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The article announces executive changes across the fixed income and financial markets as of August 28, 2013 including Tan Kee Phong as head of the debt capital markets and loan syndications teams at OCBC Bank, Chris Barber as managing director and head of prime brokerage account management for Asia Pacific at J.P. Morgan, and Munirah Khairuddin as chief executive officer (CEO) for CIMB-Principal Asset Management Malaysia.

The article forecasts the demand for sovereign bond auctions to be greater for North Asia than South in the first week of August 2013, according to banking firm Barclays. Rates strategist Rohit Arora considers the potential of investors use rallies to reduce positions in more vulnerable emerging markets (EM). He expects strong demand for Singaporean government securities (SGS) as compared with a portfolio of bonds of currencies in the nominal effective exchange rate (NEER) basket.

The article reports on the volume of corporate Eurodollar debt capital market (DCM) issuance from China which doubled as of August 2013. Figures show the share of China to the total European DCM issuance and the U.S. dollar-denominated corporate bond issuance from Chinese corporates. Bankers attribute the growing preference for issuing U.S. dollar bonds without 144a documentation to demand from Asian investors.

The article calls upon policymakers in Asia to implement proactive reforms to mitigate the risks for China credit growth-related assets, as told by banking firm Goldman Sachs. Investors express different opinions on how the proposed reform of the onshore bond market is likely to evolve. Goldman Sachs Asian credit strategist Kenneth Ho discusses China sovereign not reliant on external funding and the credit losses as reasons for the likelihood of a systemic crisis in the financial market.

The author argues the need for the government of Thailand to stop issuing rice subsidy as investors shy away from the subsidy scheme for fear that the government's inability to sell its assets may lead to a default. She warns about the potential rise in funding costs if the Thai Bank of Agrculture and Agricultural Cooperatives (BAAC) continues to accelerate. She notes the need for the sovereign to prove its financial management capability and to shift towards sustainability and accountability.

The article forecasts that capital supply from Europe will limit demand for Basel-III compliant funding. Experts argue that increased supply from Europe will give the buyside more leverage to demand attractive terms from Asian banks and that investors are likely to have a bias towards investment grade. Bankers identify Asian borrowers that are well capitalized and those that may no choose to refinance.

The article reports on the regulations introduced by the Reserve Bank of India (RBI) to ease liquidity, as told by banking firm Barclays. The measures include an open market purchase operations (OMO) of long-dated government bonds and transfer of statutory liquidity ratio (SLR) securities to the held to maturity ( HTM) category. Barclays India chief economist Siddharta Sanyal cites three reasons as to why OMO purchases rather than sales is the appropriate approach to reversing tight liquidity.

The article forecasts foreign capital outflows to return to Southeast Asia and support foreign exchange (FX), according to commentators. Frederic Neumann, co-head of Asian economics at HSBC, argues on the differentiation between the emerging markets of India and Indonesia in terms of capital outflows and currency performance. He warns about the potential impact of bank lending and direct investment on regional liquidity.

The article forecasts Japanese banks to profit from sustainable nominal gross domestic product (GDP) growth, according to ratings agency Moody's. Moody's predicts improvement in loan demand and increase incentives for investors to borrow. Graeme Knowd, managing director at Moody's in Tokyo, Japan, warns over a reduction of the value of the banks' Japanese Government Bond (JGB) portfolios. He cites the credit-positive effects of monetary easing by the Bank of Japan (BoJ) on the banking sector.

The article reports that Japanese global fixed income investors have started back buying as the Japanese yen strengthens, according to banking firm UBS. Fixed-income strategist Matthew Johnson the global sovereign bonds bought by Japanese investors using Ministry of Finance (MoF) data. He suggests that Japanese portfolio managers were responding to exchange rate movements between the U.S. dollar and Japanese yen, and the changing expectations about the outlook for U.S. monetary policy.

The article suggests that the Reserve Bank of India's (RBI) quasi-capital controls could demoralize foreign investors. According to Leif Eskesen, chief economist for India and Asean at HSBC bank, the regulatory changes implemented by RBI are part of a bid by Indian regulators to reduce volatility in the Indian rupee and manage current account deficit. Fixed income investors argue over the impact of the capital controls or regulatory changes on emerging market credits and investor sentiment.

The article recognizes the reliability of the yield curve slope in North Asia as an indicator of economic output as financial progress has led to the development of interest rate markets, as told by banking firm ANZ. It refers to monetary policy and market expectations as the two economic basis for expecting the slope of the yield curve to be a predictor of growth. ANZ global research head Timothy Riddell compares the predictive power of Asian yield curves to that of the U.S.

