Debt Capital Markets Reform

Financial Market Research Dictum meum pactum Debt Capital Markets Reform Asian Bond Market Forum 11-14 November 2003 You will find conference papers and reports below

The Milken Institute and AIIFL hosted the forum, which dwelt on the opportunities and challenges for Asia’s bond markets. Participants included the International Monetary Fund, World Bank, Asian Development Bank, Federal Home Loan Bank of Chicago, Goldman Sachs, Deutsche Bank, and China Construction Bank.
The forum opened with two roundtable discussions; the first on global financial stability led by the IMF's Garry Schinasi and moderated by the Milken Institute’s James R. Barth. The second featured the Milken Institute's Glenn Yago who discussed his views on the importance of opening high-yield debt markets in East Asia.
In the following two days speakers addressed pressing aspects of capital markets development, in particular how best to increase the level of liquidity and investor activity, and whether Asia can create markets of sufficient depth to help prevent the contagion effects of future external shocks.
Several speakers saw structured finance as a means to raise the supply of well-rated securities and assist the recycling of impaired financial assets: Dr Park Jae-ha of the Korea Institute of Finance saw post-crisis Korea as an effective model, while Dr Olarn Chaipravat of the Thai finance ministry's fiscal policy division argued that regional activity could benefit from the pooling and securitising of bank loans to medium-scale companies. All speakers agreed that the future of China's debt capital markets would help set direction throughout the region.

Papers and proceedings of the 2003 Asian Bond Market Forum Click on a title to read the full paper. Click on any speaker’s name for a short biography

James R. Barth, Milken Institute & Auburn University Roundtable on financial stability
Supporting growth in Asia’s local currency debt markets
Jeffrey Chen, Jones Day Credit enhancement in structured finance
Susie Cheung, Hong Kong Mortgage Corporation Securitisation and the role of the Hong Kong Mortgage Corporation
Jayant Dang, Asian Development Bank Non-performing loan securitisation and distressed asset funds: the ADB perspective
Charles Feng, Deutsche Bank Review of Asian local bond markets
China's Yuan offshore non-deliverable forward and onshore bond markets
Matthew Harrison, HKEx Exchange-based bond markets: an overlooked solution?
Mike Klowden, Milken Institute Debt market growth
Pamela Lamoureaux, International Finance Corporation IFC's role in housing finance and securitisation
Warren Lee, Standard Chartered Bank Future applications of securitisation in Asia
Paul Lejot and Douglas Arner, University of Hong Kong Asian debt market appraisal
Legal impediments to market growth, International Financial Law Review
Liu Qiao, University of Hong Kong Financing China’s medium-scale enterprises
Michael Moore, Chicago Federal Home Loan Bank The financing model of the Federal Home Loan Banks
Olarn Chaipravat and Titipol Chaipravat, Fiscal Policy Research Institute, Ministry of Finance, Thailand Securitisation: an alternative for SME financing
Myron Olstein, Black & Veatch Issuing revenue bonds in China
Cecile B. Saavedra, Standard & Poor’s Corporation Supporting growth in Asia’s local currency debt markets
Garry Schinasi, International Monetary Fund Development of effective securities markets
Public goods aspects of finance and financial stability
John Huaizhong Li, Simon Murray China Ltd Challenges to and opportunities for investing in China bond markets
Stephen Cheung, City University of Hong Kong Critical features of Asian debt and derivatives markets
Perry Wong, Milken Institute Bond markets: applications to infrastructure and municipal finance
Glenn Yago, Milken Institute The future of high-yield finance in Asia
Glenn Yago and Susanne Trimbath, Milken Institute Excerpt from 'Beyond junk bonds'
Article from the Hong Kong Standard 14 November 2003
Conference programme