A Guide to Asian High Yield Bonds: Financing Growth Enterprises, + Website, 2nd Edition

Praise for A Guide to Asian High Yield Bonds

"This book is a winner because it covers an area of Asian finance which deserves this comprehensive study by a professional in the industry. The good news is that Florian Schmidt writes with an easy style so that this complex subject is easily digested. I particularly liked the historic view and the specific cases which bring the subject to life. I was particularly delighted that Florian starts with the Asian Pulp and Paper disaster which we all remember and represented somewhat of a watershed for high yield fixed income markets in Asia. Other interesting and relevant cases are covered which gives the reader an idea of the lessons that can be learned from various crises. The book looks at the risk/reward balance required for successful bond investing. It also covers macro developments that impact the high yield bond market such as inadequate foreign currency reserves that led to the 1997–98 Asian crisis. Most interesting is the section on family enterprises in Asia and what that means for assessing the market and assessment of risk. Probably the most interesting parts of the book discuss requirements and characteristics of high yield bonds in specific sectors: TMT (technology, media and telecom), real estate, metal and mining. In each of those sections, I loved the case studies and particularly the interviews with key industry executives. Another section deals with the secondary markets for high yield bonds: characteristics of the buyers, regulations, trading, value analysis, hedging, etc. Finally, requirements of structuring high yield bonds is not only useful for practitioners but for anyone who wants to understand how such bonds originate. It's a useful and interesting book not only for those interested in high yield bonds but for any investor who wants to understand investment markets in Asia."
—Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

"This is the right time for a book on Asian high yield. In many respects, the Asian high yield story is the Asian story. All the big themes in Asian markets—emerging economies, dynamic issuers, fast-growing companies, hot cash inflows, weak governance, high leverage and even higher risk—converge in the high yield space. Schmidt captures all of these themes with a journalist's eye and a banker's insight. The book is as entertaining for the observer of Asian markets as it is informative for the professional working in them."
—Nachum Kaplan, Editor in Chief, IFR Asia

"The Asian credit market, and high yield in particular, is growing rapidly and has emerged as a viable asset class for investors worldwide. There is, however, a shortage of quality investment literature that focuses on the Asian credit market and that stands alongside other well-known investment texts. A Guide to Asian High Yield Bonds fills this void. Despite its focus on the high yield asset class, the book is wide-ranging and covers each topic in detail sufficient to both educate the reader and provide value-added knowledge. The book is relevant to both the novice and the more seasoned investor."
—Richard Brown, Head of Credit Research, Asia, Schroders