477 delegates representing over 318 companies across 8 …€¦ · · 2014-06-066th Annual Taiwan Institutional ... Post Event Report 477 delegates representing over 318 companies

6th Annual Taiwan Institutional Investment ForumRegional and global investments for Taiwanese institutions

2nd Annual Asia-Pacific Corporate Funding ForumAccess funding through the bond, loan and leveraged finance markets6 March 2013, The Conrad Hotel Kong Kong

Post Event Report477 delegates representing over 318 companies across 8 countries

Borrowers & Investors Forum, North AsiaExploring fixed income funding and portfolio opportunities6 March 2014, Conrad Hotel, Hong Kong

5th Annual

www.BorrowersandInvestorsHK.com

Lead Sponsors

Gold Sponsor

Analytics Partner

Lunch Sponsor

Co-Sponsors

Media PartnersSupporting Organisations

Exhibitors

Tech Handset Provider

Legal Sponsor Supporting Partner

Presented by:

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www.BorrowerandInvestorsHK.com

5th Borrowers & Investors Forum, North Asia6 March 2014, Conrad Hotel, Hong Kong

Breakdown by Industry

Breakdown by Job Title

Breakdown by Country

Delegate Breakdown

Haymarket Financial Media delegate attendee data is

independently verified by the BPA

Corporate 35%

Insurance/ Private Wealth / FO 7%Long-only Fund Management 20%

Gov / Regulatory 3%Private Equity / Fund of Fund Manager 3%SWF / Commercial Bank 2%

I-Bank 14%Index / Trading Platform Provider 5%Law / Consultant 3%Media & Publishing 5%

Hong Kong & China 93%Singapore 3%Rest of Asia 3%United States 1%

Finance - CFO / Treasurer 17%Finance - Manager / Director 12%Finance - Personnel / Analyst 3%

Associate / Analyst 4%

Investment - Personnel / Analyst 5%Chairman / C-Suite / President 8%

Manager / Director / VP 21%MD / Managing Partner 5%

Other 5%

Investment - CIO / PM 20%

Association 2%Other Service Provider 1% Breakdown by Job Function

Treasury / Finance 31%Investment Managment 30%Corporate Management 10%

Custody & Securities Lending 1%

In-house Compliance / Legal 1%Marketing & Sales 8%

Corporate Treasury Services 1%Credit Origination / Sales 9%

Lawyer & Advisory 2%Other 4%

Reg / Market Development 3%

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477 institutonal investors, asset managers, corporates, bankers and advisors attended the Forum. Attending companies included:

ABCI Asset Management Ltd.ABCI Capital Ltd. Adamas Asset ManagementADM CapitalAEGON Asset ManagementAegon Asset Management (Asia) Ltd.AGFA Graphics Asia Ltd.Agile Property Holdings Ltd.Agricultural Bank of ChinaAIA International Ltd.Air Products and Chemicals, Inc.AK Partners (HK) Ltd.Algebris Investments AsiaAllianceBersteinAllianz Global Investors Alpha Group Holdings Ltd.American Appraisal China Ltd.Amundi Hong Kong Ltd.Aozora Asia Pacific Finance Ltd.APCIARA Asset Management Prosperity Ltd.Ark OneAsia Capital Markets InstituteAsia Satellite Telecommunications Co., Ltd.Asian Investment AdvisorsAsianInvestorAsiaSatASIFMAAtvantis Capital Management Ltd.AXA Investment ManagersBank of BeijingBank of China (HK) Ltd.Bank of East AsiaBank of Japan Bank of KoreaBaring Asset Management (Asia) Ltd.Baring Private Equity AsiaBaxter Coudert CapitalBeijing International Trust Co., Ltd.Berlin GroupBesunyen Holdings Co., Ltd.BlackRockBloomberg BMI AppraisalsBOC Aviation Pte. Ltd.BOC Group Life Assurance Co., Ltd. BOC InternationalBOCHK Asset Management Ltd.

