Appendix I: Security Comparison Chart - Springer978-1-349-13633-9/1.pdf · Appendix I: Security Comparison Chart ... financing for issuers in the emerging Asian fixed income markets

Appendix I: Security Comparison Chart

The chart below summarizes several key aspects regarding the securities discussed in this text, including the nature of yield determination (e.g. yields are determined by the government, by the market, or by the government with a market-related component (MR)), whether or not foreign investor participation is possible (e.g. yes, no, limited) and whether or not foreign exchange controls are presently in effect (e.g. yes, no).

country Instrument Yield Foreign Inv. Foreign Exch.

Determination Participation Controls

China Treasury Bills Gov't (MRl No Yes

I/B Deposits Government No Yes

CP Government No Yes

Treasury Bonds Gov't (MR) No Yes

Fiscal Bonds Government No Yes

Special Bonds Gov't (MRl No Yes

Cap.lnv.Bonds Government No Yes

Financial Bonds Government No Yes

Gov.Ent.Bonds Government No Yes

Local Ent.Bonds Government No Yes

Hong Kong NCDs Market Yes No

I/B Deposits Market Yes No

CP Market Yes No

Bills Market Yes No

EFBs Market Yes No

EFNs Market Yes No

Fixed Bonds Market Yes No

Floating Bonds Market Yes No

313

Emerging Asian Fixed Income Markets

country Instrument Vleld Foreign Inv. Foreign Exch. Determination Participation Controls

India Treasury Bills Market Limited Ves lIB Deposits Market Limited Ves NCDs Market Limited Ves Bills Market Limited Ves Gov't Bonds Market Limited Yes State Bonds Govemment Limited Yes PSBs Market Limited Yes Fixed Debs. Market Limited Yes Convertible Debs. Market Limited Yes

Zero Cpn. Bonds Market Limited Yes

Bonds wlWarrants Market Limited Yes Indonesia SBls Market Yes No

lIB Deposits Market Yes No

NCDs Market Yes No Bills Market Yes No State Bonds· Market Yes No Corporate Bonds· Market Yes No

Malaysia Treasury Bills Market Yes No

NegaraBilis Market Yes No

NCDs Market Yes No lIB Deposits Market Yes No Bills Market Yes No CP Market Yes No MGS Market Yes No GICs Government No No Cagamas Bonds Market Yes No Fixed Bonds Market Yes No Floating Bonds Market Yes No

Convertible Bonds Market Yes No

Bonds wlTSRs Market Yes No

Loan Stocks Market Yes No

Philippines RPTBs Market Yes Yes

CBCls Market Yes Yes

NCDs Market Yes Yes

lIB Deposits Market Yes Yes

Bills Market Yes Yes

CP Market Yes Yes

FRTNs Market Yes Yes Fixed Treas.Notes Market Yes Yes

Treasury Bonds Market Yes Yes

314

Appendix!

Country Instrument Yield Foreign Inv. Foreign Exch.


Philippines Nat'l Gov.Bonds Gov't (MR) Yes Yes

Gov't Ent.Bonds Gov't (MR) Yes Yes

Fixed Bonds Market Yes Yes

Convertible Bonds Market Yes Yes

Singapore Treasury t-bills Market Yes No


NCDs Market Yes No

Bills Market Yes No

CP Market Yes No

Gov't Bonds Market Yes No

Fixed Bonds Market Yes No

Convertible Bonds Market Yes No

Bonds wlWarrants Market Yes No

South Korea MSBs Government No" Yes

CP Market No" Yes

NCDs Market No" Yes

I/B Deposits Government No" Yes

FESFBs Government No" Yes

GMFBs Government No" Yes

NHBs Government No" Yes

Financial Debs. Government No" Yes

Gov't En!. Debs. Government No" Yes

Municipal Bonds Government No" Yes

Fixed Bonds Market No" Yes

Bonds wlWarrants Market No" Yes

Convertible Bonds Market No" Yes

Taiwan Treasury Bills Market Limited Yes

NCDs Market Limited Yes

I/B Deposits Market Limited Yes

CP Market Limited Yes

Bills Market Limited Yes

Government Bonds Market Limited Yes

Municipal Bonds Gov't (MR) Limited Yes

Provincial Bonds Gov't (MR) Limited Yes

Gov't En!. Debs. Market Limited Yes

Fixed Bonds Market Limited Yes

Convertible Bonds Market Limited Yes

Thailand Treasury Bills Market Yes No

IFCT Notes Market Yes No

NCDs Market Yes No

315


Country Instrument Yield Foreign Inv. Foreign Exch.


Thailand Bills Market Yes No


Gov't Notes Market Yes No

Gov't Bonds Market Yes No

State Bonds Market Yes No

Fixed Debs. Market Yes No

Convertible Debs. Market Yes No

Bonds wlWarrants Market Yes No

Note: • Includes fixed and fixed/floating bonds . •• No foreign investor participation in the primary market; very limited participation in the secondary market.

Table AI 1. Security Comparison Chart

316

Appendix II: Representative Offshore Issues

As indicated in Chapter I, a full and complete discussion of alternate sources of financing for issuers in the emerging Asian fixed income markets is not the intent of this text. While we have described in some detail the local currency instruments which are presently utilized in the market, we have not treated the offshore issues undertaken by numerous Asian issuers in recent years. In order to present the reader with information on the offshore market we highlight, in this Appendix, general details on offshore bond outstandings of sovereign and private sector issuers in the Asian emerging nations, as well as a small sample of Asian offshore issues denominated in non-local currencies. Since this market is substantial in size and is growing on a daily basis, the list is by no means comprehensive.

Country 1991 1992 1993

China 5.4 5.4 7.5 Hong Kong 8.7 7.5 10.3 India 3.3 3.0 3.0 Indonesia 1.7 2.0 2.0 Malaysia 6.7 5.3 4.9 Philippines 0.3 0.1 1.1 Singapore 1.7 1.4 1.3 South Korea 7.1 9.2 13.9

Taiwan 0.5 0.5 0.6 Thailand 1.0 1.3 2.8 Total 36.4 35.7 47.4

Table AIl1: Offshore Bond Outstandings of Emerging Private and Sovereign Asian Issuers ($ bin)

317


Table All. I illustrates the trend of outstandings in offshore bond issues floated by sovereign and private sector borrowers in the emerging Asian nations. The offshore bonds include all non-local currency debt transactions executed in the offshore markets.

Figure All. I illustrates the outstanding offshore bonds and notes for emerging Asian issuers as of December 1993.

$ bin 16.---------------------------------------------, 14 -I.IZ1!I Bonds - _ Notes ~ - -

12 ------------------

10

8

6

4

2

China HK India Indo. Mal. Phil. Sing. S.Kor. Twn. Thlnd.

Country

Figure AII.J. Emerging Asian Nations: J993 Offshore Debt Issues Outstanding. (Source: BIS, 1994.)

Table AII.2 highlights sample issues from sovereign and private issuers in each of the to Asian countries discussed in this text; the list is not comprehensive, simply representative of the types of issues which are presently outstanding in the market.

Instrument Definitions

Eurobond. A foreign currency bond issued in the offshore market, not sold into the country of the underlying currency.

Bulldog bond. A sterling-denominated bond issued in the UK.

318

Appendix II

Dragon bond. A foreign currency bond issued in the Asian time zone, sold primarily to Asian investors, and listed on Asian exchanges (generally Hong Kong, Taipei, and Singapore).

Global bond. A foreign currency bond offered and traded in various markets (and generally listed on various Asian and European exchanges).

Samurai bond. A yen-denominated bond issued in the Japanese market.

Shogun bond. A US$-denominated bond issued in the Japanese market.

