Credit-Enhancement Mechanisms for Dim Sum Bonds
Credit-Enhancement Mechanisms for Dim Sum Bonds

Author: Kai-hong Patrick Yung

Publisher:

Published: 2015

Total Pages: 21

ISBN-13:

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Due to the People's Republic of China (PRC) foreign currency control law, PRC companies are restricted in providing guarantees to any overseas loan, including bonds issued by their overseas companies. At the same time, there are various difficulties in enforcing in the PRC an overseas judgment obtained against a PRC company which provides the guarantee. To overcome the restrictions, two mechanisms, namely the Keepwell and Liquidity Support Deed and the Deed of Equity Interest Purchase Undertaking, have been adopted and widely used to act as quasi-guarantees in support of the bond issuance. This article first discusses the PRC foreign currency control law and the relaxation of the control since 1 June 2014. Despite the relaxation, it is expected that the two quasi-guarantees would continue to be widely used due to certain restrictions found in the new regulation. It then explores the operation structures of the two deeds and concludes that there are certain inherent risks and issues which will hinder their intended purposes and hence offer insufficient protections to investors.

Dim Sum Bonds
Dim Sum Bonds

Author: Hung-Gay Fung

Publisher: John Wiley & Sons

Published: 2014-01-28

Total Pages: 208

ISBN-13: 111843479X

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A comprehensive guide to understanding and assimilating into dim sum bond markets The expansive growth of the dim sum bond market in the last five years has peaked investor interest and inspired companies to seek out investing opportunities that negate China's capital controls. In a four-pronged approach, Dim Sum Bonds examines the development of the dim sum bond market and its role in China's RMB internationalization policy, characteristics of dim sum bonds and its market, investors' investment objectives and the investment performance of dim sum bonds, motivations of issuers, and underwriters' roles in the dim sum bond market. You will familiarize yourself with every aspect of the dim sum bond market from an issuer, an investor, and an underwriter's perspective. Academics, financial advisors, investment bankers, underwriters, investors, and policy makers should not be without this informative and detailed guide to the offshore market central to China's internationalization of RMB. Written by Hung-Gay Fung, Glenn Chi-Wo Ko, and Jot Yau, all of whom are experts on the dim sum bond market Explains the rapidly expanding dim sum bond market and puts readers ahead of the curve Landmark issues, Chinese banks (China Development Bank), Infrastructure, red-chip companies (Sinotruk), and multinational corporations doing business in China (McDonald’s) are discussed in detail. Covering landmark issues from a variety of Chinese and multinational corporations, Dim Sum Bonds provides must-read manual to understanding the vast opportunities of this up-and-coming market.

The Inter-Bank Bond Market in the People’s Republic of China
The Inter-Bank Bond Market in the People’s Republic of China

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2020-08-01

Total Pages: 347

ISBN-13: 9292623427

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The ASEAN+3 Bond Market Guide series provides country-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and encourage greater participation in the region’s rapidly developing bond markets. This edition focuses on the Inter-Bank Bond Market in the People’s Republic of China, which is one of the country’s most important bond markets and one of only two that are accessible to foreign investment.

China's Financial Markets
China's Financial Markets

Author: Ming Wang

Publisher: Routledge

Published: 2014-05-16

Total Pages: 320

ISBN-13: 1317697936

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This book provides an overview of China’s financial markets and their latest developments. The book explores and discusses the difficulties in building modern financial markets that are compatible with an increasingly complicated market economy and examines the various strategies to reform China’s financial system. It covers a range of topics: China’s financial structure, financial regulation, financial repression and liberalization, monetary policy and the People's Bank of China, banking reforms, exchange rate policy, capital control and capital-account liberalization, and development of the stock markets. The book provides a basic understanding of the current issues related to the development of China’s financial markets. It enhances knowledge of China’s regulatory framework which has helped to shape China’s financial landscape. It provides specific, useful knowledge about investment in China, such as, market sense, to identify the investment opportunities in various asset classes.

The Financial Crisis Inquiry Report
The Financial Crisis Inquiry Report

Author: Financial Crisis Inquiry Commission

Publisher: Cosimo, Inc.

Published: 2011-05-01

Total Pages: 692

ISBN-13: 1616405414

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The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

A Century of Innovation
A Century of Innovation

Author: 3M Company

Publisher: 3m Company

Published: 2002

Total Pages: 246

ISBN-13:

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A compilation of 3M voices, memories, facts and experiences from the company's first 100 years.

The Future of China's Bond Market
The Future of China's Bond Market

Author: Mr. Alfred Schipke

Publisher: International Monetary Fund

Published: 2019-03-13

Total Pages: 52

ISBN-13: 151358278X

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China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.

Economic Ideas You Should Forget
Economic Ideas You Should Forget

Author: Bruno S. Frey

Publisher: Springer

Published: 2017-03-08

Total Pages: 168

ISBN-13: 3319474588

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Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.

China's Superbank
China's Superbank

Author: Henry Sanderson

Publisher: John Wiley & Sons

Published: 2013-01-22

Total Pages: 228

ISBN-13: 1118176367

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Inside the engine-room of China's economic growth—the China Development Bank Anyone wanting a primer on the secret of China's economic success need look no further than China Development Bank (CDB)—which has displaced the World Bank as the world's biggest development bank, lending billions to countries around the globe to further Chinese policy goals. In China’s Superbank, Bloomberg authors Michael Forsythe and Henry Sanderson outline how the bank is at the center of China's domestic economic growth and how it is helping to expand China's influence in strategically important overseas markets. 100 percent owned by the Chinese government, the CDB holds the key to understanding the inner workings of China's state-led economic development model, and its most glaring flaws. The bank is at the center of the country's efforts to build a world-class network of highways, railroads, and power grids, pioneering a lending scheme to local governments that threatens to spawn trillions of yuan in bad loans. It is doling out credit lines by the billions to Chinese solar and wind power makers, threatening to bury global competitors with a flood of cheap products. Another $45 billion in credit has been given to the country's two biggest telecom equipment makers who are using the money to win contracts around the globe, helping fulfill the goal of China's leaders for its leading companies to "go global." Bringing the story of China Development Bank to life by crisscrossing China to investigate the quality of its loans, China’s Superbank travels the globe, from Africa, where its China-Africa fund is displacing Western lenders in a battle for influence, to the oil fields of Venezuela. Offers a fascinating insight into the China Development Bank (CDB), the driver of China's rapid economic development Travels the globe to show how the CDB is helping Chinese businesses "go global" Written by two respected reporters at Bloomberg News As China's influence continues to grow around the world, many people are asking how far it will extend. China’s Superbank addresses these vital questions, looking at the institution at the heart of this growth.

Government Guarantees
Government Guarantees

Author: Timothy Irwin

Publisher: World Bank Publications

Published: 2007

Total Pages: 230

ISBN-13: 0821368591

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The book considers when governments should give guarantees to private investors. After describing the history of guarantees, and the challenges the politics and psychology create for good decisions, the book sets out a principles for allocating risk (and therefore guarantees), techniques for valuing guarantees, and rules to encourage good decisions.