BOCIBOCI-Prudential Asset Management Ltd. Bond Radar Asia (HK) Brunei Ma Chung & SonCapital ProfileCarre Oil Ltd.CDB HKCharterhouse Resources Private Equity FundChepstow CapitalChevalier Corporate Management Ltd.Chief Financial Officer and Company SecretaryChina Automation Group Ltd.China CITIC Bank InternationalChina Construction BankChina Development Bank CorporationChina Everbright Capital Ltd.China Gas Holdings Ltd.China Lumena New Materials Corp.China Merchants LoscamChina Minsheng BankChina Overseas Finance & Investment Ltd.China Qinfa GroupChina Resources (Holdings) Co., Ltd.CIC HKCIFI Holdings (Group)Citi Private BankCitic Dameng Holdings Ltd.CITIC Pacific Ltd.Citigroup Global MarketsCLP Holdings Ltd. CMS ASSET MANAGEMENT (HK) CO. Ltd.Coastal Greenland Ltd.CofaceCOFCO HK Ltd.CollegeHillCornell UniversityCosco Pacific Ltd.Country Garden Holdings Co., Ltd.Creative Energy Solutions Holdings Ltd.CreditSightsDAC Finanacial Management (China) Ltd.Dah Sing Bank, Ltd.Dah Sing Financial GroupDah Sing Life AssuranceDBSDealogicDelmar GroupDeltec Capital Ltd.

Participating Companies

Haymarket Financial Media delegate attendee data is independently verified by the BPA

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Participating Companies Continued

DHL Express (HK) Ltd.Dow Jones Newswires and The Wall Street JournalEagle Nice International Holdings Ltd.East & PartnersEFG BankEing EinetE-Land Fashion China HoldingsErste Group BankEuroclear BankEverbright Capital Management Ltd.Far East Horizon Ltd.Fidelity Worldwide Investment FIL Investment Management (HK) Ltd.Finance China Merchants GroupFinanceAsiaFinancial Services Treasury Bureau of Hong KongFirst State Investments (HK) Ltd. Fitch RatingsFosun International Ltd.Four Seas Efood CentreFour Seas Mercantile Holdings Ltd.Franshion Properties China Ltd.Gemini Capital Investments Ltd.Generali Investments Asia Ltd.Genting Hong Kong Ltd.Ghana Capital PartnersGlobal Regency Ltd.Glorious Sun Enterprises Ltd.Goldman SachsGottex Penjing Asset Management (HK) Ltd.GP Electronics (HK) Ltd.Guoco H S Holdings Co., Ltd.Hai Tong International Asset Management (HK) Ltd.Hang Seng Bank Ltd.Hang Seng Investment ManagementHanwha Life Henderson Land Development Co., Ltd.Henderson Sunlight Asset Management Ltd.HFT Investment Management (HK) Ltd.Highway Holdings Ltd.Hinrich FoundationHKExHKR International Ltd.Hong Kong Economic Times Holdings Ltd.Hong Kong Exchanges and Clearing Ltd.Hong Kong Export Credit Insurance CorporationHong Kong Investment Funds AssociationHong Kong Life Insurance Ltd.Hong Kong Television Network Ltd.Hong Kong University of Science & TechnologyHonghua Group Ltd.Hongkong ElectricHSBCHSBC Asset Management (HK) Ltd. HSBC Global Asset Management

HSBC Insurance (Asia) Ltd.HSBC Private BankHSBC Private Bank (Suisse) SAHsin Chong Construction Group Ltd.Huawei TechnologiesHung Hing Printing GroupHutchison Port HoldingsHutchison Whampoa Ltd.Hysan Development Co. Ltd.ICBC Asia Investment Management Co., Ltd.ICBC HKICM Ltd.iFAST Financial Pte Ltd.Income Partners Asset ManagementING Life CMOInternational Capital Market AssociationIntesa Sanpaolo - Hong Kong BranchIntesa Sanpaolo Spa Invesco Hong Kong Ltd.Investment AIA International Ltd. J.P. Morgan Asset ManagementJardine Matheson Ltd.JC International Hong KongJeffriesJetstar Hong Kong Airways Ltd.Jinchuan Group International Resources Co. Ltd.Johnson Electric GroupJPMorgan Asset ManagementJPMorgan Asset Management Real Assets (Asia) Ltd.Ka Shui International Holdings Ltd.Kenford Group Holdings Ltd.Kingmaker Footwear Holdings Ltd.KKR AsiaKS Asset ManagementKuok GroupKVB Kunlun International (HK) Ltd.Lai Fung Holdings Ltd.Leopard Capital (HK) Ltd.LG Chem Hong KongLGT Bank (HK)LGT Capital PartnersLionsgate Capital Ltd.Lombard Odier (HK) Ltd.Lombard Street ResearchLontohCoal Asia Ltd.Lucror AnalyticsLuk Fook GroupLUMILung Ming Mining Co., Ltd.Mandatory Provident Fund Schemes AuthorityManulife (International) Ltd.Manulife Asset ManagementMassMutual Asia Ltd.MayBank Hong KongMazarin CapitalMeiya Power Co., Ltd.