Yankee bond. A US$-denominated bond issued in the US market.

Count!1 Issuer Type Amount Coupon Maturity

China Bank of China Yankee $400 min 6.75% 1999

Bank of China Yankee $100 min 8.25% 2014

Bank of China Euro-FRN $150 min 6L + 50 1997

China Textile Euro-CB SF35 min 1.00% 1998

CITIC Shogun $100 min 9.675% 1995

CITIC Yankee $250 min 6.875% 2003

DITIC Samurai Y10 bin 4.20% 1998

Fujian Investment Eurobond $50 min 8.00% 1995

Fujian Investment Samurai Y15 bin 5.90% 1998

GITIC Euro-FRN $150 min 6L + 55 1998

GITIC Yankee $150 min 6.75% 2003

Guangdong Investment Samurai Y20 bin 6.10% 1996

Guangdong Investment Euro-CB $102 min 4.50% 1998

Guangdong Investment Samurai Y15 bin 6.30% 1997

Guangzhou Investment Eurobond $90 min 4.50% 1998

People's Const.Bank Yankee $120 min 6.875% 2003

People's Rep. China Dragon $300 min 6.125% 2003

People's Rep. China Global $1 bin 6.50% 2004

Shanghai Investment Samurai Y15 bin 5.25% 1995

SITIC Samurai Y10 bin 5.10% 1998

TITIC Samurai Y13 bin 4.45% 1999

TITIC Samurai Y15 bin 6.50% 1996

Hong Kong Dairy Farm Int'l Euro-CB $209 min 6.50% Perp.

Jardine Strategic Euro-CB $360 min 7.50% Perp.

Johnson Electric Euro-CB $150 min 4.50% 2000

Hong Kong Land Euro-CB $410 min 4.00% 2001

Lippo Ltd. Euro-CB $100 min 1.25% 2000

Mass Transit Railway Yankee $150 min 6.00% 2000

319


Country Issuer Type Amount Coupon Maturity

Hong Kong Mass Transit Railway Samurai Y10 bin 5.20% 1995 Mass Transit Railway Euro-FRN $37.5 min 6L+30 1996 Mass Transit Railway Samurai Y10 bin 7.00% 1995 Swire Pacific Yankee $110 min 7.38% 2003

India Essar Gujarat Eurobond $65 min 5.50% 1998 Gujarat Ambuja Euro-CB $75 min 3.50% 1999 Ind. Cr. Iny. India Eurobond SF75 min 5.75% 1996 Ind. Dey. Bk. India Eurobond $100 min 10.00% 1996 Indian Oil Euro-FRN $200 min 6L+18.75 1994 Jindal Strips Euro-CB $55 min 4.25% 1999 Oil & Nat. Gas Corp. Eurobond DM250mln 9.50% 1997 Oil & Nat. Gas Corp. Samurai Y20bln 5.50% 1999 Reliance Industries Euro-CB $140 min 3.50% 1999 SCICI Ltd. Euro-CB $100 min 3.50% 2004 Tata Iron & Steel Euro-CB $100 min 2.25% 1999

Indonesia PT Astra Int'l Eurobond $125 min 9.75% 2001 PT Astra Int'I Euro-CB $125 min 6.75% 2006 PT Hanjaya Man.Sam. Eurobond $30 min 9.00% 1996 PT Indocement Euro-CB $75 min 6.75% 2001 PT Indorama Euro-CB SF60 min 4.50% 1997 PT Inti Indorayon Yankee $110 min 9.125% 2000 PT Semen Cibinong Eurobond $170 min 9.00% 1998 Rep. of Indonesia Euro-FRN $300 min 6L+18.751996

Malaysia Malaysian Banking Euro-FRN $100 min 6L+100 2004 Petronas Yankee $500 min 6.875% 2003 Petronas Samurai Y50 bin 4.10% 2003 Rep. of Malaysia Eurobond SF100 min 5.25% 1998 Rep. of Malaysia Samurai Y30 bin 5.40% 1999 Rep. of Malaysia Eurobond DM100 min 6.00% 1995 Rep. of Malaysia Eurobond $200 min 9.50% 1996

Rep. of Malaysia Samurai Y30bln 5.60% 1998 Rep. of Malaysia Eurobond SF125 min 5.75% 1997 Rep. of Malaysia Bulldog Stg.75 min 10.75% 2009

United Engineers Euro-CB $230 min 2.00% 2004 Philippines Benpres Holdings Euro-CB $44.3 min 4.20% Perp.

Dey. Bk of Phil. Eurobond $175 min 8.00% 1998 National Power Corp. Eurobond $200 min 7.675% 2000 Philippine Airlines Eurobond $100 min 8.00% 1996 Phil. Nat'l Bank Eurobond $150 min 6.675% 1998 Phil Nat'l Oil Co. Eurobond $90 min 7.25% 1998 Rep. of Philippines Eurobond $150 min 7.875% 1996

