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FTSE Russell China Bond Research Report Q1 2019
May 13, 2019--Highlights from the May report:
Total holdings of Chinese bonds by offshore investors rose in Q1 of 2019. Offshore investors held 1.76 trillion RMB (US$263 billion) worth of bonds at the end of March, according to data released by Shanghai Clearing House and China Central Depository and Clearing Co, marking a 34.3 billion RMB (US$5.1 billion USD) rise compared to end-December 2018.
Some of China's largest companies have defaulted on their debt in Q1. Three large Chinese borrowers-Qinghai Provincial Investment Group Co., China Minsheng Investment Group Corp. and Beijing Orient Landscape & Environment Co.-missed repayment deadlines.
Against this backdrop, interest in China's small convertible bond market is growing – driven for the desire among investors for higher returns. Citic Bank Corp’s offering in March saw orders eclipse supply by 5,500 times, according to Bloomberg. Convertible bond issuers have raised US$13 billion via convertible bonds in 2019, more than four times the value of Chinese IPOs during the same time period.
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Source: FTSE Russell
BetaShares Market Trends: May 2019 Asset Class Performance-global equities power on
May 8, 2019--Global equities were the best performing of our seven major asset classes* in April, while Australian equities also posted good returns.
Supporting stocks was a better than feared US earnings reporting season, persistent low inflation and continued gradual improvement in the global economic outlook. Higher bond yields, however, constrained fixed-income returns and contributed to a pull-back in listed property after several months of strong performance. Gold eased due to the still firm $US and renewed "risk-on" sentiment.
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Source: BetaShares
Why is the white hot Chinese tech sector cooling down?
May 7, 2019--China's once scorching tech sector is cooling off.
"Winter is coming," laughs Lin Liu, a 29-year-old Shanghai tech worker.
Electric vehicles, industrial robots, and microchip production all slowed recently.
Big firms like Alibaba, Tencent, and search engine Baidu have slashed jobs.
Overall, one in five Chinese tech companies plans to cut recruitment, says jobs site Liepin.com.
"And I think this slowing down will continue," says Ms Liu, who's run a tech start-up and the Slush start-up conferences in Shanghai, Shenzhen, and Nanjing.
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Source: BBC.com
Hong Kong exchange, Euroclear launch ETF tie-up
May 7, 2019-- Hong Kong's stock exchange operator will partner with Euroclear, Europe's largest settlement house for securities, on new arrangements to help bring European Exchange Traded Funds (ETF) to Hong Kong, the companies said on Tuesday.
Earlier this year, Hong Kong Exchanges and Clearing (HKEX) said it planned to become an ETF hub in Asia as part of its broader three-year strategic plan to make the exchange more relevant to global investors.
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Source: Reuters
HKEX selects Euroclear's international ETF structure
May 7, 2019--Euroclear Bank, the Brussels based international central securities depository (ICSD), and Hong Kong Exchanges and Clearing Limited (HKEX) have collaborated to enhance the distribution of European ETFs in Asia.
HKEX has become the first stock exchange in Asia to adopt the ICSD ETF settlement model in Euroclear Bank.
European ETF issuers will now be able to expand their distribution network to Asia and grow ETF liquidity. Investors will benefit from improved settlement efficiencies and a reduction of costs and risks.
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Source: Euroclear Bank
IMF Working Papers-The Turning Tide: How Vulnerable are Asian Corporates?
May 6, 2019--Summary:
Using a new firm-level dataset with comprehensive information on Asian firms' FX liabilities, we show that Asia's nonfinancial corporate sector is vulnerable to a tightening of global financial conditions. Higher global interest rates and exchange rate depreciation increase the probability of default of Asian firms.
A 30 percent currency depreciation is associated with a two-notch downgrade in the corporate credit rating (e.g., from A to BBB+), resulting in 7 percent of Asian firms falling into bankruptcy. But the impact is nonlinear-as the firms' FX liability increases, the balance sheet channel of exchange rate offsets, then dominates, the competitiveness channel. The balance sheet channel offsets the competitiveness channel when the share of U.S. dollar debt is between 10 and 20 percent. We also find that currency depreciation increases firm-level investment on average, but for firms with the share of FX liabilities above 20 percent, investment contracts with depreciation.
view the IMF Working Papers-The Turning Tide: How Vulnerable are Asian Corporates?
Source: IMF
NSE tightens trading margins for derivatives segment under new framework
April 25, 2019--Under the new framework, derivatives market participants will have to provide margins 300% higher than the normal applicable amount, if the MWPL for a security is high.
The National Stock Exchange (NSE) on Wednesday increased trading margins for the derivatives segment.
"In a joint meeting of exchanges and the Securities and Exchange Board of India, it has been decided that the markets should be altered at different levels of MWPL," the NSE said in a circular.
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Source: Business Standard
World Bank-East Asia and Pacific Growth Expected to Moderate as Global Headwinds Persist, World Bank Says
April 24, 2019--Growth in developing East Asia and the Pacific (EAP) is projected to soften to 6.0 percent in 2019 and 2020, down from 6.3 percent in 2018, largely reflecting global headwinds and a continued gradual policy-guided slowdown in China.
Still, the region's economies weathered the financial markets volatility of 2018 relatively well largely due to effective policy frameworks and strong fundamentals, including diversified economies, flexible exchange rates, and solid policy buffers.
While trade policy uncertainty has abated somewhat, global trade growth is likely to moderate further, according to Managing Headwinds, the April 2019 edition of the World Bank East Asia and Pacific Economic Update released here today. Domestic demand has remained strong in much of the region, the report adds, partly offsetting the impact of slowing exports.
A href="http://www.worldbank.org/en/news/press-release/2019/04/24/east-asia-and-pacific-growth-expected-to-moderate-as-global-headwinds-persist-world-bank-says" TARGET="_blank">view more
view the Managing Headwinds, the April 2019 edition of the World Bank East Asia and Pacific Economic Update
Source: World Bank
Thai, Shenzhen bourses ink deal to help SMEs, securities
April 24, 2019--The Stock Exchange of Thailand (SET) on Tuesday signed a memorandum of understanding (MoU) with the Shenzhen Stock Exchange (SZSE) to expand opportunities supporting small and medium-sized enterprises (SMEs) and securities cross-listing between Thailand and China.
The MoU, which covers a five-year period starting on Tuesday, will support the SET's strategic plan to explore new opportunities by connecting with international partners.
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Source: bangkokpost.com
IMF Staff Completes 2019 Article IV Mission to Vietnam
April 23, 2019--The economy remains resilient to external headwinds to date, supported by robust domestic demand from a growing, urbanizing middle class and by rising inflows from tourism, remittances and direct investment.
Fiscal policy consolidation during 2016-18 together with strict policies on new government guarantees and robust economic growth have put public and publicly guaranteed debt on a firmly downward trajectory.
The move away from administered allocation of credit and the adoption of Basel II standards by 2020 will require steps to strengthen the state owned commercial banks.
An International Monetary Fund (IMF) team led by Alex Mourmouras visited Hanoi and Ho Chi Minh City during April 3-19, 2019, to conduct discussions for the 2019 Article IV consultation with Vietnam.[1]
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Source: IMF
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