Fund Selector Asia’s Post

We are delighted to welcome John Cheng, Managing Director, Head of Managed Solutions, LGT Private Banking who will be joining our Outlook for Global Fixed Income panel at the Fund Selector Asia Breakfast Briefing Hong Kong on 21 November at the American Club.   Find out more and secure your pass here: https://lnkd.in/g4f-pJDs Key talking points will include:  - The macroeconomic and geopolitical environment for fixed income markets  - Investing in bonds for safety, income generation or capital gains  - The opportunities in credit, securitized debt and non-US dollar bonds  - The major risks to fixed income markets  - And more…

The new Hong Kong RBC (risk-based capital) regime introduces additional complexity to fixed income portfolio management for local insurers. We believe Asian USD bonds remain attractive for long-term investors and are an important building block for insurers’ portfolios. Vladimir Z., Head of International Insurance Solutions, and Andy Suen, Co-Head of Asia Fixed Income, explain how integrating RBC requirements into active portfolio construction can potentially boost regulatory capital efficiency for insurers’ Asian USD credit investments, in Hong Kong and beyond. https://lnkd.in/etaZAHHp #hongkong #riskbasedcapital #RBC #insuranceinvesting #insurancesolutions #asiafixedincome #usdcredit

Singapore Banks' Nice Problem: Rich Capital That's Not Optimized Here’s why we think Singapore banks face a paradox: rich in capital, yet poorly optimized. What contributes to the lenders’ robust CET1 capital? Still, we think Singapore banks could optimize their capital structure by issuing capital securities, rather than relying solely on common equity tier 1 (CET1) buffers to meet regulatory capital requirements. Overutilizing CET1, the most expensive form of capital, is suboptimal. How much issuances of AT1s, T2s might be needed for the lenders collectively , assuming they fully optimize their capital structure by filling their AT1 and T2s capital stacks and including refinancing existing capital securities callable by 2025. We answer your questions in our research note. Click here for our views on the Bloomberg Terminal: https://lnkd.in/gpaKt_7T Subscribe to my bio (BIO RENA KWOK <GO>) on the Bloomberg Terminal for updates on Asian financials credits. #banks #capital #dbs #ocbc #uob #creditresearch #fixedincome Bloomberg Intelligence

Singapore Banks Tackle Rates Drop with Capital-Management Levers We all know solid capital is a key credit strength of Singapore banks. How could they bolster capital cushions amid expectations of further rate cuts? What kind of capital management tools can these lenders employ going into 2025? From assets mix to liabilities repricing, to capital structure optimization and growing capital-light revenue streams. What are some of the strategic shifts to watch for the lenders’ capital management? Would they come to primary market to optimize their costly capital structure? Would capital bond supply risk be manageable for the lenders? Click here for our views on the Bloomberg Terminal: https://lnkd.in/gY7PPikr Subscribe to my bio (BIO RENA KWOK <GO>) on the Bloomberg Terminal for updates on Asian financials credits. #banks #dbs #ocbc #uob #capital #creditresearch #fixedincome Bloomberg Intelligence

European investment banks are back… Our piece in IFR using new Boston Consulting Group (BCG) industry data… European banks should play to their DCM (Debt raising) strengths. Europeans firms have lost ground in ECM and M&A in recent years. But they remain a force to be reckoned with in the business of underwriting bond offerings. A resurgence in bond underwriting fees has underpinned investment banking revenues in Q1. That's good news for the likes of Barclays Deutsche Bank BNP Paribas that have strong DCM franchises DCM is actually one area where the big 5 US banks have lost market share lately. Americas represents 35% of deal fees in DCM vs. ~ 50% for total investment banking fees The upshot of all this? Europeans should focus on what they're good at. And they're good at DCM. #banks #markets Full IFR article in comments 👇

We were pleased to host our inaugural Australian Credit for Global Investors Forum last week, part of a series of strategic events across the region, bringing together a dynamic mix of international and domestic investors, issuers, and thought leaders. 💡 The Australian session took a deep dive into the local credit landscape, featuring seven panel discussions and more than 90 investors, providing a unique opportunity to hear directly from key financial and corporate USD and AUD bond issuers, alongside Deutsche Bank’s top-ranked economists, strategists, and traders. Attendees also made a site visit at NBN Co, Australia’s state-owned broadband provider. 🗨️ Owen Gallimore, APAC’s Head of Credit Analysis, said: “Connecting the benchmark Australian bond issuers with the major local, regional, and global bond investors is key to Deutsche Bank’s client centric Global Hausbank strategy. It’s an exciting era with Australian bond issuance showing broad and diverse growth across the region.” This forum is part of a series of strategic events, including conferences Deutsche Bank has hosted in Mongolia and Indonesia, highlighting our global presence and commitment to serving clients across diverse markets. #Australia #CreditMarket #GlobalInvestors #DeutscheBank

China investment banking fees hit by 33% drop ECM and M&A activity plunged by 66.2% and 21.6% respectively, however DCM demonstrated resilience, dropping slightly by 1.8%. Investment banking fees generated by financial institutions in China stood at $5.6 billion during the first half of this year, a year-on-year drop of 33% compared to that of last year’s, according to data from LSEG (London Stock Exchange Group) CITIC Securities Company Limited Bank of China and China International Capital Corp were among some of the best local performers in the first half, earning $452 million, $348 million and $226 million respectively, from investment banking businesses. These, at the same time, represented a 6%, 36% and 37% of decrease, respectively, compared to the same period last year. #investmentbanking #china #ecm #ipo #dcm

We are delighted to welcome James Cheo, CFA, CAIA, FRM, Chief Investment Officer, Southeast Asia and India, Global Banking and Wealth, HSBC who will be joining our Outlook for Global Fixed Income panel at the Fund Selector Asia Breakfast Briefing Singapore on 19 November at the Fullerton Hotel. Find out more and secure your pass here: https://lnkd.in/g9VNc5xT Key talking points will include:  -  The macroeconomic and geopolitical environment for fixed income markets  -  Investing in bonds for safety, income generation or capital gains  -  The opportunities in credit, securitized debt and non-US dollar bonds  -  The major risks to fixed income markets  -  And more…

The global private credit craze is spilling into the globe’s fastest-growing region, Asia—with explosive potential, eventually. Goldman Sachs Group and Mubadala Investment, the sovereign wealth vehicle of Abu Dhabi, announced a $1 billion Asian private credit fund in February. That follows a $1.1 billion vehicle that private markets giant KKR unveiled two years ago. These ventures look tiny compared with the $34 billion U.S.-oriented direct lending fund that Ares Management just announced, breaking industry records. But Asia’s growth curve could be steep. https://lnkd.in/gjguvUCk