320

Appendix II


Philippines Subic Power Corp. Eurobond $105 min 9.50% 2008

Singapore DBS Land Euro-Warr $75 min 1.00% 1995

Keppel Corp. Euro-CB $75 min 4.00% 1997

Keppel Corp. Euro-CB $75 min 2.75% 1997

Overseas Union Bank Euro-FRN $100 min 6L+12.5 1996

Parkway Holding Euro-FRN $50 min 3L+50 1996

Singmarine Euro-Warr $30 min 1.00% 1994

Straits Steamship Euro-Warr $60 min 1.25% 1996

S. Korea City of Pusan Samurai Y20 bin 6.60% 1995

Daewoo Corp. Euro-CB SF75 min 3.25% 1997

Daewoo Corp. Euro-Warr $150 min 5.50% 1996

Daewoo Corp. Euro-FRN $50 min 6L+100 1997

Daewoo Electronics Euro-CB $50 min 3.50% 2007

Daewoo Heavy Ind. Euro-CB $40 min 3.00% 2001

Daewoo Telecom Euro-CB $50 min 3.50% 2006

Dong Ah Construction Euro-CB $50 min 1.25% 2004

Exim Bank of Korea Yankee $200 min 9.00% 1998

Exim Bank of Korea Samurai Y60bin 7.20% 2001

Goldstar Co. Euro-FRN $30 min 6L+25 2000

Hyundai Engineering Euro-FRN $140 min 6L+55 1997

Hyundai Motor Eurobond SF100 min 8.50% 1997

Korea Dev. Bank Samurai Y50bln 4.35% 1999

Korea Dev. Bank Yankee $200 min 5.875% 1998

Korea Dev. Bank Eurobond DM200 min 8.50% 1997

Korea Electric Power Yankee $300 min 8.00% 2002

Korea Electric Power Global $1.35 bin 6.375% 2003

Korea Telecom Yankee $100 min 7.40% 1999

Pohang Iron & Steel Yankee $250 min 7.50% 2002

Sammi Steel Euro-CB SF70 min 4.00% 1996

Samsung Electronic Yankee $200 min 8.50% 2002

Samsung Electronic Euro-CB $100 min 3.75% 1994

Sunkyong Industries Eurobond $25 min 5.875% 1997

Yukong Industries Euro-FRN $50 min 6L+60 2000

Taiwan Acer Euro-CB $45 min 4.00% 1994

Bank of Communications Euro-FRN $100 min 6L+10 2001

Far Eastern Textiles Euro-CB $50 min 4.00% 2006

Pacific Construction Euro-CB SF60 min 2.125% 1998

Pacific Electric Wire Euro-CB $65 min 3.75% 2001

Tung Ho Steel Euro-CB $40 min 4.00% 2001

U-Ming Marine Euro-CB $90 min 1.50% 2001

Yuen Fong Yu Paper Euro-CB $100 min 2.00% 1999

321



Thailand Asia Credit Euro-CB $100 min 3.75% 2003

Bangkok Land Euro-CB $130 min 4.50% 2003

CP Pokphand Euro-FRN $150 min 6L+90 1999

Dhana Siam Euro-CB $45 min 4.00% 2003

Elec.Gen.Auth.of Thlnd Euro-FRN $195 min 6L+12.5 2005

Hemaraj Land Euro-CB $60 min 3.50% 2003

Kiatnakin Finance Euro-CB $60 min 4.00% 2003

Kingdom of Thailand Yankee $200 min 8.70% 1999

Kingdom of Thailand Yankee $300 min 8.25% 2002

Kingdom of Thailand Samurai Y20 bin 4.95% 2000

Kingdom of Thailand Eurobond SF200 min 4.675% 1995

Krung Thai Bank Euro-FRN $100 min 6L+120 2001

Land and House Euro-CB $60 min 5.00% 2003

Petroleum Auth. Thlnd Euro-FRN $145 min 6L+12.5 2005

Siam Commercial Bank Euro-CB $160 min 3.25% 2004

Thai Military Bank Euro-FRN $50 min 6L+45 1999

Thai Petrochemical Euro-CB SF70 min 3.50% 1998

Note: Euro-CB = Euroconvertible bond; EuroFRN Euro floating rate note; Euro-Warr = Eurobond with warrants attached.

Table AII.2

322

Appendix III: Current Reserve/Liquidity Requirements for Financial Institutions

The listing below indicates the present level of reserves which banks operating in the emerging Asian market must hold against asset or liability positions. These ratios are subject to reasonably frequent changes by the central authorities as a means of influencing liquidity in the financial system and only present the situation in existence at the time of this writing.

China: 13 per cent of a bank's local currency deposits must be held in the form of reserves in an interest-bearing account at the People's Bank of China. The reserve requirement is applied to each branch of each banking institution, and a single bank is not permitted to average excesses or deficiencies among its branches.

Hong Kong: banks must hold a 25 per cent liquidity ratio which is calculated as the sum of liquid assets (currency and coin, excess of one-month interbank assets over one-month interbank liabilities, loans falling due within one month and short-term bills and instruments) and qualifying liabilities (one-month liabilities and excess of one month interbank liabilities over one-month interbank assets).

India: 14 per cent of a bank's net demand and time deposits must be held in cash at the Reserve Bank of India. In addition, banks must adhere to a statutory liquidity ratio, which is presently set at 34.75 per cent of net demand and time deposits (excluding deposits of non-residents); the figure derived from the statutory liquidity ratio must be held in the form of government securities, cash with the Reserve Bank of India, or non-interest bearing deposits with nationalized scheduled banks.

323


Indonesia: a mInimum of 2 per cent of a bank's average total qualifYing liabilities/capital must be held as a liquidity reserve; qualifYing liabilities/capital include checking accounts, time deposits with less than one month to maturity, savings deposits, interbank liabilities (except those from Bank Indonesia), other bank and non-bank borrowing, other current liabilities, and BIS-equivalent capital.

Malaysia: 11.5 per cent of a bank's eligible liabilities must be held in the form of a statutory cash reserve; eligible liabilities include ringgit and foreign currency deposits, net ringgit and foreign currency interbank borrowings, certificates of deposit and repurchase agreements. Banks must also maintain a 17 per cent liquidity ratio against eligible liabilities; 8 per cent. must be in the form of cash at the central bank, treasury bills, government securities, Cagamas bonds or call interbank placements; 9 per cent must be held in government or Cagamas securities or commercial bills.

Philippines: 22 per cent of a bank's demand, savings, and time deposits must be held in an interest-bearing account at the Central Bank of the Philippines (the account presently pays a rate of 4 per cent). (Note that the actual ratios applied to each liability category can vary over time and affect the total requirement.)

Singapore: 6 per cent of a bank's liability base (e.g. reservable deposits) must be held on deposit, in non-interest bearing form, with the Monetary Authority of Singapore; in addition, 18 per cent must be held in the form of Singapore government securities or other eligible investments.

South Korea: 11.5 per cent of a bank's domestic currency liabilities with maturities up to two years must be held in reserve, along with 8 per cent of domestic currency liabilities with maturities in excess of two years, 11.5 per cent of resident foreign currency liabilities, and 1 per cent of non-resident foreign currency liabilities. Up to 25 per cent of the reserve requirement can be held in cash; the balance must be held in government securities.

Taiwan: varying percentages of a bank's deposit base must be held in a noninterest bearing cash account at the Central Bank of China. The percentages which must be reserved presently range from 10.875 per cent for time deposits to 17.75 per cent for passbook savings deposits and 27.25 per cent for checking deposits.

324

Appendix III

Thailand: 6.5 per cent of a bank's non-bank deposits must be held in the form of statutory liquidity reserves which can be structured as follows: cash (not more than 2 per cent of the 6.5 per cent), deposits with the Bank of Thailand (at least 2 per cent of the 6.5 per cent), and government bonds (the remaining balance). In addition, 60 per cent of a bank's capital base must be invested in government securities, the balance in instruments approved by the central bank.

325

Appendix IV: Foreign Exchange Appreciation/Depreciation Figures

Value as a % of US$ (end 1992 = 100) 110~---------------------------------------------,

105

100

95

90

85

- - - -

Philippine Peso

Chinese Renminbi-swp

Indian Rupee

- - - - -

80~~--~--~~--~--~~---L--~~~~--~--~~

1/93 3/93 6/93 9/93 12/93 3/94

Year

Figure A/V.I. Foreign Exchange Appreciation/Depreciation vs. US Dollar.

327


Value as a % of US$ (end 1992 = 100) 110.-------------------------~--------------------_,

105

100

95

Hong Kong Dollar

South Korean Won

Taiwanese NT Dollar

---------

90~~--~--~~---L--~~--~--~~~~--~--L-~ 1/93 3/93 6/93 9/93 12/93 3/94

Year

Figure AIV.2. Foreign Exchange Appreciation/Depreciation vs. US Dollar.

Value as a % of US$ (end 1992 = 100) 115~~----------~~----------~-----------------------'

110

105

-1 0 0 ~-...:-;.,..._:

95

- Malaysian Ringgit

Indonesian Rupiah

Singapore Dollar

Thai Baht

-------.---- - -

90L-~--~--~~---L--~~--~--~~~~--~--L-~

1/93 3/93 6/93 9/93 12/93 3194

Year

Figure AIV.3. Foreign Exchange Appreciation/Depreciation vs. US Dollar.

328

Appendix V: Emerging Asian Stock Market Indexes

2500r-----------------------------------------~

- Shanghai B - Shenzhen B - Korea KOSPI

1500 - - -

1000

-........... /- ....... --500 - - - - --:: ,.-:, ":::-'- - - - - - - - - - - - - - - - - - - - -

3/92 6/92 9/92 12/92 3193 6/93 9/93 12/93 3194

Year

Figure AV.I. Emerging Asian Stock Market Indexes. (Source: (data) Bloomberg Financial Markets.)

329


OOO's 14r----------------------------------------------,

12 HK Hang Sang

--=- -Manila C-omp:-

- Taiwan TWSE

':. ':. -Bombay Saiis.-

10 - - - - - - - - - - - - - - - - - - - - - - - -

8

6

4

2

3/92

-,-"'*-.... , , -, -- - - - , , - - - - - -~ / -- - - - - - - - - - - - - - - - - - ::..-.-,;..-- - - - - - ---------------6/92 9/92 12/92 3193 6/93 9/93 12/93 3194

Year

Figure AV.2. Emerging Asian Stock Market Indexes. (Source: (data) Bloomberg Financial Markets.)