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Melco Crown EntertainmentMergerMarketMetropolitan Life Insurance Company of Hong Kong Ltd.Milestone Capital Minmetals LandMiramar Hotel and Investment Co., Ltd.MizuhoMoelis & Company Asia Ltd.Moody’s Investors ServiceMPayMe Ltd.MTR Corporation Ltd.Nan Fung China Development Ltd.NatixisOppenheimer InvestmentsOrangefield Trust (HK) Ltd.Orient Overseas Container Line Ltd.Overseas - Chinese Banking CorporationPacific CapitalPacific Hawk (HK) Ltd.PAG capital PamfleetPenjing Asset Management (HK) Ltd.PerpetualPhillip Capital ManagementPhoenix Property InvestorsPineBridge Investments Asia Ltd.Platinum Broking Co., Ltd.Platinum Securities Co., Ltd. POSCO InvestmentPower Assets Holdings Ltd.Praetorian Investments Ltd.Principal Asset Management Company (Asia) Ltd.Prudence Investment ManagementPrudential Real Estate InvestorsPrysmian GroupPT Pertamina PerseroRAM Rating Services BerhadRegal Portfolio Management Ltd.Rocks Asia Capital Group Ltd.RRJ Management (HK)Rusal Global Management B.V.Rykadan Capital Ltd.S&P Capital IQs.Oliver Asia Ltd.Sabacap ResourcesSan Miguel Brewery Hong Kong Ltd.Savills Asia Pacific Ltd.SC LowySCMPSecurities and Futures CommissionSFS-MH Asset ManagementShanghai Commercial BankShanghai Forte Land Co., Ltd.Shaw Kwei & Partners Shenzen International Holdings

Shikumen Capital Management SiemensSinochem Hong Kong (Group) Co. Ltd.Skyfame Realty Holdings Ltd.Societe Generale Private BankSony Global Treasury Services (HK) Ltd.South China Morning Post Publishers Ltd.Springs Capital (HK) Ltd.Standard & Poor’s Ratings Services State Street Global Advisors Asia Ltd.Stobene PartnersStormHarbour Securities (HK) Ltd.Sumitomo Mitsui Asset Management (HK) Ltd.Sun Life Hong Kong Ltd.Supply Chain Management Outsource Ltd.SW Corporate Services Group Ltd.Swedish Export Credit Corporation SWIFTSwire PacificTaiping Assets Management (HK) Co., Ltd.TCC GroupTCL Multimedia Technology Holdings Ltd.Textile Alliance Ltd.Thaddeus Capital ManagementThe Corporate TreasurerThe HK & China Gas Company (Towngas) The Hong Kong General Chamber of TextilesThe Hong Kong Jockey Club The Hong Kong Electric Co., Ltd.The Link Management Ltd.The Link REITThe Wall Street JournalThe Zuellig Group Thomson ReutersTop Spring International Holdings Ltd.Transocean CapitalTravelzoo Asia PacificTreasury Markets AssociationTripod Management Ltd.TruphoneUnited Energy Group Ltd.Urban Renewal AuthorityUsaha Tegas Sdn. Bhd.VanguardVanke Property (Overseas) Ltd.Verint Systems (Asia Pacific) Ltd.VSC Holdings Ltd.Wasion Group Holdings Ltd.Wellington Global Investment Management Ltd.West China CementWest Kowloon Cultural District AuthorityWharf HoldingsWhite & Case LLPWorld Wide Touch TechnologyYue Xiu

Participating Companies Continued

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Thank You

Dominique JoorisManaging Director & Head of CCM, Asia ex JapanGoldman Sachs

Wallace LamMD, Head of High Yield Capital Markets and Commercial Banking Debt Origination, Asia, Capital Financing, Global Banking and MarketsHSBC

Christopher LeeManaging Director, Corporate RatingsStandard & Poor’s Ratings Services

Peter LeeHead of Asian Fixed IncomeSociete Generale Private Banking

Iwan AzisHead, Office of Regional Economic IntegrationAsian Development Bank

David CarbonChief Economist and Managing Director for Economics and Currency ResearchDBS

Vijay ChanderExecutive Director, Fixed IncomeASIFMA

Dr. Sean ChangHead of Asian Debt InvestmentBaring Asset Management

Gregor CarleInvestment Director, Fixed Income and Investment SolutionsFidelity Worldwide Investment

David LiPartnerWhite & Case

Chad LiuChief Investment OfficerPrudence Investment Management

Jackson LoiHead of Institutional Sales, Hong Kong and TaiwanVanguard Investments

Phil LiptonManaging Director, Head of Loan Syndications, Asia-Pacific, Debt Capital Markets, Capital Financing, Global Bank & MarketsHSBC

Lachlan ColquhounHead of Markets AnalysisEast & Partners

Lindsay ChuManaging Director, Head of Financial Sponsors Group, Asia-Pacific HSBC

