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    1. Ekonomi och Ledarskap
    2. Företagsekonomi
    3. Redovisning och finansiering
    4. Finansiering

    Dim Sum Bonds

    The Offshore Renminbi (RMB)-Denominated Bonds

    AvHung-Gay Fung,Glenn Chi-Wo Ko

    Inbunden, Engelska, 2014

    Del i serien Wiley Finance

    938 kr

    Beställningsvara. Skickas inom 5-8 vardagar. Fri frakt över 249 kr.

    Beskrivning

    A comprehensive guide to understanding and assimilating into dim sum bond marketsThe expansive growth of the dim sum bond market in the last five years has peaked investor interest and inspired companies to seek out investing opportunities that negate China's capital controls. In a four-pronged approach, Dim Sum Bonds examines the development of the dim sum bond market and its role in China's RMB internationalization policy, characteristics of dim sum bonds and its market, investors' investment objectives and the investment performance of dim sum bonds, motivations of issuers, and underwriters' roles in the dim sum bond market. You will familiarize yourself with every aspect of the dim sum bond market from an issuer, an investor, and an underwriter's perspective. Academics, financial advisors, investment bankers, underwriters, investors, and policy makers should not be without this informative and detailed guide to the offshore market central to China's internationalization of RMB. Written by Hung-Gay Fung, Glenn Chi-Wo Ko, and Jot Yau, all of whom are experts on the dim sum bond marketExplains the rapidly expanding dim sum bond market and puts readers ahead of the curveLandmark issues, Chinese banks (China Development Bank), Infrastructure, red-chip companies (Sinotruk), and multinational corporations doing business in China (McDonald’s) are discussed in detail.Covering landmark issues from a variety of Chinese and multinational corporations, Dim Sum Bonds provides must-read manual to understanding the vast opportunities of this up-and-coming market.

    Produktinformation

    • Utgivningsdatum:2014-03-18
    • Mått:160 x 236 x 20 mm
    • Vikt:395 g
    • Format:Inbunden
    • Språk:Engelska
    • Serie:Wiley Finance
    • Antal sidor:208
    • Förlag:John Wiley & Sons Inc
    • ISBN:9781118434796

    Utforska kategorier

    • Finansiering inom Ekonomi och Ledarskap

    Mer om författaren

    HUNG-GAY FUNG, PhD, is Curators' Professor of Finance, Dr. Y. S. Tsiang Endowed Chair Professor of Chinese Studies, and department chair in the Finance and Legal Studies Department, College of Business Administration, University of Missouri–St. Louis. His areas of research and teaching include international finance, financial risk management, and banking. GLENN KO, CFA, is an executive director of the UBS Asian Credit Research team, covering corporate credits. He focuses on Chinese properties and industrials. He has extensive experience in Asia's straight and convertible bond markets, with previous work experience in proprietary trading desks, sell-side research, and rating advisory at financial institutions, such as Daiwa, JPMorgan and HSBC. JOT YAU, PhD, CFA, is Dr. Khalil Dibee Endowed Chair in Finance at the Albers School of Business and Economics, Seattle University. Since joining Seattle University in 2001, he has served as the chair of the department of finance and MSF program director. He cofounded Strategic Options Investment Advisors Ltd., a Hong Kong–based investment advisory firm.

    Innehållsförteckning

    • Preface xiAcknowledgments xviList of Acronyms and Key Terms xviiChapter 1 New Market—Developments, Opportunities, and Challenges 11.1 Introduction 11.2 Overview of the Dim Sum Bond Market 61.3 Policies Supporting the Growth of Offshore Renminbi 8Chapter 2 Offshore RMB-Denominated Bonds—Dim Sum Bonds 212.1 Definition 212.2 Bond Issue Characteristics 242.3 Conclusion 46Chapter 3 Issuers 493.1 Issuers 503.2 Classification of Issuers by Type of Organization 523.3 Classification of Issuers by Industry 603.4 Classification of Issuers by Domicile and by Deal Nationality 633.5 Motivations behind Issuers 673.6 Conclusion 75Chapter 4 Investors 794.1 Investor Type and Mix 804.2 Motivation 824.3 Risk/Return Analysis 864.4 Conclusion 98Chapter 5 Investment Banks and the Dim Sum Bond Issuing Process 1015.1 Dim Sum Bond Issuing Process 1015.2 Primary Issues 1045.3 Bookrunner/Manager Rankings 1165.4 Bond Issuing Fees 1185.5 Retail versus Institutional Tranches 1185.6 Conclusion 119Chapter 6 Case Studies of Landmark Issues 1216.1 Landmark Issues 1216.2 Case 1: The First Dim Sum Bond and the First Chinese Financial Institution Issuer—China Development Bank (and the First 15-Year and 20-Year Bonds) 1266.3 Case 2: The First Dim Sum Bond Issued by a China-Incorporated Foreign Bank—The Bank of East Asia (China) Limited 1316.4 Case 3: The First Dim Sum Bond Issued by the Chinese Central Government 1356.5 Case 4: The First Dim Sum Bond Issued by a Foreign Multinational Corporation—McDonald’s Corporation 1376.6 Case 5: The First Dim Sum Bonds Issued by a Supranational Agency—Asian Development Bank (and the First 10-Year Dim Sum Bond) 1426.7 Case 6: The First Dim Sum Bonds Issued by a Chinese Company, Incorporated Outside Mainland China and Listed in Hong Kong (Red-Chip Corporation)—Sinotruk (Hong Kong) Limited 1456.8 Case 7: The First Mainland Chinese Corporation Listed in Hong Kong (H-share) Issuer of Dim Sum Bonds—Beijing Capital Land Ltd. 1496.9 Case 8: The First PRC-listed (A-Share) Issuer of Dim Sum Bonds—Gemdale Corporation 1536.10 Conclusion 157Chapter 7 Conclusion 1597.1 Review and Preview of the Development and Growth of the Dim Sum Bond Market 1597.2 Market Participants 1667.3 Ongoing Developments Affecting the Dim Sum Bond Market 1747.4 Final Remarks 176About the Authors 179Index 181