2500r-------------------------------------------~

2000

Sing. STI

Mal. KLCI

Thailand SET

Jakarta Compo

f 1500 -r ~- -

" 1000 - - - - - - - - - - - - - - - - - - - - -

500

/-,,.,..-/ -- - - - - - - - - - - - - - - - ""'" - - - ....

- - - - - - - - - .. - - -

3/92 6/92 9/92 12/92 3193 6/93 9/93 12/93 3194

Year

Figure AV.3. Emerging Asian Stock Market Indexes. (Source: (data) Bloomberg Financial Markets.)

330

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Hargrove, K., and M.Lawes, 1992, 'Taiwan: the quiet tiger', IFR Asian Development Bank Report, May, pp.42-44.

Hasan, K.S., and L.Blythe, 1978, Banking in India (Plymouth, England: Macdonald and Evans).

Hong Kong Monetary Authority, 1993, Information Memorandum, Exchange Fund Note Programme, Hong Kong, April.

Hong Kong Monetary Authority, 1994, 'General Information on Exchange Fund Securities', Hong Kong Monetary Authority, 15 March.

Hoon, Shim Jae, 1994, 'Economic monitor: South Korea. Wake up call', Far Eastern Economic Review, 28 April, p.72.

Hopper, M., 1989, Banking, Finance and Investment in Indonesia (Hong Kong: Eurasia Media).

334

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Hussin, A., et al., 1990, 'Financial liberalization and interest rate detennination in Malaysia', Bank Negara Malaysia Discussion Paper (Kuala Lumpur, Malaysia: Bank Negara Malaysia).

International Financing Review, 1993, 'Asian bonds', Issue 1011, 31 December, p.48.

International Financing Review, 1994a, 'Asian bonds', Issue 1013, 15 January, pp.98-99.

International Financing Review, 1994b, 'Asian bonds', Issue 1014, 22 January, pp.82--83.

International Financing Review, 1994c, 'Asian bonds', Issue lOIS, 29 January, pp.85--86.

International Financing Review, 1994d, IFR Development Bank Report: Asian Development Bank (London: IFR Publishing).

International Monetary Fund, 1993, Private Market Financing for Developing Countries (Washington, D.C.: IMF).

International Monetary Fund, 1994, International Financial Statistics (Washington, D.C.: IMF), March.

International Securities Institute, 1994, Handbook on Financial Futures and Traded Options in Asia (Hong Kong: lSI).

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335


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McDonald, H., 1994, 'Economic monitor: India. Inflation worries', Far Eastern Economic Review, 31 March, p.58.

Ministry of Finance, 1993, Economic Report 199311994 (Kuala Lumpur: Ministry of Finance).

Ministry ofInformation and Arts, 1993, Singapore 1993 (Singapore: Ministry of Information and Arts).

Monetary Authority Branch, 1990, Information Memorandum, Hong Kong Government Exchange Fund Bills Programme, Hong Kong, June.

Monetary Authority of Singapore, 1993, Annual Report 1992-93 (Singapore: Monetary Authority of Singapore).

Monetary Authority of Singapore, 1994a, Monthly Statistical Bulletin (Singapore: Monetary Authority of Singapore), January.

Monetary Authority of Singapore, 1994b, 'General information on the government securities market' , April.

Murray, W., 1994, 'APEC to cooperate on capital markets', Asian Wall Street Journal, 22 March, pp.l ,2.

Murthy, R.C., and S. Wagstyl, 1994, 'Bombay SE could lift forward trading ban', Financial Times, 13 May, p.26.

Nasution, A., 1987, Financial Institutions and Policies in Indonesia (Singapore: Institute of South East Asian Studies).

National Statistical Coordination Board, 1993a, Economic Indicators, December 1993 (Manila: National Statistical Coordination Board).

National Statistical Coordination Board, 1993b, Philippine Statistical Yearbook 1993 (Manila: National Statistical Coordination Board).

National Statistical Office, 1993c, Major Statistics o/the Korean Economy (Seoul: National Statistics Office).

Organisation for Economic Cooperation and Development, 1992, Financing and External Debt o/Developing Countries: 1992 Survey (Paris: OECD).

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336

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Schwartz, A., 1994, 'Gentlemen prefer bonds', Far Eastern Economic Review, 13 January, p.58.

Scott, R., et al., 1986, Hong Kong's Financial Institutions and Markets (Oxford: Oxford University Press).

See-Yan, T.S., 1992, 'Malaysia: the savings-investment gap, financing needs and capital market development, 1960-1995', Bank Negara Malaysia Discussion Paper (Kuala Lumpur: Bank Negara Malaysia).

Semkow, B., 1992, Taiwan's Financial Markets and Institutions (London: Quorom Books).

Sender, H., 1994, 'A Taste for New Recipes,' Far Eastern Economic Review, July 28, pp. 40-44.

Shale, T., 1993a, 'How Yambo plans to toughen bank supervision', Euromoney, June, pp.52-53.

Shale, T., 1993b, 'Asian capital markets: can dragons breathe life into Asian bonds?', Euromoney, September, pp. 208--214.

Shale, T., 1993c, 'The rise of Asia's central banks', Euromoney, November, pp.42-45.

Shirreff, D., 1993, 'Dollar diplomacy', Risk, February, pp.23-25. Silverman, G., 1994, 'Malaysian loan stocks hit record highs in speculative

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Skully, M., 1982, Financial Institutions and Markets in the Far East (New York: St. Martin's Press).

337


Skully, M., 1986, Merchant Banking in ASEAN (Oxford: Oxford University Press).

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Slayter, W. and E.Carew, 1993, Trading ASia-Pacific Financial Futures Markets (St. Leonards, Australia: Allen and Unwin).

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Stock Exchange of Thailand, 1993, Monthly Review (Bangkok: Stock Exchange of Thailand), December.

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338

References

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Wilson, J.S.G., 1993, Money Markets: The International Perspective (London: Routledge).

World Bank, 1988, China: Finance and Investment (Washington, D.C.: World Bank).

World Bank, 1990, China: Financial Sector Policies and Institutional Development (Washington, D.C.: World Bank).

World Bank, 1993a, The East Asian Miracle (Oxford: Oxford Press). World Bank, 1993b, Trends in Developing Economies 1993 (Washington, D.C.:

World Bank). Yates, D., 1994, 'Indonesia to list Indosat in U.S., locally, in 1994', Reuters, 4

May.

339

Index

ACN see Asian currency note appreciation! depreciation figures,

foreign exchange 325-6 Asian currency note (ACN),

Thailand 301 asset backed securities, Philippines

187 asset-backed bill of exchange,

Thailand 301 associated markets

China 44-6 Hong Kong 67-72 India 101-3 Indonesia 127-9 Malaysia 160-3 Philippines 188-90 Singapore 215-17 South Korea 244-7 Taiwan 276-8 Thailand 302-4

Badan Pelaksana Pasar Model (BAPEPAM) 116, 135 Indonesia 115

Bakun Dam (Malaysia) 4 Bangkok Interbank Offered Rate

(BmOR) 295 Bangkok International Banking

Facility (BIBF) 290 Bank Indonesia 135

Bank of Korea 252 Bank Negara bills (BNBs) 143, 145 Bank Negara Malaysia (BNM or

Bank Negara) 141 Bank of Thailand 310 bankers' acceptances (BAs)

Hong Kong 62, 65 Malaysia 152, 154-5 Taiwan 260, 267, 271 Thailand 295

BAPEP AM, see Badan Pelaksana PasarModel

BAs, see bankers' acceptances Beijing-Kowloon railroad (China) 4,

34 BIBF, see Bangkok International

Banking Facility BIB OR, see Bangkok Interbank

Offered Rate bil dagangan (Malaysia) 154 bil perbendaharaan (Malaysia) 143 bills of exchange

