International Business

Download A Guide to Asian High Yield Bonds : Financing Growth by Florian H. A. Schmidt, Sharon Tay PDF

By Florian H. A. Schmidt, Sharon Tay

An updated, accomplished research of the high-yield bond industry in Asia starting with a basic definition of high-yield bond items and the place they stay in the company capital constitution, this newly up to date consultant appears on the improvement of high-yield bonds within the usa and Europe ahead of analysing this region in Asia. It covers supplier international locations and industries, rankings, and measurement distributions, Read more...

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Owners and management of high yield bond issuers are hence encouraged to look at their company from an external debt provider’s perspective, a process that typically leads to a stronger focus on cash flow and EBITDA rather than turnover. Name recognition is the other winning aspect of heightened publicity. The global marketing campaign conducted prior to a high yield bond offering and the follow-up public relations work post offering can create substantial competitive advantages. Such advantages can relate to both increased sales and the ability to attract and retain higher quality personnel.

S. investment managers. S. investment managers) was based on the other side of the world, perhaps lacking an in-depth understanding of the intricacies of Asian and Indonesian credit as well as risks and rewards. After the Asian Crisis, as capital once again built up in Asia, the buy-side pool changed dramatically: a large number of new hedge funds and asset management companies set up shop in the region, while banks started to look down the credit curve in search of better returns for their proprietary trading desks or investment books.

This, however, is bound to change, driven not only by the already mentioned regulatory changes, but even more so by challenging growth requirements in an increasingly globalized and competitive world. 6 A THEORETICAL APPROACH TO DEBT VERSUS EQUITY FUNDING Classic capital structure theories such as the Modigliani-Miller Theorem stated that there are advantages for firms to be levered, since corporations can deduct interest payments from taxes. As the level of leverage increases by replacing equity with debt, the level of a company’s weighted average cost of capital drops and an optimal capital structure exists at a point where debt is 100 percent.

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