A Guide to Asian High Yield Bonds : Financing Growth by Florian H. A. Schmidt, Sharon Tay

By Florian H. A. Schmidt, Sharon Tay

An updated, finished research of the high-yield bond industry in Asia starting with a common definition of high-yield bond items and the place they dwell in the company capital constitution, this newly up to date consultant seems on the improvement of high-yield bonds within the usa and Europe ahead of analysing this region in Asia. It covers supplier nations and industries, rankings, and measurement distributions, Read more...

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Empirical studies conducted in the United States arrived at similar results. 074. Why High Yield’s Time Has Come in Asia 19 Growth has thus been empirically identified as a key driver behind bond funding in general and as the key variable for high yield bond funding for non–investment-grade enterprises. The suitability analysis that follows below explains further why high yield bonds have been recognized for growth funding in the United States and Europe, and why Asian companies, domiciled in the very region that has become synonymous for strong growth, yet traditionally favoring bank loan products, have started to follow this path.

Napocor and other borrowers of its kind, such as its Indonesian equivalent Perusahaan Listrik Negara (PLN), however, were high yield only insofar as their debt had a non– investment-grade rating and therefore conformed to the term’s strictest definition: “A bond with a low rating. Bonds rated less than Baa3 by Moody’s or BBB by Standard & Poor’s or Fitch are considered high yield bonds. They have higher yields because they have a higher risk of default on the part of the issuer” (Farlex Financial Dictionary).

While this does not pose an immediate threat to the company, especially as the return on equity can be increased with additional leverage, a long-term view suggests threats if the avoidance of leverage prevents investments into significant and profitable growth areas. The key attributes of business strategies carried out by Asian family enterprises, namely long-term orientation, independence, and risk aversion, have a strong influence on funding strategies and routes. 2 Equity Ratios of Select Asia-Pacific High Yield Repeat Issuers Issuer Country Fortescue Metals Group Agile Property China Oriental Country Garden Kaisa KWG Property Renhe Road King Shimao Property Yanlord Land Adaro Indonesia Berau Coal Energy Bumi Resources Indika Energy Lippo Karawaci STATSChipPAC Australia China China China China China China China China China Indonesia Indonesia Indonesia Indonesia Indonesia Singapore Source: Bloomberg.

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