China 35-6 Indonesia 123 Singapore 207, 210 Thailand 297

BNBs, see Bank Negara bills BNM, see Bank Negara Malaysia bon simpanan Malaysia (BSM) 151 bond market, development 6-7

341


bonds (dragon) 3 bonds with transferable subscription

rights (TSRs), Malaysia 157, 159 bonds with warrants

Singapore 212 South Korea 239, 242 Thailand 299

Cagamas bonds, Malaysia 146, 149-50

Cagamas Mudharabah bonds 151 capital construction bonds, China 43 capital investment bonds, China

40-1 capital market securities

China 36-44 Hong Kong 65-7 India 88-96, 98-101 Indonesia 121-2, 125-7 Malaysia 146-52, 157-60 Philippines 180-3, 187-8 Singapore 203-7, 212-14 South Korea 232-6, 239-44 Taiwan 262-7, 273-5 Thailand 293-5, 298-301

CBC, see Central Bank of China CBCIs, see central bank certificates

of indebtedness (Philippines) CCI, see Controller of Capital Issues CD see certificate of deposit central bank bills, Philippines 176,

178-9 central bank certificates of

indebtedness (CBCIs), Philippines 178-9

Central Bank of China 283 Central Bank of the Philippines 195 central government bonds, India 88,

91 central government guaranteed

bonds, India 88 Central Monetary Authority (CMA)

195

342

Central Provident Fund (CPF) Singapore 202 Thailand 307

certificates of deposit (CDs) China 35-6 India 85, 95 Indonesia 116, 123-4

Chasenotes, Thailand 297 Chek Lap Kok Airport (Hong Kong)

2,4,54 China

associated markets 44-6 bills of exchange 35-6 capital construction bonds 43 capital investment bonds 36, 40-1 capital market securities 36-44 certificates of deposit (CDs) 35-6 China Securities Regulatory Commission (CSRC) 52 commercial paper (CP) 35-6 corporate (enterprise) bonds 36, 42-3 current market 19-20 economic outlook 32 economic overview 29-33 exchange controls 51-2 financial bonds 36, 41 financial system 31 fiscal bonds 36, 39 futures and options 44-5 GDP growth rates 33 government instruments 35-44 instruments 35-44 interbank deposits 35-6 investors 48-9 issuers 46-8 key construction bonds 43 local corporate (enterprise) bonds

36,43-4 major projects 4 market background 33-5 mechanics 50-2 money market securities 35-6

over-the-counter derivatives 46 participants 46-50 private sector instruments 44 regulatory matters 52 repurchase/reverse repurchase agreements 45 security summary chart 52 sovereign instruments 35 special purpose bonds 36, 39 state construction bonds 43 State Council Securities Commission (SC) 52 state key enterprise bonds 43 taxation 51 trading and settlement 50-1 treasury bills 35-6 treasury bonds 36-9 underwriters, dealers and market makers 49-50

China Securities Regulatory Commission (CSRC) 52

Chinese Renminbi exchange rates 31

Chinese stock market trends 32 Citinotes, Thailand 297 CMA, see Central Monetary

Authority commercial bills, India 96, 98-9 commercial bills/acceptances, South

Korea 236, 239 commercial paper (CP)

China 35-6 Hong Kong 62, 65 India 97-8 Indonesia 116, 122 Malaysia 152,156-7 Philippines 184, 186 Singapore 207, 211 South Korea 236 Taiwan 267-8 Thailand 295, 298

Controller of Capital Issues (CCI) 100

Index

convertible bonds Indonesia 126-7 Malaysia 157, 159 Philippines 187-8 Singapore 212-13 South Korea 239,241 Taiwan 273-4

convertible debentures India 98-9 Thailand 299-300

corporate debentures, Thailand 299 corporate (enterprise) bonds, China

42-3 corridor floating rate note, Hong

Kong 66 corridor NCD, Hong Kong 65 coupon bonds, Thailand 293 CP see commercial paper CPF, see Central Provident Fund

(CPF) Credit Rating Information Services

of India 101 CSRC, see China Securities

Regulatory Commission

debentures, Taiwan 262, 266-7 developing market ideal

characteristics 7-9 DFHI, see Discount and Finance

House of India Dhabol (India) 4 Discount and Finance House of

India (DFHI) 86, 92 dragon bonds 3

East India Company 83 EFN see Exchange fund note EFN see Exchange fund note Eighth Plan (India) 2 electric power bonds (EPBs), South

Korea 234 emerging Asian stock market

indexes 327-8

343


Employee Provident Fund (EPF), Singapore 206

Employees Provident Fund (EPF), Malaysia 146, 149

EPBs see electric power bonds EPF, see Employee Provident Fund

(Malaysia) exchange controls

China 51-2 Hong Kong 77 India 108-9 Indonesia 135 Malaysia 169 Philippines 195 Singapore 221 South Korea 252 Taiwan 283 Thailand 310

Exchange Fund Note (EFN), Hong Kong 60-1

exchangeable bonds, Taiwan 273-5

export-import debentures, South Korea 235

FESFBs see foreign exchange stabilization fund bonds

fmancial bonds, China 41 financial debentures, South Korea

232,235 fmancial institutions, reserve/

liquidity requirements 322-4 fiscal bonds (China) 39 Five Year Plan for the New

Economy (South Korea) 227 fixed rate bonds

Hong Kong 66 Indonesia 121, 125 Malaysia 157-8 Philippines 187 Singapore 203, 212 South Korea 239-40 Taiwan 273

344

fixed rate treasury notes, Philippines 191

fixed/floating bond, Indonesia 121-2, 125

floating rate bonds Hong Kong 66 Malaysia 157 Singapore 203, 212

floating rate notes (FRNs), Thailand 300

floating rate treasury notes (FRTNs), Philippines 180

foreign exchange, appreciation! depreciation figures 325-6

foreign exchange finance debentures, South Korea 235

foreign exchange stabilization fund bonds (FESFBs), South Korea 232

FRTNs, see fIXed rate treasury notes FRTNs see floating rate treasury

notes futures and options

China 44-5 Hong Kong 67-8 India 101 Indonesia 127 Malaysia 160-1 Philippines 188 Singapore 215 South Korea 244-5 Taiwan 276 Thailand 302

GDP growth rates China 33 Hong Kong 57 India 83 Indonesia 115 Malaysia 140 Philippines 175 Singapore 200 South Korea 226

Taiwan 258 Thailand 288

GDP see gross domestic product GIC see government investment

certificate GMFBs see grain management fund

bonds government bond programmes

16-19 government bonds

India 88 Singapore 203 Taiwan 262-5

government enterprise bonds, Philippines 180-3

government instruments China 35-44 Hong Kong 58-62 India 85-95 Indonesia 116-122 Malaysia 143-52 Philippines 176-80 Singapore 202-7 South Korea 229-36 Taiwan 260-7 Thailand 291-5

government investment certificates (GICS), Malaysia 146, 151-2

government securities (MGS), Malaysia 146

grain management fund bonds (GMFBs), South Korea 232-4

gross domestic product (GDP) growth rates 1

HIBOR forward rate agreements 69-73

HIBOR futures 68-75 HIBOR, see Hong Kong Interbank

Offered Rate HKFE, see Hong Kong Futures

Exchange

Index

HKMA, see Hong Kong Monetary Authority

Hong Kong associated markets 67-72 bankers' acceptances 62, 65 capital market securities 60-2, 65-7 Chek Lap Kok airport 2, 4, 54 commercial paper (CP) 62, 65 corridor floating rate note 66 corridor NCD 65 current market 20-1 economic overview 53-6 exchange controls 77 Exchange Fund bill (EFB) 58-9 Exchange Fund note (EFN) 60 fixed rate bonds 66 floating rate bonds 66 futures and options 67-8 GDP growth rates 57 government instruments 58-62 instruments 57-67 interbank deposits 62-3 investors 74 issuers 73-4 key economic indicators 56 major projects 4 market background 56-7 mechanics 76-8 medium-term government bonds

