Event name

The Global Borrowers & Investors Forum - Asia

03 September 2019
, Singapore

Sponsors

There is no better way to network with your key clients whilst providing a host of interesting panels and lively workshops to keep them informed on the latest market trends. Euromoney conferences provide an unparalleled opportunity for you to reach and remain at the forefront of your market.

To find out how you could benefit from sponsoring a Euromoney Conference please contact us on +44 (0) 20 7779 8488.


Co-Host

GlobalCapital

Lead Sponsors

HSBC
Standard Chartered Bank

Associate Sponsors

First Abu Dhabi Bank
Moody's Investors Service
S&P Global Ratings

Co-Sponsor

DZ BANK
Landesbank Baden Wuerttemberg

Supporting Organisation

Association of Family Offices in Asia
AIMA Hong Kong
Asia-Pacific Structured Finance Association
ChinaGoAbroad
EU-ASEAN Business Council
EuroCham Singapore
ILPA
Singapore Venture Capital & Private Equity Association

Media Partners

Asia Briefing Ltd.
Asiamoney
Eurekahedge
Euromoney
Finews.asia
GlobalRMB

Data Partner

Dealogic
ISI Emerging Markets Group

Event Overview

The Global Borrowers and Investors Forum - Asia will take place on 3rd September in Singapore.

Bringing together over 500 of the region’s biggest investors, issuers and arrangers, this one day forum is now recognized as the key place to do business for those in fixed income who work in, or with, the Asia Pacific region. Over 60% of the 2018 audience represented fixed income investors, corporate borrowers and regional government representatives – with such possibilities for networking and future business, can you afford to miss it in September 2019?

“Great gathering for issuers/ investors / institutions to come together to share their different views. Good to see an increase in different investors / issuers from different industries to assess the needs of the market.”

Union Bancaire Privee

 

“Best conference in its class in South East Asia. Top organization.”

FlexFunds

 

“An insightful and informative event not to be missed.”

Difinitcap Ventures

 

“Very good event to learn about Asia’s investment market!”

The Philippine American and General Life Insurance (AIA Phils)

 

“Excellent financial event.”

NEC Asia Pacific

 

If you have any enquiries, or any problem with online registration, please send email with your full details (i.e. full name, company name, job title/ department, e-mail address & contact number) to our customer services team at rsvp@euromoneyasia.com.

For sponsorship opportunities, please contact Robert Ball at robert.ball@euromoneyasia.com.

Speakers

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Keynote Speaker

Boon Chye Loh

Chief Executive Officer
Singapore Exchange (SGX)

Full Profile

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Laura Acres

Managing Director
Moody's Investors Service

Full Profile

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Kyoko Altman

Head of Sustainable Investments, Global Markets Institutional & Wealth Sales, APAC
HSBC

Full Profile

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Axel Bendiek

Head Of Treasury And Investor Relations
Ministry of Finance of the State of North Rhine-Westphalia

Full Profile

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Alexandre Bouchardy

Head of Fixed Income & Equities Asia and Head of Asset Management Singapore
Credit Suisse Asset Management

Full Profile

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Eric Bramoulle

CEO, South Asia
Amundi Asset Management

Full Profile

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Brian Cahill

Managing Director and Global Executive Sponsor, ESG Initiative
Moody's Investors Service

Full Profile

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Cristiano Cui

Managing Director
Modern Land (China)

Full Profile

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Nathalie de Weert

Senior Funding Officer
European Investment Bank

Full Profile

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Rebecca Feng

Reporter
GlobalCapital China

Full Profile

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Luying Gan

Head of Sustainable Bonds, Debt Capital Markets, Asia-Pacific Global Banking
HSBC

Full Profile

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Sean Henderson

Co-Head of Debt Capital Markets, Asia Pacific
HSBC

Full Profile

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Xavier Jean

Senior Director, Corporate Ratings
S&P Global Ratings

Full Profile

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Wolfgang Koehler

CFA, Member of the Board of Managing Directors
DZ BANK AG Deutsche Zentral-Genossenschaftsbank

