Capturing Yield in Asian Bonds
Radio Feature 54: Steven Howell in conversation with Sona Blessing
Tuesday, August 21, 2012
Steven Howell joins me today to discuss the opportunity set and capturing yield in Asian bonds. He founded and launched HCAP Asset Management in November 2008.
He has worked in financial markets for over 25 years and is a noted specialist in the field of high yield funds, fixed interest funds and hedge funds. His previous roles include amongst others: Co-founder of Basis Capital - responsible for leading the Asian business, primarily focusing on managing its Asian High Yield Fund, Sydney; Director and Head of Asia Pacific Capital Markets Trading for American Express Bank in Singapore, Director of Regional Fixed Income and Arbitrage for Cargill Financial Products, Singapore; Director and Head of Derivatives Trading at County NatWest Capital Markets in Sydney.
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Capturing Yield in Asian Bonds
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Q1 - Given the sizable investment inflows into corporate and high yield bonds and the fact that bond prices have rallied - can you still identify opportunities within the Asian bond universe?
Q2 - How large is the Asian bond market (liquid high yield bonds)?
Q3 - Why invest in Asian debt as opposed to other asset classes?
Does Asian high yield debt offer real and relative value over other bond markets?
Q4 - Where is the value in investing in Asian debt? Government bonds, investment grade debt or high yield?
Q5 - Wouldn’t you say valuations, duration risk and defaults are an issue?
Q6 - Can you put a number to what you mean by "lower durations"?
Q7 - How liquid are these Asian high yield bonds?
Q8 - Could you name some specific markets and countries within Asia that look interesting in the context of investing in their bonds?
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This piece was authored by Melanie Rijkenberg, CFA, Associate Director, Pacific Alternative Asset Management Company Europe LLP.
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