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A Guide to Asian High Yield Bonds : Financing Growth Enterprises

An up-to-date, comprehensive analysis of the high-yield bond market in Asia 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.
Year of publication:
2013 ; 2nd ed.
Authors: Schmidt, Florian H. A
Publisher: New York : John Wiley & Sons, Incorporated
Subject: Asien | Asia | Anleihe | Bond | Junk Bond | Junk bond
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Extent:
1 online resource (480 pages)
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Type of publication: Book / Working Paper
Language: English
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Description based on publisher supplied metadata and other sources.
A Guide to Asian High Yield Bonds; Copyright; Contents; Preface; Overview of the Contents; Notes for the Use of This Book; Acknowledgments; Chapter 1: Why High Yield's Time Has Come in Asia; 1.1: The Asia Pulp & Paper (APP) Legacy; 1.2: Necessary Corporate Developments Benefiting Asian High Yield; 1.3: Necessary Macro Developments Benefiting Asian High Yield; 1.4: Asia's Corporate Landscape of Family Enterprises; 1.5: Traditional Generic Business Strategies for Family Enterprises; 1.6: A Theoretical Approach to Debt versus Equity Funding; 1.7: The Factor ""Growth"" Makes All the Difference
1.8: An Asian Growth Market: China's Real Estate Sector1.9: Suitability of High Yield Bonds for Family Enterprises; 1.9.1: Minimizing Funding Costs While Achieving a Sufficient Degree of Liquidity; 1.9.2: Minimizing External Influence and Control; 1.9.3: Minimizing Disclosure of Internal Data; 1.9.4: Maximizing Flexibility; 1.9.5: Financial Security through Duration; 1.9.6: Minimizing Collateral; 1.9.7: Conclusion; 1.10: A Wall of Liquidity; Notes; Chapter 2: An Overview of the High Yield Bond Market; 2.1: The Genesis; 2.2: The World's Largest High Yield Bond Market
2.2.1: The Metamorphosis of the U.S. High Yield Landscape2.2.2: Post Subprime Recovery; 2.2.3: The U.S. High Yield Market Landscape Today; 2.3: Europe's Growing High Yield Bond Market; 2.3.1: A Funding Tool for TMT and Fallen Angels; 2.3.2: Issuer Diversity and Structural Progression; 2.3.3: Driven by Leveraged Buyouts; 2.3.4: Transformation into a Robust Corporate Bond Market; 2.4: ""True"" High Yield Arrives in Asia; 2.4.1: ""True"" High Yield versus Emerging Market Bonds; 2.4.2: The Rise and Fall of the Asian Tigers; 2.4.3: Reevaluating the Asian Financial Crisis
2.5: The Asian High Yield Renaissance2.5.1: A Defensive Comeback in 2003; 2.5.2: Drivers and Characteristics of Asia's Second Generation High Yield Bonds; 2.5.3: Structural Innovations in Second Generation Asian High Yield; 2.6: Through and Beyond the Subprime Crisis; 2.6.1: Into the Abyss; 2.6.2: The Impact of the Subprime Crisis on Asia; 2.6.3: A Slow and, Once Again, Cautious Comeback; 2.7: The Asian High Yield Market Comes of Age; 2.8: More Tests of Resilience; 2.9: Outlook-Disintermediation of Bank Lending; Notes; Chapter 3: Asian High Yield Issuers; 3.1: What's in a Name?
3.2: The Technology, Media, and Telecoms Sector3.3: The PRC Real Estate Sector; 3.3.1: The Dragon Awakens; 3.3.2: Growth Drivers of the Chinese Property Market; 3.3.3: High Yield Funding for Land Purchases; 3.3.4: Chinese Property Developers in the International Bond Market; 3.4: The Metals and Mining Sector; 3.4.1: Thermal Coal-A Growth Industry; 3.4.2: Indonesia-The World's Largest Thermal Coal Exporter; 3.4.3: Indonesian Coal and Mining Sector Plays an Important Role in the Asian High Yield Market; 3.4.4: Unique Characteristics of Indonesia High Yield
3.4.5: The Coking Coal-Iron Ore-Steel Value Chain
ISBN: 978-1-118-50203-7 ; 978-1-118-50202-0
Source:
ECONIS - Online Catalogue of the ZBW
Persistent link: https://www.econbiz.de/10012600701
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