The article cites the foreign exchange (FX) opportunities in Asian currencies as a result of market volatility in summer 2013, according to Manulife Asset Management (AM). Manulife AM Managing Director Endre Pedersen notes the impact of the weakening of the Japanese yen on Asian currencies. He assigns an underweight rating for India and Taiwan and considers investment opportunities in Indonesia and the Philippines.

The article forecasts the offshore Chinese renminbi (CNH) cross-currency swap (CCS) curve to consolidate, according to Deutsche Bank. Strategist Linan Liu cites five reasons for the strong rally of the CNH CCS in the first four months of 2013 that includes hedging, rising onshore interbank interest rates and higher U.S. dollar core rates. She cites an example and explains why the implied CNH lending rates by U.S. dollar issuers are no longer attractive for tenors longer than three years.

The article forecasts a positive investor response to the quasi-sovereign state-backed infrastructure bonds proposed by the Indian Ministry of Finance (MoF) due to their quality and potential yield, according to bankers. The MoF expects Indian Railway Finance Corp. (IRFC), Power Finance Corp. (PFC) and India Infrastructure Finance Co. (IIFCL) to raise fund via U.S. dollar-denominated bonds. Commentators raise concern over secondary market spreads, the Indian rupee and macroeconomic conditions.

Charts are presented that show the top 10 debt capital market (DCM) bookrunners and the top three DCM transactions in North Asia as of August 13, 2013 that includes China Development bank Corp. Industrial & Commercial Bank of China (ICBC), and Bank of China Ltd.

The article announces executive changes in the fixed income and financial markets as of August 2013 including Michael Ormaechea and Bhupinder Singh as co-heads of corporate banking and securities (CB&S) for the Asia Pacific at Deutsche Asia, the resignation plan of Guy Wylie, head of primary markets for Asia Pacific at the Royal Bank of Scotland (RBS), and Stephen Williams as head of capital financing for the Asia Pacific at HSBC.

The article argues that India's quasi-sovereign U.S. dollar bonds are patchwork measure for funding current account deficit and stabilizing the rupee. Fundraising measures were implemented by the Ministry of Finance to attract capital inflows. Fitch head of India ratings Atul Joshi notes the need to compare onshore hedging costs of the Mumbai Interbank Forward Offered Rate (Mifor) swap. Rates strategist Rohit Arora suggests the need to devise measures that address balance of payments pressure.

The author stresses the need for Indonesia to support government bonds by keeping a tight policy stance communicating with the market. She points out Indonesia's need to resist populist measures for several reasons and the Bank of Indonesia (BI) to reassure international bond investors of its ability to contain inflationary pressure. She opposes the resumption of fixed income inflows as the country relies on capital flows.

The article reports on the consolidation and restructuring plan of the State Bank of Vietnam (SBV) that includes acquisition of stakes or investment of capital in weaker lenders by lifting the foreign ownership limit. Fitch Director Ivan Tan comments on the central bank's intervention on the restructuring process. Analysts suggest privatization, improvement of transparency with regard to price-to-book value, and increase in foreign participation in the market.

The article forecasts the negative impact of deteriorating asset quality and earnings on the credit profiles of Indian banks through 2014 as the companies suffer due to low gross domestic product (GDP) growth, according to rating agency Standard & Poor's (S&P). Credit analyst Geeta Chugh warns a possible rise of non-performing loan (NPL) ratio. She attributes the rising currency volatility and interest rates to high fiscal and current account deficits and troubles in the financial markets.

The article introduces a video of an interview with John Woods, chief Asian strategist at Citi Private Bank, about the outlook for Asian bond investors in the second half and the end of quantitative easing (QE) in the U.S. in 2013.

The article forecasts higher rates in Asia with China's economic growth, according to banking firm Goldman Sachs. The sequential improvement of economic activity in China is said to rests on the influences of the recovery of global economic growth in the second half of 2013 and improvement of investment spending. Economist Fiona Lake notes the effect of better export performance on the improvement of trade balances in Asia.

The article forecasts Indian U.S. dollar-denominated bonds to underperform due to their high sensitivity to macro environment, according to banking firm Morgan Stanley. Fixed income strategist Viktor Hjort warns the risk of a sovereign ratings downgrade, corporate credit risk, non-performing assets formation and supply pressures in the offshore bond markets. He notes the need to fund balance of payment deficit using sovereign or corporate U.S. dollar bond issuance or foreign exchange reserves.

