书目详细信息
： A Guide to Asian high yield bonds :
书目信息 机读格式(MARC)
| ISBN： | 9780470823910 (pbk.) : |
|---|---|
| ISBN： | 0470823917 (pbk.) : |
| 编目源： | UK-WkNB UK-WkNB |
| 个人名称： | Schmidt, F. |
| 题名： | A Guide to Asian high yield bonds : Financing growth enterprises / F. Schmidt, Adam T.W. Harper. |
| 索书号： | F833.05/S349E |
| 出版发行项： | Chichester : John Wiley & Sons Ltd : [distributor] John Wiley and Sons Ltd : [distributor] John Wiley & Sons Australia Ltd : [distributor] John Wiley & Sons Australia Ltd : [distributor] John Wiley & Sons Cape Town : [distributor] John Wiley & Sons Inc, 2008. |
| 载体形态： | 560 p. ; 24 cm. |
| 丛编说明： | Wiley finance |
| 一般附注： | Paperback. |
| 格式化内容附注： | Why high yield's time has come in Asia Setting the scene - how Asia recovered from the Crisis and how strong economies and stable politics helped enable the rebirth of high yield - drivers for the 'new generation' of issuance - refinancing - more flexibility than secured bank loans with maintenance covenants - frequent unavailability of bank loans - macro drivers on the supply side: China's real estate revolution and Indonesia's natural resources boom - the demand side - globalization of investor portfolios - private equity sponsorship as a driver for issuance and innovation - a more resilient marketplaceAn overview of the high yield bond market The origins of 'junk' in the US - the role of Michael Milken - the development of the US market - LBOs drive the development of high yield in Europe - the first generation of 'true' high yield in Asia in the early 1990s - differentiating 'true' high yield from emerging markets bonds - the Asian Financial Crisis, 1997-1998 - the negative impact of post-Crisis restructurings on investor confidence in Asia - Asian high yield's renaissance, 2003-2007 - Chinese issuers become a mainstay of the market - structural innovation - tight structures rebuild investors' confidence in Indonesia - the future for Asian high yieldWhy issue high yield bonds? What's in a name? - Overview of issuance drivers - Technology, Media and Telecoms: financial sponsors, capital expenditure and the importance of the US investor base - Chinese real estate: issuers' lack of alternatives for land acquisition - Indonesia: scramble for natural resources assets creates a 'new' asset class of highly structured high yield transactions - the broader appeals of the high yield market - cost of capital - issuers' perspectivesAsian high yield investors The asset class in perspective - Asian high yield is still an embryonic market - the golden age for credit, 2003-2007 - the hedge fund industry takes off in Asia and global funds chase Asian assets - Asian market conditions and the challenges they pose for hedge funds - 'real money' investors' participation in Asian high yield - the rise of the regional bid and the Reg S-only market - growth in private banking investment in high yield - motivations for buying Asian high yield - investors' analysis of high yield issues - valuation methods and challenges - principals' track records and investors' selectivity - hedging instruments for Asian high yield investors - trading Asian high yield - looking ahead: has the balance of power shifted in investors' favour? - investors' perspectives Structuring and transacting high yield bonds Leverage as a driver of corporate growth - debt product innovation - structuring high yield bonds: a detailed guide - subordination - restricted subsidiaries - incurrence versus maintenance covenants - covenant interpretation and applications - analysis of typical high yield covenants - disclosure for high yield bonds - the offering memorandum - marketing, pricing and distributing Asian high yield bonds - underwriters, bookrunners and lead managers - marketing new issues and the bookbuilding process - theoretical analysis of pricing high yield - distribution and allocation strategy - the credit ratings and ratings advisory processThe rise of the Asian high yield private placement market Overview of the opaque private placement market - formats and structures - supply side analysis - the private placement issuance process - investors' motivations for buying Asian high yield private placements - outlook for the marketWhere next for Asian high yield? Assessment of the progress made by Asian high yield since its 2003 'rebirth' - boxed section on the subprime-induced credit crisis and its impact on Asian high yield - investors likely to revert to more traditional forms of credit analysis and prefer strong economic fundamentals and compelling credit stories to 'black box' financial engineering - risks to Asian fundamentals from reliance on exports - modest growth of domestic consumption - Asia's poor distribution and pricing of credit risk, exacerbated by the regional liquidity glut - the need for obstacles to issuance and market development to be removed - the parallel requirement to foster a credit culture in the region - is the credit cycle turning? |