Vincent ChowGroup TreasurerHongkong Electric

Stephen ChangManaging Director, Head of Asian Fixed IncomeJP Morgan Asset Management

Kevin AndersonSenior Managing Director, Head of Investments - Asia PacificState Street Global Advisors

Rogerio BernardoSenior Vice President, Treasury & Markets, Fixed IncomeDBS

Hayden BriscoeDirector, Asia Pacific Fixed IncomeAllianceBernstein

Freya BeamishEconomistLombard Street Research

Daniel FlattEditorThe Corporate Treasurer

Peter DavisHead of TreasuryBOC Aviation

Jonathan CornishManaging Director, Head of Bank RatingsFitch Ratings

Frankie FangManaging DirectorLGT Capital Partners

Xavier FarcotExecutive Vice President, Risk Underwriting Department, Asia PacificCoface

Miss King-chi AuPermanent Secretary, Financial Services & Treasury (Financial Services)Financial Services and the Treasury Bureau of Hong Kong

Thank you to our keynote speakers

Thank you to our speakers and moderators

Stephen MarzoPrincipalBaxter Coudert Capital

Estella NgChief Financial OfficerCountry Garden Holdings

Dilip ParameswaranFounder and Chief ExecutiveAsia Investment Advisors

Leigh PowellManaging EditorAsianInvestor

Michel LöwyChief Executive OfficerSC Lowy

Charles MacgregorManaging Director & Head of AsiaLucror Analytics

David MarshallSenior Analyst - Asia Pacific BanksCreditSights

Geoffrey LuntDirectory and Senior Product Specialist for Fixed IncomeHSBC Global Asset Management

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Thank You & Testimonials

Andrew SteelRegional Managing Director, Head of Asia-Pacific Corporate Ratings GroupFitch Ratings

Brian TangManaging DirectorACMI

MK TangSenior China Economist and Executive DirectorGoldman Sachs

Dr. Michael TaylorManaging Director and Chief Credit Officer Asia Pacific, Credit PolicyMoody’s Investors Service

David QuahVice President, Issuer & Client Services, Global Markets DivisionHKEx

Sarvjeev S. SidhuGlobal Head of Emerging Markets Debt PlatformAEGON Asset Management

Anna-Marie SlotPartner, Hong KongWhite & Case

Devan SelvanathanManaging Director, Head of Global Debt Platform, Asia PacificNatixis

Julian TrottManaging Director, Head of Debt Syndicate, Asia ex JapanGoldman Sachs

Ivan VatchkovChief Investment OfficerAlgebris Investments

Jim VeneauHead of Credit AsiaAXA Investment Managers

Alison Tudor-AckroydEditorFinanceAsia

One key value of this forum is that market participants (corporates, investors, rating agencies and professionals) were able to share their latest insights on the market, which proved to be crucial as I (and certainly others) was kept up-to-date on both commercial, technical and legal aspects of the topics. In a PRC context where the macro, market and regulatory environments are rapidly evolving, constant information sharing among market participants is very crucial. David Li, Partner, White & Case LLP

Very informative in relation to the bond market and offshore RMB topics. David Mingming Wu, Treasurer, AGFA Graphics Asia Ltd

The forum content is very informative and closely-related to market development. Jack Fung, Manager, Treasury Control, Hang Seng Bank“

Delegate feedback:

(The session addressing China’s economy) I found this session informative and offering insightful views.Mark T Li, Chief Investment Officer, Greater China, HSBC

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Rupert WalkerContributing EditorFinanceAsia

Chien Mi WongFixed Income ReporterFinanceAsia

Eric WongPortfolio ManagerFidelity Worldwide Investment

John WoodsManaging Director, Head of Asia Fixed IncomeCiti Investment Management

Jeffrey YapChief Investment Officer & Managing PartnerArk One

Albert YauChief Financial OfficerCIFI Holdings (Group)

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To speak:Hayleigh Davies, Senior Conference ProducerE: [email protected]; T: +852 3175 1923

To sponsor:Stuart Wadsworth, Head of ConferencesE: [email protected]; T: +852 9741 9977

To book your delegate pass:Akina Tse, Delegate Account ManagerE: [email protected]; T: +852 3175 1980

To becoming a media or supporting organisation:Andrew Powell, Head of Product Management and MarketingE: [email protected]; T: +852 3175 1981

Contact Information & Media Coverage

Contact our project team to get involved in this Series3rd Borrowers & Investors Forum, Southeast Asia - 30 October 2014, Singapore

6th Borrowers & Investors Forum, North Asia - March 2015, Hong Kong

PE buyouts are back, bankrolled by Asian lenders

Leveraged buyouts in Asia, which were previously funded major global investment banks, are making a comeback thanks to the growing participation of local lenders.

