1、Assessing and Building Capacities for the Development of Bond Markets in the APEC Region,Professor Stephen Y L Cheung City University of Hong Kong Hong Kong,2,Agenda,Economic SituationsBond MarketFuture Policy ChallengeQuality Market,3,1. Economic Situation,Note: Real effective exchange rates are as
2、sumed to remain constant at the levels prevailing during February 13 - March 12, 2004. 1 Includes Indonesia, Malaysia, the Philippines, and Thailand. Source: World Economic Outlook, IMF, April 2004,Overview of the World Economic Outlook Projections,4,1. Economic Situation,Fast-growing More investmen
3、t for growthCan our capital market be the source of finance for future regional economic development? What are the reforms needed?,Asian Region,Challenges,5,Exports of the East Asian economies to Mainland China 1998-2003,Source: Mr. Frederick Mas speech, Developing Asias Bond Market: Fostering Finan
4、cial Stability and Enhancing Economic Development,6,Stock market capitalization,7,Financing Structure of Asian Economies and Selected Countries in 1995 and 2003,Source: Mr. Frederick Mas speech, Developing Asias Bond Market: Fostering Financial Stability and Enhancing Economic Development,8,2. Bond
5、Market,Asia Cooperation Dialogue APEC Finance Ministers ASEAN+3To promote liquidity and retail participation. Hong Kongs first securitized bond.,Regional Level,National Level,9,Securitization (HK experience),Background:HKD 6 billions bond by securitizing HKSAR governments revenue from 5 tolled tunne
6、ls and 1 bridge in 05/2004.Reserved Fund:A reserve account in the name of issuer HKD 0.4 billion to support the bond issue.,10,Securitization (HK experience),Institution investors: HKD 3.53 billion Maturity 1-year and 12-year Coupon rate: 1.19% and HIBOR+36 basis point Oversubscription: 3.1 times 1-
7、year mainly subscribed by fund managers, pension fund managers and MPF. 12-year mainly subscribed by financial institutions (banks).,11,Securitization (HK experience),Retail investors: HKD 2.47 billion Maturity: 3-year, 5-year and 7-year Coupon rate: 3.185%, 4.128% and 4.803% Oversubscription: 2.13
8、times Domination: HKD 50,000 Listed on the Exchange,12,3. Future Challenges,Capital markets with sufficient depth is achievable.High saving rate in AsiaStrong economic growthRegional cooperation,13,4. Quality Market,A good regulatory frameworkInformation transparencyCorporate governanceInvestor education,14,Thank you,