Full Profile

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Michael Koehler

Senior Analyst
LBBW - Landesbank Baden-Wurttemberg

Full Profile

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Kenneth Kwan

Head Primary ABS Asia, Capital Markets Solutions
Standard Chartered Bank

Full Profile

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Aaron Lei

Senior Director, Analytical Manager
S&P Global Ratings

Full Profile

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Lawrence Leung

Head of Capital Markets & Investors Relations
CIFI Holdings Group

Full Profile

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Margaret Lui

Chief Executive Officer and Executive Director
Azalea Asset Management

Full Profile

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Paul Lukaszewski

Head of Corporate Debt, Asia and Australia
Aberdeen Standard Investments

Full Profile

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Kim Martin

Head of Funding Strategy and Engagement
New Zealand Debt Management, The Treasury

Full Profile

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James Pedley

Foreign Legal Consultant (England and Wales)
Clifford Chance

Full Profile

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Kannagi Ragunathan

Financial Officer
International Finance Corporation Treasury

Full Profile

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Kaushik Rudra

Head of Rates & Credit Research
Standard Chartered

Full Profile

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Siegfried Ruhl

Head of Funding & Investor Relations
European Stability Mechanism

Full Profile

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Tony Shale

Chief Executive Officer, Asia
Euromoney Institutional Investor PLC

Full Profile

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Soo Thiam Tan

Regional Director of Investment Management - Fixed Income, Group Investment
AIA Group

Full Profile

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Michael Taylor

Managing Director and Chief Credit Officer, APAC
Moody's Investors Service

Full Profile

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Matthew Thomas

Asia Bureau Chief
Euromoney Institutional Investor PLC

Full Profile

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Premod Thomas

Head of Corporate Strategy
Clifford Capital

Full Profile

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Amit Verma

Head of High Yield Capital Markets ASA
Standard Chartered Bank

Full Profile

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Amit Verma

Head of High Yield Capital Markets ASA
Standard Chartered Bank

Full Profile

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Petra Wehlert

First Vice President, Head of Capital Markets
KfW

Full Profile

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Yii Hui Wong

Senior Portfolio Manager
Nikko Asset Management

Full Profile

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Chris Wright

Asia Editor
Euromoney

Full Profile

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David Yim

Managing Director, Head of Debt Capital Markets, Greater Cina & North Asia Capital Markets
Standard Chartered Bank (Hong Kong)

Full Profile

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Oscar Zheng

Deputy Head, Corporate Credit, Fixed Income
GIC Private

Full Profile

Videos

Presentation

Click here for the presentation of Focus Session 3: Overview of the APAC securitisation markets: where are the focus areas and what are the opportunities? Hosted by Standard Chartered

Article

Vietnam is Asia’s fastest-growing economy and offshore market development has a pivotal role to play in Vietnam moving upmarket.

 

Vietnam is having a great trade war. Not only is it still Asia’s fastest-growing economy – it is winning the competition for global businesses shifting supply chains away from China.

 

Household names from Amazon to Apple to Google to Kyocera to Nokia are choosing to manufacture in Vietnam instead of Asia’s biggest economy. They’re joining Canon, Samsung and a who’s-who of multinationals tapping Vietnam’s young and growing population, enviable geographic placement and potential to surpass Singapore’s economy soon enough.

 

These shifts are breathing unprecedented life into Vietnam’s offshore capital markets. In the first six months of 2019, Vietnamese companies borrowed the most in six years in the international loan market. Even more importantly, the need to finance business shifting Vietnam’s way is catalysing the development of a thriving offshore debt market.

 

So far this year, Vietnam Prosperity Jsc Bank and Mong Duong Finance Holdings BV issued a combined $979 million of dollar-denominated securities. The $300 million Vietnam Prosperity deal hit markets in July; the $679 Mong Duong Finance issue came in August, with HSBC acting as sole financial advisor. There is also market chatter about TP Bank selling offshore convertible bonds.

 

Yet Mong Duong’s notes maturing in May 2029 are a particular milestone for Vietnam’s foray into global debt circles. At $2 billion, it is Vietnam’s largest private-sector power project. Significantly, though, it is also Vietnam’s first private-sector corporate bond since 2013 and the nation’s first-ever project bond. It is also the first-ever refinancing of a power plant in Vietnam. The proceeds will be used to purchase Mong Duong’s existing loan from current lenders.

