Fung / Chi-Wo Ko / Yau Dim Sum Bonds

The Offshore Renminbi (RMB)-Denominated Bonds
1. Auflage 2013
ISBN: 978-1-118-83964-5
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 208 Seiten, E-Book

Reihe: Wiley Finance Editions

A comprehensive guide to understanding and assimilating intodim sum bond markets
The expansive growth of the dim sum bond market in the last fiveyears has peaked investor interest and inspired companies to seekout investing opportunities that negate China's capital controls.In a four-pronged approach, Dim Sum Bonds examines the developmentof the dim sum bond market and its role in China's RMBinternationalization policy, characteristics of dim sum bonds andits market, investors' investment objectives and the investmentperformance of dim sum bonds, motivations of issuers, andunderwriters' roles in the dim sum bond market. You willfamiliarize yourself with every aspect of the dim sum bond marketfrom an issuer, an investor, and an underwriter's perspective.Academics, financial advisors, investment bankers, underwriters,investors, and policy makers should not be without this informativeand detailed guide to the offshore market central to China'sinternationalization of RMB.
* Written by Hung-Gay Fung, Glenn Chi-Wo Ko, and Jot Yau, all ofwhom are experts on the dim sum bond market
* Explains the rapidly expanding dim sum bond market and putsreaders ahead of the curve
* Landmark issues, Chinese banks (China Development Bank),Infrastructure, red-chip companies (Sinotruk), and multinationalcorporations doing business in China (McDonald's) arediscussed in detail.
Covering landmark issues from a variety of Chinese andmultinational corporations, Dim Sum Bonds provides must-read manualto understanding the vast opportunities of this up-and-comingmarket.

Autoren/Hrsg.

Fung, Hung-Gay

Chi-Wo Ko, Glenn

Yau, Jot

Inhaltsverzeichnis

Preface xi
Acknowledgments xvi
List of Acronyms and Key Terms xvii
Chapter 1
New Market--Developments, Opportunities, and Challenges1
1.1 Introduction 1
1.2 Overview of the Dim Sum Bond Market 6
1.3 Policies Supporting the Growth of Offshore Renminbi 8
Chapter 2
Offshore RMB-Denominated Bonds--Dim Sum Bonds 21
2.1 Definition 21
2.2 Bond Issue Characteristics 24
2.3 Conclusion 46
Chapter 3
Issuers 49
3.1 Issuers 50
3.2 Classification of Issuers by Type of Organization 52
3.3 Classification of Issuers by Industry 60
3.4 Classification of Issuers by Domicile and by DealNationality 63
3.5 Motivations behind Issuers 67
3.6 Conclusion 75
Chapter 4
Investors 79
4.1 Investor Type and Mix 80
4.2 Motivation 82
4.3 Risk/Return Analysis 86
4.4 Conclusion 98
Chapter 5
Investment Banks and the Dim Sum Bond Issuing Process101
5.1 Dim Sum Bond Issuing Process 101
5.2 Primary Issues 104
5.3 Bookrunner/Manager Rankings 116
5.4 Bond Issuing Fees 118
5.5 Retail versus Institutional Tranches 118
5.6 Conclusion 119
Chapter 6
Case Studies of Landmark Issues 121
6.1 Landmark Issues 121
6.2 Case 1: The First Dim Sum Bond and the First ChineseFinancial Institution Issuer--China Development Bank (and theFirst 15-Year and 20-Year Bonds) 126
6.3 Case 2: The First Dim Sum Bond Issued by aChina-Incorporated Foreign Bank--The Bank of East Asia (China)Limited 131
6.4 Case 3: The First Dim Sum Bond Issued by the Chinese CentralGovernment 135
6.5 Case 4: The First Dim Sum Bond Issued by a ForeignMultinational Corporation--McDonald's Corporation137
6.6 Case 5: The First Dim Sum Bonds Issued by a SupranationalAgency--Asian Development Bank (and the First 10-Year Dim SumBond) 142
6.7 Case 6: The First Dim Sum Bonds Issued by a Chinese Company,Incorporated Outside Mainland China and
Listed in Hong Kong (Red-Chip Corporation)--Sinotruk (HongKong) Limited 145
6.8 Case 7: The First Mainland Chinese Corporation Listed inHong Kong (H-share) Issuer of Dim Sum Bonds--Beijing CapitalLand Ltd. 149
6.9 Case 8: The First PRC-listed (A-Share) Issuer of Dim SumBonds--Gemdale Corporation 153
6.10 Conclusion 157
Chapter 7
Conclusion 159
7.1 Review and Preview of the Development and Growth of the DimSum Bond Market 159
7.2 Market Participants 166
7.3 Ongoing Developments Affecting the Dim Sum
Bond Market 174
7.4 Final Remarks 176
About the Authors 179
Index 181

Über Autor(innen)

HUNG-GAY FUNG, PhD, is Curators' Professor of Finance,Dr. Y. S. Tsiang Endowed Chair Professor of Chinese Studies, anddepartment chair in the Finance and Legal Studies Department,College of Business Administration, University of Missouri-St.Louis. His areas of research and teaching include internationalfinance, financial risk management, and banking. He has publishedover 150 scholarly papers in various journals. He has alsopublished seven books, numerous book chapters, and many teachingcases.
GLENN KO, CFA, is an executive director of the UBS AsianCredit Research team, covering corporate credits. He focuses onChinese properties and industrials. He has extensive experience inAsia's straight and convertible bond markets, with previous workexperience in proprietary trading desks, sell-side research, andrating advisory at financial institutions, such as Daiwa, JPMorganand HSBC. Prior to these, he worked at Moody's as a credit ratinganalyst.
JOT YAU, PhD, CFA, is Dr. Khalil Dibee Endowed Chair inFinance at the Albers School of Business and Economics, SeattleUniversity. Since joining Seattle University in 2001, he has servedas the chair of the department of finance and MSF program director.He has published numerous articles and chapters in finance journalsand professional books. He is the coeditor and coauthor of twobooks. He has served on several editorial boards, and was theassociate editor and special editor (Risk Management) of theJournal of Alternative Investments. He cofounded StrategicOptions Investment Advisors Ltd., a Hong Kong-based investmentadvisory firm. He served on the board of directors of Group HealthCredit Union and of the Northwest Hedge Fund Society, where he wasalso the treasurer.