By Florian H. A. Schmidt, Sharon Tay
An updated, entire research of the high-yield bond marketplace in Asia starting with a normal definition of high-yield bond items and the place they stay in the company capital constitution, this newly up-to-date advisor appears on the improvement of high-yield bonds within the usa and Europe earlier than analysing this region in Asia. It covers provider nations and industries, rankings, and measurement distributions, and likewise covers the diversification of the high-yield supplier universe. It incorporates a thorough technical research of high-yield bond constructions regularly hired in Asian tra. Read more...
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Additional info for A Guide to Asian High Yield Bonds : Financing Growth Enterprises, + Website
The violation of a maintenance covenant is an event of default, which is not necessarily the case with violations of incurrence covenants. An example is the change of a company’s leverage ratio, measured in total debt to EBITDA, above the maximum ratio due to a sudden decline in EBITDA. While this would constitute a default of a maintenance leverage test, under an incurrence covenant regime the company would simply be prohibited from incurring additional indebtedness until the leverage test is met again.
This convergence is not only a function of regulatory pressures on banks, a more discriminate credit process, competitive challenges, and higher return thresholds, but also caused by the ongoing process of credit disintermediation. However, even under the assumption of a complete convergence of bond and loan pricing could high yield bonds be considered less economical if the new issue size is too small. Given the higher nonrecurring and third party expenses incurred during the new issue process firms would only tap the public bond markets when the issue amount is large enough to benefit from economies of scale.
9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. For the purposes of this chapter, Asia refers to Asia outside Japan and Australia. S. dollars, euros, and Japanese yen. M. Shari, “Asia’s Worst Deal,” BusinessWeek, August 13, 2001. Nachum Kaplan, “Asian High Yield Is a Dumb Bet for Smart Money,” IFR Asia, online edition, January 9, 2013. Asia-Paciﬁc M7A Bulletin, Year-End 2010, PriceWaterhouseCoopers LLC, 2011. Khor Hoe Ee and Kee Rui Xiong, “Asia: a Perspective on the Subprime Crisis,” Finance & Development 45, No.