61-2 money market securities 58-60,

62-5 mortgage backed bonds 66, 67 negotiable certificates of deposit

62-5 over-the-counter derivatives

69-72 participants 73-6 private sector instruments 62-7 range floater 67 regulatory matters 77

345


repurchase/reverse repurchase agreements 68 Security Summary Chart 78 taxation 77 trading and settlement 76-7 underwriters, dealers and market makers 74-6

Hong Kong Association of Banks 63 Hong Kong Futures Exchange

(HKFE) 68 Hong Kong Interbank Offered Rate

(RIBOR) 68 Hong Kong Liquidity Adjustment

Facility 69 Hong Kong Monetary Authority

(HKMA) 69, 78 housing debentures, South Korea

235

IFCT notes, Thailand 291-3 India

associated markets 101-3 capital market securities 88-96,

98-101 central government bonds 88-9,

91 central government guaranteed

bonds 88 certificates of deposit (CDs) 85,

95 commercial bills 96, 98 commercial paper (CP) 97-8 Controller of Capital Issues 100 convertible debentures 99 Credit Rating Information

Services of India 101 current market 21 Discount and Finance House of

India (DFHI) 86, 92 economic overview 79-82 exchange controls 108-9 futures and options 10 1 GDP growth rates 83

346

government bonds 88 government instruments 85-95 instruments 85-101 interbank deposits 85, 96-7 Investment Information and

Credit Rating Agency of India 101

investors 104-5 issuers 103-4 Key Economic Indicators 82 khokha 99 major projects 4 market background 83-5 mechanics 107-9 money market securities 85-7,

95-8 National Clearing and Depository

System (NCDS) 84 non-convertible debentures 98 over-the-counter derivatives

102-3 Over-the-Counter Exchange of

India (OTCEI) 84, 100 participants 104-8 private sector instruments 95-101 public sector bonds 88, 93-5 public sector undertakings

(PSUs), India 93 regulatory matters 109 repurchase/reverse repurchase

agreements 102 Reserve Bank of India (RBI) 84,

109 Securities and Exchange Board of

India (SEBI) 83, 100, 109 Securities Trading Corporation of

India (STCI) 92 Security Summary Chart 110 special private placement

instruments 88, 90-1 state government bonds 88, 92 state government guaranteed

bonds 88, 92

taxation 108 trading and settlement 107-9 treasury bill (t-bill) 85 underwriters, dealers and market

makers 106-7 zero coupon/deep discount bonds

98-9 Indonesia

associated markets 127-9 Badan Pelaksana Pasar Model

(BAPEPAM) 115 bills of exchange 123 capital market securities 121-2,

125-7 certificates of deposit (CDs) 116,

123-4 commercial paper (CP) 116, 122 convertible bonds 126-7 current market 21-2 economic overview 111-4 exchange controls 135 fixed rate bonds 122, 125 fixed/floating bond 121-2, 125 futures and options 127 GDP growth rates 115 government instruments 116-21 instruments 115-27 interbank deposits 116, 122-3 investors 132-3 issuers 130-2 Jakarta Interbank Offered Rate

(nBOR) 123 Key Economic Indicators 114 major projects 4 market background 114-5 mechanics 134-6 money market securities 116-25 over-the-counter derivatives

128-9 participants 130-4 private sector instruments 122-7 regulatory matters 135

Index

repurchase/reverse repurchase agreements 127-8

Sertifikat Bank Indonesia (SBI) 116

Surat Berharga Pasar Uang (SBPU) 116, 120

taxation 134 trading and settlement 134-5 underwriters, dealers and market

makers 132-3 Indosat Expansion (Indonesia) 4 industrial debentures, South Korea

235 Industrial Finance Corporation of

Thailand (see also IFCT notes) 291

instrument definitions 317-18 interbank deposits

China 35 Hong Kong 62-3 India 85, 96-7 Indonesia 116, 122-3 Malaysia 152 Philippines 184,202 Singapore 207-8 South Korea 236-7 Taiwan 260, 267, 268-70 Thailand 295

investment bonds, Thailand 293 Investment Infonnation and Credit

Rating Agency ofIndia 10 1 investors

China 48-9 Hong Kong 74 India 104-5 Indonesia 132-3 Malaysia 165 Philippines 192-3 Singapore 218-19 South Korea 249 Taiwan 280 Thailand 307

Islamic note facilities, Malaysia 159

347


issuers China 46-8 Hong Kong 73-5 India 103-4 Indonesia 130-2 Malaysia 163-5 Philippines 191-2 Singapore 217 South Korea 247-9 Taiwan 278-80 Thailand 305

Jakarta Interbank Offered Rate (JIB OR) 123, 124

Jakarta Toll Road (Indonesia) 4 JIB OR, see Jakarta Interbank

Offered Rate

key construction bonds, China 43 Key Economic Indicators

China 33 Hong Kong 56 India 82 Indonesia 115 Malaysia 140 Philippines 175 Singapore 200 South Korea 226 Taiwan 258 Thailand 288

khokha 99 KLCE, see Kuala Lumpur

Commodities Exchange KLFM, see Kuala Lumpur Futures

Market KLIBOR, see Kuala Lumpur

Interbank Offered Rate KLOFFE, see Kuala Lumpur

Options and Financial Futures Exchange

Korea Investment Corporation 227

Korea Investors Service 248

348

Korea Management and Credit Rating Corporation 248

Korea Securities Finance Company (KSFC) 245

KSFC, see Korea Securities Finance Company

Kuala Lumpur Commodities Exchange (KLCE) 160

Kuala Lumpur Futures Market (KLFM) 161

Kuala Lumpur Interbank Offered Rate (KLIBOR) 143, 152-3

Kuala Lumpur Options and Financial Futures Exchange (KLOFFE) 160

LAF, see Liquidity Adjustment Facility

land development bonds (LDBs), South Korea 234

LDBs see land development bonds Liquidity Adjustment Facility (LAF)

69 loan bonds, Thailand 293 loan notes, Thailand 293 loan stocks, Malaysia 157, 158 local corporate ( enterprise) bonds

China 43-4 Malaysia 143

long-term bonds, Thailand 293 long-term credit debentures, South

Korea 235

Malaysia associated markets 160-3 Bank Negara bills 143, 145 Bank Negara Malaysia 141 bankers' acceptances (BAs) 152,

154-5 bil dagangan 154 bil perbendaharaan 143 bon simpanan Malaysia (BSM) 151

bonds with transferable subscription rights (TSRs) 157, 159

Cagamas Mudharabah bonds 145, 149-50, 151

capital market securities 146-52, 157-60

commercial paper (CP) 152, 156-7

convertible bonds 157, 159 current market 22-3 economic overview 137-40 Employee Provident Fund (EPF)

149 exchange controls 169 fixed rate bonds 157-8 floating rate bonds 157 futures and options 160-1 GDP growth rates 140 government instruments 143-52 government investment

certificates (GICS) 146, 151-2 government securities (MGS) 146 instruments 142-60 interbank deposits 152 investors 165 Islamic note facilities 159 issuers 163-5 Key Economic Indicators 140 Kuala Lumpur Commodities

