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So much of the world’s highest quality sovereign and quasi-sovereign fixed income was submerged in negative yield territory for most of 2020 while the ongoing global pandemic wrought devastation on many of the economic, fiscal, credit and equity market assumptions that analysts and investors had previously held. But China is a different story, and its onshore fixed income market is simply vast and also growing apace. As the onshore debt market liberalises and as China aims to attract more foreign capital to this enormous sector of its capital markets, there is immense opportunity for investors to participate, but there are also huge dangers in taking the wrong approaches, misunderstanding the market and making the wrong investments.

The offshore RMB bond market – known as the ‘Dim Sum’ market is both far smaller and concentrated in the larger names that are listed on the international equity exchanges, whether in Hong Kong, the US, the UK or perhaps Singapore. There is also the foreign currency debt market for Chinese issues, against the names whose stock trades on the foreign exchanges. But it is the onshore RMB bond market, now valued at over USD14 trillion equivalent and second in size only to the US bond market, that is attracting the most attention these days. However, accessing this vast market as a private investor is remarkably difficult and potentially treacherous. But more and more investors are lining up to do so as a major diversification taking in both credit and currency exposures in the search for yield and capital gain in a world of falling and often negative yields. The optimal route into China’s onshore debt market for private clients in Asia is therefore to buy either the as yet still relatively limited number of fixed income ETFs or the managed funds whose managers have genuine expertise in the onshore bond market, and those are actually few and far between. The private clients will, in essence, be following the leading global institutions, who are very gradually allocating more capital to this market as global bond benchmarks very gradually incorporate more Chinese bonds in their indices. At the same time, the whole ecosystem involved in China’s onshore debt markets is evolving to include more and better-recognised credit ratings, as well as more and better research from reputed sources.

The Hubbis Digital Dialogue will assemble a panel of experts to discuss the evolution of this market and the potential for foreign investors as they very gradually dip their toes in this vast ocean of paper.

Jul 15

Accessing China’s fixed income and credit markets

3.00pm - 4.00pm HKT/SGT

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A community of leading organisations within Asian Wealth Management

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Senior figures in Asian Wealth Management are speaking at this event

Bruce Zhang

CSOP Asset Management

Donald Amstad

Aberdeen Standard Investments

Ye Ting Ting

LU Global

Dhiraj Bajaj

Lombard Odier

Johan Jooste

The Global CIO Office

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Event Agenda
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  • 15.00pm

    Accessing China’s fixed income and credit markets

    • How big is China’s fixed income market, in onshore RMB paper, offshore RMB (Dim Sum) paper and in offshore FX-denominated paper, and why is the overall market gaining more attention amongst international investors?
    • What is happening to China’s fixed income market in terms of global bond indices and percentage weightings, and why?
    • Is this a market in which private clients should get exposure?
    • How do foreign investors access the market and find the best opportunities?
    • ETFs? Actively-managed funds? Allocating specific money to DPM mandates? Which way is best?
    • What are the dangers, and what are the must-avoid sectors?
    • Is there a genuine risk of financial and currency instability in China?
    • Is China’s financial sector liberalisation – both of the fixed income market and of the RMB - opening the doors to great opportunity or potential disaster for foreign investors?
    • Are foreign credit rating agencies making headway in the onshore market both from a regulatory and also a credibility point of view?
    • What are the most appealing segments; for example, are Green bonds really taking off and do the returns measure up to the risks?
    • How is Asia’s wealth management community addressing the opportunity?

    Moderator

    Michael Stanhope

    Founder & Chief Executive Officer

    Hubbis

    Speakers

    Dhiraj Bajaj

    Head of Asia Credit, Fixed Income

    Lombard Odier

    Johan Jooste

    Managing Director

    The Global CIO Office

    Donald Amstad

    Global Head of Client Growth

    Aberdeen Standard Investments

    Ye Ting Ting

    Chief Operating Officer

    LU Global

    Bruce Zhang

    Fixed Income Portfolio Manager

    CSOP Asset Management

  • 16.00pm

    Webinar Ends

Jul 15

Accessing China’s fixed income and credit markets

3.00pm - 4.00pm HKT/SGT

Speakers

Bruce Zhang

CSOP Asset Management

Donald Amstad

Aberdeen Standard Investments

Ye Ting Ting

LU Global

Dhiraj Bajaj

Lombard Odier

Johan Jooste

The Global CIO Office

Jul 15

Accessing China’s fixed income and credit markets

3.00pm - 4.00pm HKT/SGT

Partners

platinum

Jul 15

Accessing China’s fixed income and credit markets

3.00pm - 4.00pm HKT/SGT