The article reports on the move by banks in India to hold back on loan issuances following the liquidity tightening measures implemented by the Reserve Bank of India (RBI) and given the potential of impaired loans to rise by 15 percent. Daiwa Deputy Head Punit Srivastava notes the natural response of banks to lend more when they can make money in the short term by investing in certificates of deposit (CD). Analyst Anil Argawal warns about higher base lending rates being passed onto corporates.

The article forecasts the expansion of U.S. dollar bond issuance in Sri Lanka between 2013 and 2018 as demand for infrastructure and property projects financing increases under public-private partnership (PPP) and the need for urbanization, according to Fitch Ratings. Fitch projects economic growth for Sri Lanka in 2013 and its head see the role of international capital markets in infrastructure projects. A long-term trend for entities trying to overcome weak domestic liquidity is predicted.

The article emphasizes the need for the Pakistani government to issue U.S. dollar bonds as sovereign bond yields have fallen after the May 2013 general election. It attributes the volatility of Pakistan's international bonds to perceived political risks, fiscal issues and falling foreign exchange reserves. Research analyst Nauman Khan argues that the government would benefit from diversification of its investor base and debt portfolio. Economist Sarah Mazher cites obstacles to diversification.

The article announces executive changes in the international banking and finance industry as of August 2013 including Brijesh Mehra as head of international banking for India and Southeast Asia at the Royal Bank of Scotland (RBS), Datuk Abdul Farid bin Alias as president and chief executive officer (CEO) at Maybank, and Tony Pearson as head of metals and mining in Australia at HSBC.

The article examines the costs and potential consequences of the investment plan of the government of Thailand that consists of infrastructure projects including a railway expansion scheme. The railway investment has three main components. Analysis shows the costs of the rail link as well as the funding and political problems and infrastructure implementation risks. Concerns are raised regarding the risks of executing the cross-boarder rail scheme, its effectiveness and potential benefits.

An interview with Dominic Pegler, managing director and head of Asia Pacific fixed income product strategy at financial institution BlackRock, is presented. He advises investors to reposition their Asian bond portfolios more conservatively to deal with a likely period of turbulence. He explains his reason for changing his rating for Asian high yield from overweight to neutral and he forecasts continued market volatility as tapering of the U.S. Federal Reserve's quantitative easing begins.

The article reports on the decision that the U.S. Federal Reserve need to make on whether or not to taper its quantitative easing program in September 2013 as planned after unemployment figures rose in August 2013. Société Générale senior U.S. economist Aneta Markowska predicts significant downward pressure on unemployment given the break-even jobs growth. Analysts agree that the Federal Reserve should reconsider its exit from easy monetary policy due to higher bond yields.

The article views that the self-regulation promoted by People's Bank of China (PBoC) will boost the volume of cross-border renminbi (RMB) deals and foreign exchange (FX) transactions in the onshore spot and forward markets, according to financial institution ANZ. A number of statements simplifying the administrative elements of trade were issued by the Chinese government. Under regulation of the PBoC, banks will be required to observe three headline principles.

The article suggests investors to buy U.S. dollar-denominated high yield bonds despite the value offered by sovereigns and quasi-sovereign bonds in Asia. Credit strategist Aziz Sunderji attributes the dislocation of Barclays global emerging markets corporate index to weaker flows into sovereign and quasi funds. Analysts agree that defaults and credit risk premium will remain low and credit spreads will remain tight that would result to preference for higher yielding credits.

The article reports that Hong Kong, China-based asset managers such as J.P. Morgan Asset Management (AM), UBS Global Asset Management (GAM) and AllianceBernstein are waiting to be granted a Renminbi (RMB) Qualified Foreign Institutional Investor (RQFII) license after HSBC received an approval. AllianceBernstein Director Hayden Briscoe expects the RQFII quota to offer access to bonds on stock exchanges in China. The regulator hopes for foreign investors to participate in the onshore market.

The article forecasts the performance of property companies in China to bifurcate, with the weakest real estate developers such as Renhe Commercial Holdings at risk of defaulting in 2014, according to rating agency Standard & Poor's (S&P). S&P credit analyst Bei Fu assures the determination of the People's Bank of China (PBoC) to rein in China's growing shadow banking sector. She predicts an increase in consolidation as a result of tighter credit consolidations for smaller companies.

The article reports on the plan of rating agency Standard & Poor's (S&P) to reconsider its ratings methodology, which could result in upgrades for high-quality corporates in Asia. It identifies companies in Asia that have a higher rating above the sovereign. An overview of the proposed revised ratings criteria of S&P that includes transfer and convertibility (T&C) assessment is described.

