Awards
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Given the global speculation surrounding the potential appreciation of the Chinese renminbi, and with it other Asian currencies, over the past two years, it's no surprise that interest has swelled among regional investors towards investing in currency structured products. The demand from private bank investors who mainly invest in medium-term notes, has been strong. The top 20 investment banks issued US$9 billion of Asian currency-linked medium-term notes (excluding Japanese yen) in 2004, rising to US$13 billion in 2005 with US$6 billion issues so far this year.
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Credit-linked products have benefited from the global rally in bond spreads despite a couple of high-level downgrades last year that affected the broader market. The market has continued to grow robustly - one banker estimates that it has doubled in size every year since 1999. And many of Asia's institutional investors have been extremely active. The most popular underlying instruments have tended to be collateralized bond obligations (CDOs)—both cash and synthetic, credit default swaps (CDS) and constant portfolio protection insurance (CPPI) products, which have an actively managed portion that is generally linked to credit default swaps or a tradeable CDS index such as Dow Jones' CDX and iTraxx indices. Products linked to CDSs and indices are typically bespoke and tailored to take advantage of the correlation in default patterns among borrowers.
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Over the past year, equity-linked products have enjoyed a bonanza on the back of burgeoning regional stock exchanges. Hong Kong's Hang Seng Index offers one example, rocketing from 13,481 in January 2005 to 16,661 now.
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The Asian Development Bank’s annual global issue is always a much anticipated event in the market. Last year’s sale was the epitome of how the bank maintains its allure.
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Sharp focus, transparency and discipline – the Filipino approach to debt management in the midst of political crisis
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Vietnam 2015 Vietnam’s first foreign currency bond deal marked the country’s emergence as a global economic power and highlighted the country’s transformation from a closed and shunned economy to a target for the world’s biggest investors.
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Executive Access streaked ahead of its competition to gain the top prizes for Asia ex Japan private banking coverage in Asiamoney's Headhunters' Poll. The firm moved up from second spot in 2005's poll to take the number one slot under the guidance of Philip Eisenbeiss, its key relationship manager for the sector. Eisenbeiss is both well known and respected by many banks, as was made evident by the fact he was also voted as the single best headhunting executive for the region by a considerable margin.