Buyouts are back in Asia, with leverage from PE deals increasingly coming from banks in the region, noted participants at the Borrowers and Investors Forum in Hong Kong yesterday.

Source: Yvonne Chan, AsianInvestor, 7 March 2014

Fears rise over headlong hunt for yield

Valuations in some high-yield bond markets look stretched, prompting panelists at an AsianInvestor forum to urge investors to review quality of bond issues as spreads head towards 2006-07 levels.

“If asked how I would be managing my high-yield at the moment, it would likely be in an active way. I would be using qualitative techniques to analyse the issuers,” says Kevin Anderson, head of investments for Asia Pacific at State Street Global Advisors.

He was speaking on a panel on asset management strategies at the fifth annual Borrowers and Investors Forum hosted by Haymarket Media, parent of AsianInvestor.

Source: Leigh Powell, AsianInvestor, 13 March 2014

Investors warn of RMB bond market concerns

The risks posed by China’s onshore bond market are clearer than ever as it becomes accessible to more investors, suggest speakers at a recent forum in Hong Kong.

Despite recent moves by China’s central bank to slow renminbi appreciation, and the emergence of the first ever default in the country’s bond market, investors seem to be queuing up to buy mainland debt.

Fixed income experts outlined some of their concerns, while recognising the market’s potential, at the Investors and Borrowers Forum last week hosted by AsianInvestor and FinanceAsia in Hong Kong.

Source: Elva Muk, AsianInvestor, 11 March 2014

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Media Coverage Continued

Battle between loans and bonds offers rewards

Although bonds are in general more costly than loans, accessing these two forms of financing can drive down overall cost of funding for an issuer, according to panelists at Haymarket’s fifth Annual Borrowers & Investors Forum, North Asia.

Held in Hong Kong on Thursday, the conference revealed poll results that illustrated a heavier preference for bond financing (59%) versus loans (41%), and for obvious reasons: the former is able to offer companies access to deeper pools of liquidity – depending on the currency – and funding at longer tenors of more than five years. The sweet spot for loans is around three years, highlight experts.

Source: Chien Mi Wong, FinanceAsia, 6 March 2014

High-yield sector needs to diversify

Asia’s high-yield sector needs to diversify beyond China, according to bankers at Haymarket’s fifth Annual Borrowers & Investors Conference held in Hong Kong on Thursday.

Year-to-date, Chinese issuers account for 84.5% of total Asia ex-Japan G3 high-yield issuance while for investment-grade Chinese issuers account for 40.5%, followed by South Korea 28.2% and Hong Kong 23.9%, according to Dealogic data.

Source: Chien Mi Wong, FinanceAsia, 7 March 2014

Asia puts the “L” in LBOs

More Chinese leveraged buyouts are likely to follow Focus Media’s successful take-private deal, tallying with the government’s desire to trim excess capacity in the economy, private equity professionals said at a conference in Hong Kong on Thursday.

Focus Media, China’s largest out-of-home advertising network operator, delisted from Nasdaq last year after a consortium led by Carlyle, FountainVest, Citic Capital, China Everbright, Fosun International and Focus Media’s CEO announced its $1.725 billion acquisition. It was the largest Chinese leveraged buyout financing ever.

“The Focus Media deal really sets the stage for more Chinese LBOs,” said Frankie Fang, a Managing Director at Zurich-headquartered LGT Capital Partners at FinanceAsia’s fifth annual Borrowers & Investors Forum, North Asia in Hong Kong.

Source: Alison Tudor-Ackroyd, FinanceAsia, 6 March 2014

China’s cross-border collateral, guarantee proposals could enhance bond structures if issuers test the limits

The country’s State Administration of Foreign Exchange (SAFE) posted a consultation paper on 13 February proposing to relax cross-border pledge and guarantee restrictions for offshore debt.

The proposal was made as part of Beijing’s increased efforts to relax capital controls and make its currency, the RMB, more useful for international trade.

On the face of it, the 13 February proposals don’t seem to be particularly beneficial to the vast majority of current Chinese high-yield issuers -- property developers -- said Anna-Marie Slot, a partner at law firm White & Case, at Haymarket’s Borrowers & Investors Forum in Hong Kong on 6 March.

Source: Chaim Estulin, Debtwire, 17 March 2014

Documents

477 delegates representing over 318 companies across 8 …€¦ · · 2014-06-066th Annual Taiwan Institutional ... Post Event Report 477 delegates representing over 318 companies