 

For HSBC, this marks the investment bank’s second public-project bond in Asia. The first was a market-opening project for Indonesia’s Paiton Energy in 2017. Surely, Mong Duong speaks not just to HSBC’s commitment to innovative transaction structures, but Vietnam’s trajectory.

 

The nation’s 7.3 per cent growth year-on-year in the third quarter fits with HSBC’s house view of robust activity in manufacturing and services. Services, as HSBC economist Yun Liu points out, remain the “biggest contributor” to headline gross domestic product. Thanks to rising domestic demand and strong tourist arrivals, she reckons growth will average 6.9 per cent this year and, at worst, 6.4 per cent in 2020.

 

This means Vietnam’s efforts to pivot growth engines from exports to domestic demand are bearing fruit. It also means global investors looking to diversify their portfolios have yet another reason to place Vietnam at the top of the list.

 

Vietnam already boasts reasonable scale. It is making steady progress on surpassing the Philippines in GDP terms. From there, onto Singapore, Malaysia and Thailand. For now, Vietnam benefits from comparatively low labour costs, including versus China. As per capita income advances from today’s US$2,600 in nominal terms, multinationals will be just as determined to sell goods in Vietnam as to source from there.

 

Such transitions, though, require lots of capital. Issuing overseas can lower borrowing costs and, in turn, offer greater financing efficiency. Yet Vietnam has produced little supply historically.

 

Prior to this year, there were only three international floats since 2012. The biggest was the Vietnamese government’s $1 billion deal in 2014. Before that, Vinagroup issued $200 million worth in 2013 and Vietnam Joint Stock Commercial Bank for Industry and Trade sold $250 million the year before.

 

That’s about to change. In May, Prime Minister Nguyễn Xuân Phúc approved a six-year plan to restructure the securities market. The idea is to make medium- and long-term capital-raising instruments the norm for Vietnamese businesses. Part of the plan is to use capital markets to restructure state-owned enterprises and eventually divest from them.

 

It is a work in progress, of course, but a vital one to transition Vietnam decisively from frontier to emerging market. So long as Phúc’s team implements and improves securities laws, Vietnam’s role in Asian bond markets will grow exponentially.

 

Offshore market development has a pivotal role to play in Vietnam moving upmarket -- both in terms of attracting foreign capital and lowering borrowing costs. With the Federal Reserve, the European Central Bank and the Bank of Japan commandeering markets with ultral-ow rates, risks of a yield spike are manageable. And at nearly $65 billion, foreign exchange reserves offer an ample cushion for should world markets crack.

 

Risks abound, of course. The US-China trade war could intensify in 2020, limiting Vietnam’s comparative advantage.  The International Monetary Fund expects 3 per cent growth this year, the slowest since 2008. Also, President Donald Trump has expressed frustration that countries like South Korea are using Vietnam to bypass US tariffs, threatening levies on Phúc’s nation.

 

Moody’s Investors Service, meantime, hinted in October at a downgrade, voicing concerns about Hanoi’s “institutional deficiencies.” Finally, bigger peers, namely Indonesia, might suddenly bolt onto the scene with appealing offshore debt deals that siphon way demand from Vietnam.

 

But even more notable is the reform trade that investors can ride over the next few years. As Fitch Ratings pointed out in a July report, Vietnamese banks may eye increases offshore capital as Hanoi races to meet Basle II requirements. It estimates that capital needs heading toward Jan. 1, 2020 could be as much as $20 billion.

 

This presents a potential bull market for punters looking to diversify. Particularly as Vietnam moves up the value chain. Today, it ranks 67th out of the 141 countries in the Global Competitiveness Report 2019, behind Panama, Peru and the Philippines. But then Hanoi jumped 10 rungs higher in the space of 12 months.

 

As Phúc’s government cuts red tape, liberalises the financial system, increases the role of services, and fosters innovation, Vietnam can only grow more attractive. This effort to upgrade the economy will require exponentially more capital and more debt issuance, much of it in the offshore market.

 

With yields trending lower and inflation tame, there’s rarely been a better time for Vietnamese issuers to hit the international market. The same goes for diversifying investors looking to ride Vietnam’s economic journey upmarket.

 

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Vietnam is Asia’s fastest-growing economy and offshore market development has a pivotal role to play in Vietnam moving upmarket.