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

By Florian H. A. Schmidt, Sharon Tay

ISBN-10: 1118502027

ISBN-13: 9781118502020

ISBN-10: 1118502035

ISBN-13: 9781118502037

ISBN-10: 1118502051

ISBN-13: 9781118502051

An up to date, entire research of the high-yield bond marketplace in Asia starting with a common definition of high-yield bond items and the place they dwell in the company capital constitution, this newly up to date consultant seems on the improvement of high-yield bonds within the usa and Europe earlier than analysing this quarter in Asia. It covers provider nations and industries, scores, and measurement distributions, Read more...

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Unless any issuer takes any of these courses of action, incurrence covenants do not serve as early warning signals of deteriorating creditworthiness, unlike maintenance covenants for loans. Incurrence covenants do, however, aim to preserve the quality of a credit by limiting its indebtedness, controlling cash outflows, and preventing the sale of income-generating assets. This is done by creating a ring-fence around the proceeds of the notes issue to prevent a leakage of funds. On the other hand, the covenant package is supposed to be flexible enough to synchronize management’s need for operational latitude, shareholders’ interests, and noteholders’ interests by allowing issuers to grow their businesses, and to go through the ups and downs of business cycles without being in constant danger of a technical default.

Borrowers have to top up collateral should the market value of such assets decline below the agreed loan-to-value ratio. In such circumstances bank lenders would even approach family owners or proprietors for collateral, although this is more common in bilateral lending situations and rare in loan syndications. As mentioned before, bank loans also feature a package of maintenance covenant packages that are usually tighter than the incurrence tests high yield bonds are subjected to. This combination of clean borrowing with incurrence tests versus secured borrowing with maintenance tests should therefore be seen by a family enterprise as capital structure de-risking, while creating additional capacity to secured lending on a when-and-if-needed basis.

Employing logistic regression, the survey identified variables that predict the likelihood of using credit such as the size of a company (as a function of growth), age, and profitability. These predictors showed a positive correlation with debt funding, both in terms of funding volume as well as in terms of number of debt products employed. In other words, it is the need to grow that makes family enterprises depart from more traditional funding patterns into various debt products, including high yield bonds.

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A Guide to Asian High Yield Bonds : Financing Growth Enterprises, + Website by Florian H. A. Schmidt, Sharon Tay

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