Euromoney February 1997
International investors hoping for rapid changes to China's financial system will be disappointed. The quick fix is not Beijing's style. Nevertheless, the slow-but-sure approach is producing encouraging results, as Sophie Roell reports.
Euromoney February 1997
Euromoney February 1997
Asia's two leading financial centres, Hong Kong and Singapore, are competing as gateways to the region. They're also learning to cooperate to keep their markets clean. But maybe they're acting too tough. Some bankers fault Singapore's Monetary Authority for responding more like the Delphic oracle than a regulator. Even Hong Kong's once laissez faire regime is getting over-paternalistic, say others, although the local vice of "rat trading" is not quite dead. David Shirreff reports.
Euromoney February 1997
Floating-rate notes reign supreme in Asia. Whatever kind of product gets issued, the chances are it will be swapped back into FRNs the favoured investment of the region's banks. They show no sign of changing their tastes and the successful development of fixed income will require a new class of investor. Brian Caplen reports on this and other challenges to the Asian bond market.
Euromoney February 1997
Over the past two years, many Asian investors from central banks to small Korean financial institutions have suddenly become a driving force in international bond markets. Who are they? And what do they like to buy? Garry Evans reports.
Euromoney February 1997
With economic growth still running apace Asian economies are hard-pressed to maintain and develop infrastructure. Project finance deals, in an increasingly private-sector context, are hotly contested by banks, but countries in the region vary widely in their ability to undertake them. Gill Baker reports.
Euromoney February 1997
Investment banks see Asia as the next big market, so the largest ones have all established derivatives operations in the main centres. That means fierce competition but it's a fight for relatively thin demand. Regulators in some countries restrict use and local exchanges are undeveloped. But growth has come in surrogate markets and such instruments as covered warrants in Hong Kong. Antony Currie reports.
Euromoney February 1997
Brokers' analysts in Asia have been arrested for taking their duties too seriously. But that's a minor reason for the poor quality of the region's research. Corporate disclosure is limited and accounting standards are poor. And analysts are young, inexperienced, harassed by overmighty corporate finance departments and intent on careers outside research. By Michael Steinberger.
Euromoney February 1997
Malaysia's central bank is a major force behind banking consolidation. Though cautious about repeating past mistakes, it is taking measures to ensure that Malaysian institutions can compete regionally and fend off foreign competition at home. The country's bankers have not been backward in acting on the pressure from above. Maggie Ford reports.
Euromoney February 1997
Robert Kuok's conglomerate empire was built on political astuteness, an Asia-wide network of contacts and a willingness to take risks. Its 73-year-old presiding genius is inclined to keep a low profile and operate as if he was still heading a private company. Funding needs and a reshaping of the business with succession in mind have, however, forced greater dependence on public equity. Jonathan Kandell reports.