominance means that the performance and policies of Chinese companies and the government heavily influence the overall market.? China’s economic policies and growth have a substantial impact on the high-yield bond market. ?For instance, supportive measures from the Chinese government, such as easing monetary policies and providing liquidity support, can enhance market stability and investor confidence.? The Chinese property sector is a major component of the Asian high-yield bond market. ?The interconnectedness of this sector with China's GDP motivates the government to ensure stability in property prices, which in turn affects the bond market.? The supply and demand dynamics of Chinese US dollar bonds, along with yield differentials between China’s US dollar bond market and its onshore renminbi bond market, play a crucial role in determining the liquidity and valuation of these bonds. Terence Nunis Terence K. J. Nunis, Consultant Chief Executive Officer, Equinox GEMTZ

The value of IPOs by Chinese issuers also fell to a decade low. Investment banking fees generated in China dropped 33% to $5.6b in the first six months of 2023, according to data from the London Stock Exchange Group (LSEG). Equity capital markets (ECM) underwriting fees accounted for a large portion of the plunge, dropping 75% to $645.8m in H1 compared to H1 2023. It accounted for 12% of the investment banking fee pool. https://lnkd.in/gkWbYT-v

Regardless of shifting supply dynamics in the Asian bond market, credit investors are broadening their horizons and redefining what it means to invest in this region. The slowdown in G3 bond issuance from traditional Asian markets has prompted investors to explore new geographies, currencies and markets. Those who can successfully navigate this evolving landscape and embrace new opportunities are well-positioned to thrive in this economic region. Learn more: https://grp.hsbc/6049lErXH #HSBCAsiaCreditConference #AsiaCredit