Exchange (KLCE) 160 Kuala Lumpur Futures Market

(KLFM) 161 Kuala Lumpur Options and

Financial Futures Exchange (KLOFFE) 160

loan stocks 157, 158 major projects 4 market background 140-2 mechanics 167-9 money market securities 143-5,

152-6

Index

negotiable certificates of deposit (NCDs) 152-4

over-the-counter derivatives 162-3

participants 163-7 private sector instruments 152-60 Rating Agency of Malaysia

(RAM) 164 redeemable convertible unsecured

notes 159 redeemable secured bonds 158 redeemable unsecured bonds 157 redeemable unsecured loan stock

158 regulatory matters 169 repurchase and reverse

repurchase agreements 162 savings bond 146 Securities Commission 169 taxation 168 trading and settlement 167-8 treasury bills (t-bills) 143-4 underwriters, dealers and market

makers 166-7 Malaysia National Savings Bank

(NSB) 146 Malaysian government securities

(MGS) 145-9,206 Manila International Futures

Exchange (MIFE) 188 market background

China 33-5 Hong Kong 56-7 India 83-5 Indonesia 114-5 Malaysia 140-2 Philippines 175-6 Singapore 200-201 South Korea 227-9 Taiwan 258-9 Thailand 288-91

MAS, see Monetary Authority of Singapore

349


medium-tenn bonds, Thailand 293 medium-tenn government bonds,

Hong Kong 61-2 MGS futures 162 MGS, see Malaysian government

securities MIFE, Manilia International Futures

Exchange Monetary Authority of Singapore

(MAS) 202 monetary stabilization bond (MSB),

South Korea 229-31 money market securities

China 35-6 Hong Kong 58-60, 62-5 India 85-7, 95-8 Indonesia 116-25 Malaysia 143-5 Philippines 176-9, 184-6 Singapore 202, 207-12 South Korea 229-32, 236-9 Taiwan 260-2,267-73 Thailand 291-3, 295-8

mortgage backed bonds, Hong Kong 66,67

mortgage bonds, South Korea 239, 242

MSB see monetary stabilization bond

municipal bonds South Korea 232, 235 Taiwan 262, 265-6

national bond market development 6-16 general market 10 ideal characteristics 7-9 intennediaries 11 investors 11-12 issuers 10-11 pitfalls 12-14 potential benefits 14-16 questions & issues 9-12

350

National Clearing and Depository System (NCDS), India 85

national government bonds, Philippines 180-1

national housing bonds (NHBs), South Korea 232, 234

National Information and Credit Evaluation, South Korea 248

national investment bonds (Nms), South Korea 232

National Sewerage Project (Malaysia) 4

NCD see negotiable certificates of deposit

NCDS, see National Clearing and Depository System

negotiable certificates of deposit (NCDs) Hong Kong 62-5 Malaysia 152-4 Philippines 184 Singapore 202, 207, 209 South Korea 236 Taiwan 260, 267, 270 Thailand 295-7

NHBs see national housing bonds Nms see national investment bonds non-convertible debentures, India 99 Nong Ngu Hao Airport (Thailand) 4

offshore Eurobonds 3 Offshore Issues 316-21 OTCEI, see Over-the-Counter

Exchange of India over-the-counter derivatives

China 46 Hong Kong 69-72 India 102-3 Indonesia 128-9 Malaysia 162-3 Philippines 189-90 Singapore 216-17 South Korea 246-7

Taiwan 277-8 Thailand 303-4

Over-the-Counter Exchange of India (OTCEI) 84, 100

People's Bank of China 52 Philippines

asset backed securities 187 associated markets 188-90 capital market securities 180-3,

187-8 central bank bills 176, 178-9 Central Bank of the Philippines

195 Central Monetary Authority

(CMA) 195 commercial paper (CP) 184, 186 convertible bonds 187-8 current market 23 economic overview 171-5 exchange controls 195 fixed rate bonds 187 fixed rate treasury notes 180, 191 floating rate treasury notes

(FRTNs) 180 futures and options 188 GDP growth rates 175 government enterprise bonds

180-3 government instruments 176-80 instruments 176-88 interbank deposits 184, 202 investors 192-3 issuers 191-2 Key Economic Indicators 175 major projects 4 Manila International Futures

Exchange (MIFE) 188 market background 175-6 mechanics 194-6 money market securities 176-9,

184-6 national government bonds 180-1

Index

negotiable certificates of deposit (NCDs) 184

over-the-counter derivatives 189-90

participants 191-3 private sector instruments 184-8 promissory notes 184 regulatory matters 195 repurchase/reverse repurchase

agreements 189 Securities and Exchange

Commission (SEC) 195 taxation 194-5 trading and settlement 194 treasury bills 176-8 treasury bonds 180 treasury notes 180 underwriters, dealers and market

makers 193 private sector instruments

China 44 Hong Kong 62-9 India 96-102 Indonesia 123-8 Malaysia 152-60 Philippines 184-8 Singapore 207-14 South Korea 236-44 Taiwan 267-75 Thailand 295-301

projects, major infrastructure 4 promissory notes, Philippines 184 provincial bonds, Taiwan 262, 265-6 PSUs, see public sector undertakings public corporation bonds, South

Korea 232, 234 public sector bonds (PSBs), India

88,93-5 public sector undertakings (PSUs),

India 93

RAM, see Rating Agency of Malaysia

351


range floater, Hong Kong 67 Rating Agency of Malaysia (RAM)

164 RBI, see Reserve Bank of India redeemable convertible unsecured

notes, Malaysia 159 redeemable secured bonds, Malaysia

158 redeemable unsecured bonds,

Malaysia 157 redeemable unsecured loan stock,

Malaysia 158 regional development bonds, South

Korea 235 regulatory matters

China 52 Hong Kong 77 India 109 Indonesia 135 Malaysia 169 Philippines 195 Singapore 222 South Korea 252 Taiwan 283 Thailand 310

Republic of the Philippines treasury bills (RPTBs) 176

repurchase/reverse repurchase agreements China 45 Hong Kong 68 India 102 Indonesia 127-8 Malaysia 162 Philippines 189 Singapore 215 South Korea 245-6 Taiwan 276-7 Thailand 302-3

Reserve Bank ofIndia (RBI) 83, 109 reserve/liquidity requirements,

financial institutions 322-4 RPTB Futures 190

352

RPTBs see Republic of the Philippines treasury bills

savings bond, Malaysia 146 SBI see Sertifikat Bank Indonesia SC, see State Council Securities

Commission SEBI, see Securities and Exchange

Board of India Securities Commission, Malaysia

169 Securities and Exchange Board of

India (SEBI) 84, 100, 109 Securities and Exchange

Commission Philippines 195 South Korea 248, 252 Taiwan 283 Thailand 310

Securities Trading Automated Quote System (STAQS), China 34

Securities Trading Corporation of India (STCI) 92

Security Comparison Chart 312-15 Seoul Airport (South Korea) 4 Sepang Airport (Malaysia) 4 Sertifikat Bank Indonesia (SBI) 116 SIBOR, see Singapore Interbank

Offered Rate SIMEX, see Singapore International

Monetary Exchange Singapore

associated markets 215-17 bills of exchange 207, 210 bonds with warrants 212 capital market securities 203-7,

212-14 Central Provident Fund (CPF)

202 commercial paper (CP) 207, 211 convertible bonds 212-13 current market 23-4 economic overview 197-200

Employee Provident Fund (EPF) 206 exchange controls 221 fixed rate bonds 203, 212 floating rate bonds 203, 212 futures and options 215 GDP growth rates 200 government bonds 203 government instruments 202-7 instruments 201-14 interbank deposits 207-8 Interbank Offered Rate (SIBOR)

