An up-to-date, comprehensive analysis of the high-yield bond market in Asia Beginning with a general definition of high-yield bond products and where they reside within the corporate capital structure, this newly updated guide looks at the development of high-yield bonds in the United States and Europe before analysing this sector in Asia. It covers issuer countries and industries, ratings, and size distributions, and also covers the diversification of the high-yield issuer universe. It includes a thorough technical analysis of high-yield bond structures commonly employed in Asian transactions, including discussion of the respective covenants and security packages that vary widely across the region. Chapters and sections new to this edition cover such subjects as high-yield bond restructuring, the new high-yield "Dim Sum" market, and the high-yield placement market shutdown of 2008 – 2009. Finally, the book looks at the new characteristics of Asian economies for indicators on how the high-yield market will develop there are the near future. Offers an extremely detailed analysis of Asia's high-yield bond market Features new and updated material, including new coverage of the key differences between Asian structures and United States structures Ideal for CFOs of companies contemplating high-yield issuance, as well as investment bankers, bank credit analysts, portfolio managers, and institutional investors

2009 RUSA Outstanding Business Reference Business in today′s world is increasingly diverse. Undertaking commerce, even by an individual, can mean working globally through a welter of new media with opportunities of all kinds rapidly appearing. The boundaries, scope, content, structures, and processes of a business activity can morph into completely different ones in the course of a project. Contemporary businesses, and certainly future businesses, find it incumbent upon them to fit within the requirements of environmental and economic sustainability of the others who inhabit our world. With more than 1,000 entries, the Encyclopedia of Business in Today′s World is packed with essential and up-to-date information on the state of business in our world. Not only does it reflect where business is, it also conveys the trajectory of business farther into the 21st century. These four volumes provide clear overviews of the important business topics of our time, ranging from culture shock to currency hedging, political risk, offshoring, and transnational corporations. The wealth of topics represent an integrated vision by the editor of a perplexity of functions, technologies, and environmental factors. Key Features Provides insight into the development and current business situation globally through articles on many individual countries Examines the processes, responsibilities, and ethics of business in the global market Offers entries written by experts from diverse fields Includes an appendix that looks at World Trade Organization statistics Presents a vast range of topics, including key companies, business policies, regions, countries, dimensions of globalization, economic factors, international agreements, financial instruments, accounting regulations and approaches, theories, legislation, management practices and approaches, and much more Key Themes Competitive Forces Countries Corporate Profiles Cultural Environments Economics of International Business Economic Theories of International Business Ethics, Corruption, and Social Responsibility Export/Import Strategies Foreign Direct Investment Globalization and Society Human Resource Management International Accounting International Finance International Monetary System International Trade Legal and Labor Issues Management and Leadership Manufacturing and Operations Marketing Political Environments Regional Economic Integration Supranational and National Organizations The Encyclopedia of Business in Today′s World serves as a general, nontechnical resource for students, professors, and librarians seeking to understand the development of business as practiced in the United States and internationally.

THE DEFINITIVE GUIDE TO CREATING A POWERFUL STRATEGY FOR INVESTMENTS IN CREDIT HEDGE FUNDS Following the credit crisis that rocked the global markets, many investors were left with a great sense of unease. However, when faced with historically low interest rates in a world awash with liquidity, they flocked back into the credit market. But this wave of liquidity will soon come to an end. Investors are grappling with their need for return generation while trying to navigate an increasingly volatile credit market. Given its inherent flexibility, the hedge fund structure is ideal for investing in the credit market. In Investing in Credit Hedge Funds, PAAMCO credit strategist Putri Pascualy shows how to profit from a variety of credit-focused investments, including: HIGH-YIELD BONDS - Capitalize on the inefficiencies in the market for levered companies STRESSED / DISTRESSED MARKETS - Develop mastery of the bankruptcy and reorganization processes to spot your best opportunities BANK LOANS - Take advantage of loans' structural seniority and collateral while navigating credit, liquidity, and operational risk CONVERTIBLE BONDS - Apply trading acumen to invest in hybrid instruments that combine the best features of bonds and equities SOVEREIGN DEBT - Understand the difference between the corporate and sovereign bond market and manage the macroeconomic risks in a credit portfolio Investing in Credit Hedge Funds provides in-depth research on the most commonly used structuring vehicles, the legal rights and responsibilities of all parties, and the pros and cons of separately managed accounts. It provides practical, expert advice on conducting operational due diligence and best practices in mitigating counterparty risks to avoid the fates of those who suffered losses as Bear Stearns, Lehman Brothers, and MF Global went down. And it reveals practical risk-management techniques unique to credit investing. Investing in Credit Hedge Funds provides a fully rounded education in creating a powerful credit portfolio that will instantly put you ahead of the investing pack. PRAISE FOR INVESTING IN CREDIT HEDGE FUNDS "Read this book if you want to understand how a leading hedge fund-of-fund investor evaluates distressed credit opportunities in the aftermath of the financial crisis." --Bruce Brittain, Executive Vice President, Product Management Group, PIMCO "Arms the institutional investor with the tools to conduct a more robust evaluation of a credit hedge fund's strategy, structure, and operational credibility. It is a practical resource for the diversified institutional investor." -- Susan Ridlen, Assistant Treasurer, Eli Lilly and Company "Provides insight for investors to become more equipped to deal with the ever-evolving credit markets in the future." -- Lorraine Spurge, CEO of Maplestone Capital Advisors, LLC

