[PDF] Facilitating Foreign Exchange Risk Management For Bond Investments In Asean 3 eBook

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 78 pages
File Size : 13,5 MB
Release : 2015-08-01
Category : Business & Economics
ISBN : 9292570579

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The Asian Development Bank (ADB) has been working closely with 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 foster the development of local currency bond markets and facilitate regional bond market integration under the Asian Bond Markets Initiative (ABMI). ABMI was launched in 2002 to strengthen the resilience of the region's financial system by developing local currency bond markets as an alternative source to foreign currency denominated short-term bank loans for long-term investment. Bond investors typically have a long position in local currency bond markets. To manage their foreign exchange (FX) risk, they may want to hedge that exposure for a period of time. They also want to be sure they can easily convert the local currency to dollars upon the sale of a bond. This study was undertaken under ABMI and funded by the Government of Japan. It reviews the FX and FX hedging markets in ASEAN+3 as they relate to cross-border investments in local currency bonds, and makes recommendations to facilitate the development of the markets and FX risk management.

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 263 pages
File Size : 26,28 MB
Release : 2015-07-01
Category : Business & Economics
ISBN : 9292570153

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The Asian Development Bank (ADB) is working closely with the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China (PRC), Japan, and the Republic of Korea---collectively known as ASEAN+3---to develop local currency bond markets and facilitate regional bond market integration under the Asian Bond Markets Initiative (ABMI). ABMI was launched in 2002 to strengthen the resilience of the region's financial system by developing local currency bond markets as an alternative source to foreign currency-denominated, short-term bank loans for long-term investment financing. The need for infrastructure investment among ASEAN+3 members is well documented, with estimates for needed investment through 2020 reaching as high as $550 billion. Local currency financing of infrastructure projects has the important advantage of avoiding the currency risk that can arise when a project generating revenues in the domestic currency has foreign currency-denominated debt service requirements. This study was undertaken under ABMI and funded by the Government of the PRC. It addresses two key questions: (i) Why is local currency bond financing not more widely used for infrastructure projects in ASEAN+3? and (ii) What can be done to promote infrastructure bond financing?

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 332 pages
File Size : 44,48 MB
Release : 2015-09-01
Category : Business & Economics
ISBN : 9292570803

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The ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) is a policy initiative of the Asian Bond Markets Initiative to create a nexus among domestic professional local currency bond markets in the region by facilitating intra-regional transactions through standardized bond and note issuance and investment processes. This report follows up on the proposal described in the Phase 2 Report of the ASEAN+3 Bond Market Forum (Sub-Forum 1), published in April 2014, to provide procedures on how to implement AMBIF in the region. AMBIF is expected to facilitate intra-regional bond and note issuance and investment by creating common market practices; utilizing a common document for submission, the Single Submission Form; and highlighting transparent issuance procedures as documented in the Implementation Guidelines for each participating market. The report also contains a set of Frequently Asked Questions to provide interested parties, including issuers in the region, with an easy reference for their potential queries and concerns on the implementation of AMBIF.

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 350 pages
File Size : 26,63 MB
Release : 2019-05-01
Category : Business & Economics
ISBN : 9292616110

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Local currency bond markets in ASEAN+3 play an important role in diversifying financial intermediary channels and mitigating the impacts of financial crises. They also have the potential to help mobilize developing Asia's significant savings to meet the region's enormous infrastructure investment needs. Drawing extensively on knowledge generated by the ASEAN+3 Bond Market Forum, the publication looks at the essential building blocks and the enabling environment for these markets, as well as the roles of government, relevant authorities, and market participants.

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 69 pages
File Size : 23,7 MB
Release : 2017-06-01
Category : Business & Economics
ISBN : 9292578448

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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.

Author : Douglas Arner
Publisher : Institute of Southeast Asian Studies
Page : 28 pages
File Size : 24,29 MB
Release : 2005
Category : Business & Economics
ISBN : 9789812303615

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Following the Asian financial crisis, the development of local currency bond markets in each of the APEC economies as well as regional bond markets has received the highest priority among financial market policy-makers. Bond markets are considered as an alternative vehicle for domestic savings mobilization and also as a critical means of mitigating the dual mismatch problems of currency and maturity. However, tangible achievements have yet to materialize. The appeal of Asian bonds as evidenced by cross-border investments is dismally insignificant. Given the limited level of market activities associated with foreign investment in Asian bonds and with the supply of local currency or foreign currency denominated bonds issued by foreign borrowers in Asia, this study is designed to identify the types of impediments to cross-border investment in Asian bonds and to propose policy recommendations.

Author : Asian Development Bank
Publisher : ASEAN+3 Bond Market Guides
Page : 0 pages
File Size : 19,80 MB
Release : 2019-10
Category :
ISBN : 9789292617004

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The ASEAN+3 Bond Market Guide: Exchange Bond Market in the People's Republic of China is an outcome of the strong support and kind contributions of ASEAN+3 Bond Market Forum members and experts, particularly those from the country. It is part of the ASEAN+3 Bond Market Guide series which provides country-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and encourage greater participation in the region's rapidly developing bond markets.

Author : Asian Development Bank
Publisher :
Page : 42 pages
File Size : 31,34 MB
Release : 2020
Category :
ISBN : 9789292625689

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These guidelines explain how the ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) relates to the professional Cambodian bond market. The guidelines highlight market characteristics that are significant for issuers and investors, and review the regulatory processes required for issuing different types of debt securities. The guidelines are an output of the ASEAN+3 Bond Market Forum and were developed to enable bond issuers and their service providers to pursue further issuances under AMBIF with greater ease and certainty.

Author : Tom Kirchmaier
Publisher : Asian Development Bank
Page : 104 pages
File Size : 17,67 MB
Release : 2021-06-01
Category : Business & Economics
ISBN : 9292629026

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Knowledge is critical in addressing the complex challenges of development and poverty reduction faced by the Philippines. This compendium discusses the progress and achievements of the Asian Development Bank (ADB) in line with The Philippines Country Knowledge Strategy and Plan, 2012–2017 and presents various knowledge products and services focusing on the country. As a development and knowledge-based institution, ADB’s strategic directions to support the knowledge needs of the Philippines focuses on (i) sustainable and climate- and disaster-resilient infrastructure; (ii) local economic development, governance, and regional cooperation; (iii) social innovations; and (v) gender equality.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 157 pages
File Size : 34,71 MB
Release : 2021-03-12
Category : Business & Economics
ISBN : 1513573926

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This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.