208 investors 218-19 issuers 217 Key Economic Indicators 200 major projects 4 market background 200-1 mechanics 220-2 Monetary Authority of Singapore

(MAS) 202 money market securities 202,

207-12 negotiable certificates of deposit

(NCDs) 202, 207, 209 over-the-counter derivatives

216-17 participants 217-20 private sector instruments 207-14 regulatory matters 222 repurchase/reverse repurchase

agreements 215 Singapore International Monetary

Exchange (SIMEX) 215 taxation 221 trading and settlement 220-1 treasury bills 202 underwriters, dealers and market

makers 219-20 Singapore Interbank Offered Rate

(SIBOR) 208 Singapore International Monetary

Exchange (SIMEX) 215

Index

Six Year National Development Plan (1991-7), Taiwan 2, 258

small/medium industry debentures, South Korea 235

South Korea associated markets 244-7 Bank of Korea 252 bonds with warrants 239, 242 capital market securities 232-6,

239-44 commercial bills/acceptances

236,239 commercial paper (CP) 236 convertible bonds 239, 241 Coordinating Committee of Bond

Issuance 248 current market 24-5 economic overview 223-6 electric power bonds (EPBs) 234 exchange controls 252 export-import debentures 235 financial debentures 232, 235 Five Year Plan for the New

Economy 227 fixed rate bonds 239-40 foreign exchange finance

debentures 235 foreign exchange stabilization

fund bonds (FESFBs) 232 futures and options 244-5 GDP growth rates 226 government instruments 229-36 grain management fund bonds

(GMFBs) 232-4 housing debentures 235 industrial debentures 235 instruments 229-44 interbank deposits 236-7 investors 249 issuers 247-9 Key Economic Indicators 226 Korea Investment Corporation

227

353


Korea Investors Service 248 Korea Management and Credit

Rating Corporation 248 Korea Securities Finance

Company (KSFC) 245 land development bonds (LDBs)

234 long term credit debentures 235 major projects 4 market background 227-9 mechanics 250-2 monetary stabilization bond

(MSB) 229-31 money market securities 229-32,

236-9 mortgage bonds 239, 242 municipal bonds 232, 235 national housing bonds (NHBs)

232,234 National Information and Credit

Evaluation 248 national investment bonds (NIBs)

232 negotiable certificates of deposit

(NCDs) 236 over-the-counter derivatives

246-7 participants 247-50 private sector instruments 236-44 public corporation bonds 232,

234 regional development bonds 235 regulatory matters 252 repurchase/reverse repurchase

agreements 245-6 Securities Supervisory Board

248 smalVmedium industry

debentures 235 subway bonds 235 taxation 251 telephone and telegraph bonds

(TTBs) 234

354

Three Stage Liberalization Plan 227

trading and settlement 250-1 treasury bill (t-bill) 229, 231-2 water supply bonds 235 special private placement

instruments, India 88, 90-1 special purpose bonds, China

39-40 ST AQS, see Securities Trading

Automated Quote System state bonds, Thailand 293-5 state construction bonds, China 43 State Council Securities

Commission (SC), China 52 state government bonds, India 88,

92 state government guaranteed bonds,

India 88, 92 state key enterprise bonds, China 43 STCI, see Securities Trading

Corporation of India subordinated debentures, Thailand

299 subway bonds, South Korea 235 Surat Berharga Pasar Uang (SBPU)

116, 120 Surat Jaminan Kerajaan 146-9

Taiwan associated markets 276-8 bankers' acceptances (BAs) 260,

267,271 capital market securities 262-7,

273-5 commercial paper (CP) 267-8 convertible bonds 273-4 current market 25 debentures 262, 266-7 economic overview 254-8 exchange controls 283 exchangeable bonds 273-5 fixed rate bonds 273

futures and options 276 GDP growth rates 258 government bonds 262-5 government instruments 260-7 instruments 259-75 interbank deposits 260, 267,

268-70 investors 280 issuers 278-80 Key Economic Indicators 258 major projects 4 market background 258-9 mechanics 282-4 money market securities 260-2 municipal bonds 262, 265-6 negotiable certificates of deposit

(NCDs) 260,267,270 over-the-counter derivatives

277-8 participants 278-82 private sector instruments 267-75 provincial bonds 262, 265-6 regulatory matters 283 repurchase/reverse repurchase

agreements 276-7 Securities and Exchange

Commission 283 Six Year National Development

Plan (1991-7) 258 taxation 282-3 trading and settlement 282 treasury bills (t-bills) 260-2 underwriters, dealers and market

makers 280-2 taxation

China 51 Hong Kong 77 India 108 Indonesia 134 Malaysia 168 Philippines 194-5 Singapore 221 South Korea 251

Index

Taiwan 282-3 Thailand 309

TCDs see transferable CDs telephone and telegraph bonds

(TTBs), South Korea 234 Thai Ratings and Information

Service (TRIS) 298-9 Thailand

Asian currency note (ACN) 301 asset-backed bill of exchange 301 associated markets 302-4 Bangkok Interbank Offered Rate

(BmOR) 295 Bangkok International Banking

Facility (BffiF) 290 Bank of Thailand 310 bankers' acceptances (BAs) 295 bills of exchange 297 bonds with warrants 299-300 capital market securities 293-5,

298-301 Central Provident Fund (CPF)

307 Chasenotes 297 Citinotes 297 commercial paper (CP) 295, 298 convertible debentures 299-300 corporate debentures 299 coupon bonds 293 current market 26-7 economic overview 285-8 exchange controls 310 floating rate notes (FRNs) 300 futures and options 302 GDP growth rates 288 government instruments 291-5 IFCT notes 291-3 instruments 291-301 interbank deposits 295 investment bonds 293 investors 307 issuers 305 Key Economic Indicators 288

355


loan bonds 293 loan notes 293 long-term bonds 293 major projects 4 market background 288-91 mechanics 308-10 medium-term bonds 293 , money market securities 291-3,

295-8 negotiable certificates of deposit

(NCDs) 295-7 over-the-counter derivatives

303-4 participants 305-8 private sector instrument 295-301 regulatory matters 310 repurchase/reverse repurchase

agreements 302-3 state bonds 293-5 subordinated debentures 299 taxation 309 Thai Ratings and Information

Service 298-9 trading and settlement 308-9 transferable CDs (TCDs) 297 treasury bills (t-bills) 291 underwriters, dealers and market

makers 307-8 Three Gorges Hydroelectric Power

project (China) 2, 4, 34 Three Stage Liberalization Plan

(South Korea) 227 trading and settlement

China 50-1 Hong Kong 76-7 India 107-9 Indonesia 134 Malaysia 167-8 Philippines 194 Singapore 220-1 South Korea 250-1 Taiwan 282 Thailand 308-9

356

transferable CDs (TCDs), Thailand 297

treasury bills (t-bills) China 35-6 India 85 Malaysia 143 Philippines 176-8 Singapore 202 South Korea 229, 231-2 Taiwan 260-2 Thailand 291

treasury bonds China 37-9 Philippines 180

treasury notes, Philippines 180 Treaty of Nanking 56 TRIS, see Thai Ratings and

Information Service TSR see bonds with transferable

subscription rights TTBs see telephone and telegraph

bonds

underwriters dealers and market makers China 49-50 Hong Kong 74-6 India 106-7 Indonesia 133-4 Malaysia 166-7 Philippines 193 Singapore 219-20 South Korea 249-50 Taiwan 280-2 Thailand 307-8

water supply bonds, South Korea 235

zero coupon/deep discount bonds, India 98-9

Documents

Appendix I: Security Comparison Chart - Springer978-1-349-13633-9/1.pdf · Appendix I: Security Comparison Chart ... financing for issuers in the emerging Asian fixed income markets