Dim Sum Bonds

Hung-Gay Fung 지음

Wiley 2014년 01월 06일 출간

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A comprehensive guide to understanding and assimilating into dim sum bond marketsThe 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 marketExplains the rapidly expanding dim sum bond market and puts readers ahead of the curveLandmark 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.

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Preface xiAcknowledgments xviList of Acronyms and Key Terms xviiChapter 1New Market&m-Developments, Opportunities, and Challenges 11.1 Introduction 11.2 Overview of the Dim Sum Bond Market 61.3 Policies Supporting the Growth of Offshore Renminbi 8Chapter 2Offshore RMB-Denominated Bonds&m-Dim Sum Bonds 212.1 Definition 212.2 Bond Issue Characteristics 242.3 Conclusion 46Chapter 3Issuers 493.1 Issuers 503.2 Classification of Issuers by Type of Organization 523.3 Classification of Issuers by Industry 603.4 Classification of Issuers by Domicile and by Deal Nationality 633.5 Motivations behind Issuers 673.6 Conclusion 75Chapter 4Investors 794.1 Investor Type and Mix 804.2 Motivation 824.3 Risk/Return Analysis 864.4 Conclusion 98Chapter 5Investment Banks and the Dim Sum Bond Issuing Process 1015.1 Dim Sum Bond Issuing Process 1015.2 Primary Issues 1045.3 Bookrunner/Manager Rankings 1165.4 Bond Issuing Fees 1185.5 Retail versus Institutional Tranches 1185.6 Conclusion 119Chapter 6Case Studies of Landmark Issues 1216.1 Landmark Issues 1216.2 Case 1: The First Dim Sum Bond and the First Chinese Financial Institution Issuer&m-China Development Bank (and the First 15-Year and 20-Year Bonds) 1266.3 Case 2: The First Dim Sum Bond Issued by a China-Incorporated Foreign Bank&m-The Bank of East Asia (China) Limited 1316.4 Case 3: The First Dim Sum Bond Issued by the Chinese Central Government 1356.5 Case 4: The First Dim Sum Bond Issued by a Foreign Multinational Corporation&m-McDonald&'s Corporation 1376.6 Case 5: The First Dim Sum Bonds Issued by a Supranational Agen

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저자(글) Hung-Gay Fung

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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.