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The Second Finance Forum of Pacific Economic Cooperation Council,

By Hilton Hua, Hin Resort, Hua Hin, Richard Yan and Ki HoMichael Chak, Sham Wong, Richard Yan and Ki Ho


Over the past several years, Asian governments have made remarkable improvements in government bond issuances. However, there is very little progress of disintemediation in the region. It is because corporate bonds remain underdeveloped in Asia. The key issue of Asian corporate bond market is its lack of credit ratings at investment grade. Without the status of investment grade, Asian corporate bond cannot easily gain access to international and domestic institutional investors and the corporate bonds cannot grow easily. Three key institutional foundations are crucial to accelerate the growth of the Asian corporate bonds, namely credit insurance, securitization and Asian bond funds. The first two foundations can transform Asian corporate bonds to be investment-grade assets and the last one can enlarge the investor base of the corporate bonds. Top-rated insurers can transform Asian corporate bonds to be investment-grade assets. To attract their presence in Asia, Asian governments should grow regional and domestic credit insurers. These credit insurers will nurture the development of a reinsurance market and enable the growt

Year: 2003
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