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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.
- Sales Rank: #374376 in Books
- Published on: 2014-01-28
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .80" w x 6.30" l, .85 pounds
- Binding: Hardcover
- 208 pages
From the Inside Flap
Despite what their name may suggest, dim sum bonds are not fixed-income securities for China's booming food services sector (at least not exclusively), nor are they dumpling-denominated. On the contrary, the dim sum bond market is one of the most exciting new investment arenas to emerge in Asia within this century.
A key component in China's long-term strategy for making the renmimbi (RMB) a global reserve currency, on par with the U.S. dollar and the euro, dim sum bonds provide an excellent opportunity for investors who cannot benefit directly from China's economy, but who would like to participate in this fast-growing offshore RMB market. Since its inception in 2007, the dim sum bond market has experienced spectacular growth—a level that is expected to continue well into the foreseeable future.
Written by an author team with unparalleled experience in the field, this book provides you with the detailed knowledge, expert advice, and guidance you need to understand the burgeoning dim sum bond market.
Writing from the perspective of bond issuers, underwriters, and investors, as well as that of the Chinese government, the authors trace the development of the dim sum market and its role in China's RMB internationalization policy. They chronicle key changes to the dim sum bond market since its inception and demystify the primary dim sum bond issue process, highlighting its significant differences from that of the Asian U.S. dollar bond issues.
For investors and traders preparing to take the leap into the burgeoning dim sum market, the authors clearly describe the fundamental characteristics of dim sum bonds and the dim sum market, while assessing the investment profiles of the full array of dim sum bonds currently available.
In addition, they supply in-depth case studies focusing on landmark bond issues by mainland Chinese financial institutions, the Chinese central government, supranational agencies, China-incorporated foreign banks, Chinese corporations incorporated outside of mainland China, and foreign corporations. They also present cases of issues with special credit enhancement structures, analyzing the prominent features of each, along with descriptions of benchmark issues for ten-, fifteen- and twenty-year bonds.
As it is all but certain that the Chinese government will continue to use Hong Kong as the chief hub for businesses issuing dim sum bonds (despite recent initiatives to develop hubs in Singapore, Taiwan, and London), this book focuses primarily on the Hong Kong dim sum bond market.
Authoritative, comprehensive, and practical, Dim Sum Bonds is must-reading for investors, underwriters, and asset managers who would like to take advantage of the golden investment opportunities now available in the offshore RMB market.
From the Back Cover
Praise for Dim Sum Bonds
"A good 3-D view on the Dim Sum bond market."
—EDWIN CHAN, Managing Director, Head of Asian Credit Research, UBS
"This book is a very useful reference for those international investors who consider investing in the offshore RMB bond market."
—JINGXIN DENG, Director, Lead Portfolio Manager of Global Credit Investment, China Investment Corporation, Hong Kong
"This timely and well-researched reference book written by both market practitioner and academic researchers is a must-read."
—THOMAS KWAN, Head of Fixed Income, Harvest Global Investments Limited, Hong Kong
"A very useful and insightful reference to anyone who wants to comprehend the profound implication of the development of the dim sum bond market and what it means to the global capital market in the future."
—ARTHUR LAU, Managing Director, Head of Fixed Income Asia ex Japan and Co-Portfolio Manager, Emerging Markets, PineBridge Investments Asia Ltd., Hong Kong
"This book is essential reading for all existing and intended RMB debt market participants in Hong Kong, the biggest RMB off-shore centre."
—PHILIP LI, Managing Director, China Chengxin (Asia Pacific) Credit Ratings Company Limited
"This timely book will help investors, bankers, regulators and academics better understand China's currency as it becomes more international and as companies look to raise funds in RMB via Hong Kong and other offshore financial centers."
—GEORGE LONG, CFA, Chairman and Chief Investment Officer, LIM Advisors Limited, Hong Kong
"An excellent investment handbook on dim sum bonds for practitioners."
—RICHARD MAK, CFA, Head of Advisory Services - Asia, Pictet & Cie, Hong Kong
"Kudos to the authors of this book for providing a very comprehensive source of information."
—MAGGIE TSUI, Managing Director, Deputy Head of Investment Services, Asia, BNP Paribas Wealth Management, Hong Kong
"This book provides a very timely and comprehensive study of the dim sum bond market."
—MICHAEL YONG-HARON, CFA, Managing Director, Credit Suisse Private Banking Division, Greater China
"In Dim Sum Bonds, Fung, Ko, and Yau provide a fascinating account of the dim sum bond market from relative obscurity a few years ago to a leading position in the growing offshore RMB bond market."
—JIMIN GUO, Ph.D., CFA, Executive Director, China Galaxy Securities Co. Ltd, Beijing
"The book is an indispensable reference tool for anyone investing or contemplating investing in this budding market."
—DAVID LAI, CFA, Investment Director, Fixed Income, Eastspring Investments (Singapore) Limited
"This book provides an easy-to-follow road map."
—LEE KERK PHUA, CFA, Chief Strategist, Phillip Mutual Malaysia
"Dim Sum Bonds offers insight into one of the more complex aspects of China's efforts to become a major player in global financial markets."
—KEITH FERGUSON, Chief Investment Officer, University of Washington, Seattle
"A must-read!"
—WAI LEE, Ph.D., Chief Investment Officer and Director of Research, Neuberger Berman, New York
"Fung, Ko, and Yau have authored a timely reference that sheds light on a nascent yet soon to be vital financial instrument in the global marketplace."
—DERRICK TZAU, CFA, International Research Analyst, Rainier Investment Management, Seattle/New York
About the Author
HUNG-GAY FUNG, PhD, is Curators' Professor of Finance, Dr. Y. S. Tsiang Endowed Chair Professor of Chinese Studies, and department chair in the Finance and Legal Studies Department, College of Business Administration, University of Missouri-St. Louis. His areas of research and teaching include international finance, financial risk management, and banking. He has published over 150 scholarly papers in various journals. He has also published seven books, numerous book chapters, and many teaching cases.
GLENN KO, CFA, is an executive director of the UBS Asian Credit Research team, covering corporate credits. He focuses on Chinese properties and industrials. He has extensive experience in Asia's straight and convertible bond markets, with previous work experience in proprietary trading desks, sell-side research, and rating advisory at financial institutions, such as Daiwa, JPMorgan and HSBC. Prior to these, he worked at Moody's as a credit rating analyst.
JOT YAU, PhD, CFA, is Dr. Khalil Dibee Endowed Chair in Finance at the Albers School of Business and Economics, Seattle University. Since joining Seattle University in 2001, he has served as the chair of the department of finance and MSF program director. He has published numerous articles and chapters in finance journals and professional books. He is the coeditor and coauthor of two books. He has served on several editorial boards, and was the associate editor and special editor (Risk Management) of the Journal of Alternative Investments. He cofounded Strategic Options Investment Advisors Ltd., a Hong Kong-based investment advisory firm. He served on the board of directors of Group Health Credit Union and of the Northwest Hedge Fund Society, where he was also the treasurer.
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