This book is the first to directly address Asia's new rich with an easy-to-follow guide to investment and the world of global finance. There are currently approximately 15 million high net worth households in the world today, a number that is growing by 900,000 new millionaires in the world each year. Many of the Asian new rich, however, lack even basic information about investment strategies and how to put their wealth to work. With rich experience in the private sector, Bruce Von Cannon makes it seem easy in this enjoyable and readable new book.

A comprehensive, in-depth, and authoritative guide to China's financial system The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution. The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come. Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, and Julie Lei Zhu.

The Asian Bond Markets Initiative (ABMI) was launched in December 2002 by the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea---collectively known as ASEAN+3 to strengthen financial stability and reduce the region’s vulnerability to the sudden reversal of capital flows. This paper also provides recommendations for addressing new sources of market volatility and other challenges within and outside the framework of the Asian Bond Markets Initiative.

ASEAN+3 Bond Market Guide is a comprehensive explanation of the region’s bond markets. It provides various information such as the history, legal and regulatory framework, specific characteristics of the market, trading and transaction including settlement systems, and other relevant information. Bond Market Guide 2016 for Japan is an outcome of the strong support and kind contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Japan. The report should be recognized as a collective good to support bond market development among ASEAN+3 members.

HIGH-YIELD BONDS provides state-of-the-art research, strategies, and toolsÑalongside the expert analysis of respected authorities including Edward Altman of New York UniversityÕs Salomon Center, Lea Carty of MoodyÕs Investor Service, Sam DeRosa-Farag of Donaldson, Lufkin & Jenrette, Martin Fridson of Merrill Lynch & Company, Stuart Gilson of Harvard University, Robert Kricheff of CS First Boston, and Frank Reilly of the University of Notre DameÑto help you truly understand todayÕs high-yield market. For added value and ease of reference, this high-level one-volume encyclopedia is divided into seven sections detailing virtually every aspect of high-yield bond investment. They include: Market structureÑThe role of investment banks in security innovation and market development, evolution of analytical methodologies, and recent leveraged loan market developments; Security risk analysisÑHistorical bond default rates, real interest rate and default rate relationships, and new simulation methodologies for modeling credit quality; Security valuationÑImpact of seniority and security on bond pricing and return, important trading factors, and a Monte Carlo simulation methodology for valuing bonds and options in the context of correlated interest rate and credit risk; Market valuation modelsÑEconometric studies which detail the importance of monetary influences, risk-free interest rates, default rates, mutual fund flows, and seasonal fluctuations; Portfolio managementÑHistorical perspective and comparison to alternative investments, analysis of indices available to investors, and specific portfolio selection and risk management strategies of professional fund managers; Distressed security investingÑHistorical risk and return information, plus an academic overview of the market and decision criteria for uncovering and investing in securities with higher-than-average risk-adjusted returns; Corporate finance considerationsÑEmerging firmsÕ strategic choice between external debt and equity financing, as well as the choice of issuing public versus private (Rule-144a) securities. HIGH-YIELD BONDS provides extensive coverage of bond valuation and the construction and management of high-yield portfolios. Advanced Monte Carlo simulation models for the valuation of bonds and options on bonds as well as risk assessments on portfolios of bonds under conditions of correlated interest rate and credit risk are demonstrated. In todayÕs explosive environment of multiple new issues and high risk versus return relationships, it is paramount that you get advice from analysts and experts who have been influential in shaping and defining the market. HIGH-YIELD BONDS will provide you with a valuable reference to this fascinating and constantly changing class of securities, helping you assemble a stable, diversified portfolio of fixed income investments that provides the greatest returns and the lowest risks.