The article reports on the nine out of 10 Asian institutions that shortened bond duration in their fixed income portfolios and are using derivatives to protect against interest rate risk, according to a survey by research-based consulting firm Greenwich Associates. Consultant Abhi Shroff notes the efforts of institutional investors to reduce exposure to domestic fixed income investments. The survey describes the diversification process among Asian institutions.

The article focuses on the swap agreement between the People's Bank of China (PBoC) and the Bank of England. It details the establishment of a swap line between China and Great Britain, providing a guarantee of liquidity to the market and help London with its aim of becoming the renminbi centre of Europe. Efforts to improve London's competitiveness as an offshore renminbi centre are highlighted.

The article focuses on the liquid investment grade (IG) sovereign bonds in Asia as of July 2013. It examines how the sell-off in Asian credit markets during the year has adversely affected the Asian IG sovereign bond market. Investment advisor Aberdeen Asset Management believes that the best value will be offered by Indonesia 30-year bonds and the Philippine sovereign paper.

The article discusses the need for Japanese Prime Minister Shinzo Abe to increase private investment levels to ease the country's major public debt burden. According to credit rating agency Moody's, Japan's finances will come under further pressure without increased private investment. It shows that Abe's economic growth strategy lacks coherent steps to encourage private investments in Japan.

The article suggests that concerns over a repeat of the bond crash in 1994 are exaggerated, according to market commentators. It argues that metrics in Asia are much stronger now than they were during the 1994 bond crash, but Asian bond markets are expected to perform worse when the U.S. Federal Reserve's quantitative easing (QE) programme ends in 2014. Parallels between the bond crash in 1994 and the current Asian bond market sell-off are highlighted.

The article discusses how the U.S. Federal Reserve's announcement that quantitative easing could end by May 2014 has negatively impacted the regional currencies and bonds in Asia. The announcement made by the Federal Reserve chairman Ben Bernanke on June 19, 2013 caused Asian bonds and currencies to weaken further. Market commentators believe that more weakness is to come.

The article predicts that the high yield market in Asia could close until September 2013. Confusion prevailed in the Asian bond markets following comments from U.S. Federal Reserve chairman Ben Bernanke about the de facto central bank's quantitative easing policy on June 19, 2013. It also reports on the increase in sub-investment grade yields in the region following the announcement made by Bernanke.

The article reports on the continued international capital flows into Vietnamese stocks, leading several foreign investors to hit their share ownership limits. It details how the investment ceiling has forced money into bonds instead, pressuring policymakers to liberalise the restriction. The lack of liquidity in the Vietnamese banking sector is noted.

The article suggests that the increase in China's interbank interest rates in June 2013 is a sign of volatility to come, according to the Royal Bank of Scotland (RBS). It predicts that interbank rates will remain high in the coming months as regulators tighten monetary policy and banks control cash outflows. Interbank overnight interest rates have increased from 2 percent at the end of May to around 5 percent on June 6.

The article considers how Indonesia's central bank can deepen its onshore foreign exchange (FX) market by taking advantage of the Singapore Interbank Offered Rate (SIBOR) controversy in 2013. The Monetary Authority of Singapore (MAS) has conducted an investigation into alleged fixing of various benchmarks rates including the SIBOR and the Swap Offered Rate (SOR). The dispute between Indonesia and Singapore over the Singaporean non-deliverable forward (NDF) market is discussed.

The article highlights the plan of the Philippines to issue inflation-linked bonds in the fourth quarter of 2013. It considers the likelihood that the deal will follow Thailand's model of issuing a 10-year bond aimed at institutional investors, with a view to developing a curve. The Philippines has decided to stay away from the global bond market for the year, and instead issue a peso-denominated inflation-linked bond.

The article announces key executive changes in the fixed income and financial markets as of June 19, 2013, including the appointment of Edmund Leong as managing director of financial services firm Macquarie, Michael Paulus as managing director of financial services company J. P. Morgan, and the resignation of Paul Gooding as managing director of the multinational bank HSBC.

The article announces the appointment of Edmund Leong as managing director of the Asia Capital Markets team at financial services firm Macquarie.

The article reports that bond investors are set to buy into selected Asian names after a period of volatility following the U.S. Federal Reserve's suggestion at the end of May 2013 that the U.S. could begin to taper its quantitative easing (QE) programme. A sell-off across Asian debt was recorded as retail investors and institutional investors redeem their holdings. High yield bond funds recorded the largest outflows following the announcement made by the Federal Reserve.