Building for the future

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Pacific Hotel Singapore Silver Sponsor Exhibitor Sponsors The

1 In association with Platinum Sponsor The 5 th Asian Bond Markets Summit Building for the future Tuesday, 16 November 2010 Pan Pacific Hotel Singapore Silver Sponsor Exhibitor Sponsors The Asset Forum - Insightful debate with Asia s leading issuers & investors

2 The 5 th Asian Bond Markets Summit Tuesday, 16 November 2010 Pan Pacific Hotel Singapore Building for the future The worst of the global financial crisis of 2008/2009 may be behind us, but the lessons from the turmoil are still being understood, as regulators, bankers, issuers and institutional investors grapple with regulation, reform of market practices and restoring confidence, critical in charting the way forward. The ferocity and the speed of the market downturn certainly caught everyone by surprise. Yet, the rebound has been just as swift. Asia, in particular, experienced significantly less of the fall-out than its counterparts in the West. While its export sector was hard hit as a result of the collapse in orders from traditional markets in the US and Europe, and its financial markets dipped with the deterioration in sentiment, the region s banks and insurance companies held up in stark contrast to the unprecedented bail-outs in the US and Europe. Corporates in Asia, particularly the well-regarded credits, continued to enjoy access to financing, especially in tapping the local currency bond markets. Indeed, a major outcome of the crisis is that the local markets have become an important alternative funding source, a shining beacon in an otherwise hostile marketplace held hostage by heightened volatility and regular bouts of lack of confidence. From China to India and to the smaller markets in Southeast Asia, the local currency markets have filled the gap when offshore financing dried up as the global crisis deepened. More than a decade of concerted policy initiatives to promote the development of local bond markets have certainly paid off in spades. What s next? The global crisis has put into sharp relief that it is no longer enough to just build markets, and that markets need to be both robust and sustainable. At US$5.1 trillion outstanding the size of Asia s bond markets is nearly 15 times the level at the start of the Asian financial crisis in While such growth is impressive, the work continues. How should Asia move forward in the development of its local markets in the aftermath of the global crisis? What has been the experience from the issuer s point of view? How did investors fare? What market infrastructure should the next areas of focus be for the policymakers? How will the new financial architecture affect Asia s approach to the development of its financial markets? How can regulators strengthen cross-border collaboration? What can Asia as a whole and the participants driving market development do to build for the future? Liquidity in secondary markets a constant challenge and what can be done? Why are private banking/retail investors becoming very active in the bond markets? How do they evaluate investment opportunities for fixed income instruments? How can innovation help in improving market access? What role can foreign investors play in enhancing the attraction of domestic markets?

3 The Asset Forum is delighted to be organizing the Asian Bond Markets Summit in association with the Asian Development Bank. Panel topics for this year s Summit may include Panel 1. Building for the future Asia dodged the worst of the global financial crisis but it is no reason to be complacent. The next phase of financial markets reform will have an important bearing on how the region moves forward. What are the important lessons so far from the crisis? What additional steps should the region consider to build sustainable financial markets? What are the possible pitfalls policymakers should be concerned with? How else can the region build on the success of collaborative efforts such as the Chiang Mai Initiative? Panel 2. Onshore and offshore issuers: tapping Asian liquidity It is not just in-country issuers that have discovered the pool of liquidity in the region. Issuers from near and far have stepped up their activity tapping both the US dollar and domestic bond markets. This increased activity broadens the choices for Asian investors and more importantly, deepens especially the domestic markets with an array of rated paper from the highest quality to high-yield issuers. It also engenders increased cross-border flows. What has been the experience of issuers in Asia s bond markets? Do they face particular challenges in tapping the local markets? What can be improved? Panel 3. Time to get serious about research and ratings Investors in many Asian bond markets bemoan the lack of up-to-date credit research. Many make do with prospectuses associated with the primary issue or reports produced by rating agencies. Others have to rely on in-house research. While credit research is a significant cost to bank intermediaries, it is a critical building block in the development of the markets. Ratings, likewise, are an essential building block. However, ratings are as controversial in Asia as they are in the global markets. Panel 4. The soft underbelly: Regulatory impediments and organized markets The local currency bond markets in Asia are in different stages of development but most would benefit from substantial improvements in their infrastructure, particularly in systems governing auction, secondary-market trading, bond clearing and settlement, and in the role of credit-rating agencies and instruments for hedging short-term and long-term interest rate risk. Panel 5. Supply, demand and capricious flows: local, intra-regional and offshore investment in the local bond markets The Asian bond markets are still very small compared to GDP and are dwarfed by global bond markets. And despite all efforts, they remain lop-sided in their development with slow progress of the corporate bond market, as issuers still rely on bank lending and the equity markets. As a result of the lack of liquidity and regulatory/tax impediments, intra-regional portfolio investments in Asian bonds also remain insignificant. Offshore flows from beyond the region are notoriously capricious and opportunistic.

The 5 th Asian Bond Markets Summit Draft Schedule of Events 8:00 AM Registration 8:45 AM Welcome remarks/introduction of the keynote speaker 8:55 AM Keynote address 9:10 AM Presentation: Asian

4 The 5 th Asian Bond Markets Summit Draft Schedule of Events 8:00 AM Registration 8:45 AM Welcome remarks/introduction of the keynote speaker 8:55 AM Keynote address 9:10 AM Presentation: Asian Development Bank 9:25 AM Q & A 9:30 AM Panel 1: Building for the future 10:45 AM Q & A AM Coffee break 11:10 AM Panel 2: Onshore and offshore issuers: tapping Asian liquidity 12:25 PM Q & A 12:30 PM Lunch 1:15 PM Introduction to keynote speaker 1:20 PM Luncheon keynote address 1:35 PM Q & A 2:00 PM Panel 3: Time to get serious about research and ratings 3:15 PM Q & A 3:20 PM Coffee break 3:35 PM Panel 4: The soft underbelly: Regulatory impediments and organized markets 4:50 PM Q & A 4:55 PM Panel 5: Supply, demand and capricious flows: local, intra-regional and offshore investment in the local bond markets 6:10 PM Q & A 6:15 PM Closing remarks 6:30 PM The Asset Awards Cocktails includes the presentation of The Asset Benchmark Most Astute Investor Awards Delegate breakout by job function at 4th Asian Bond Markets Summit 2009 Investors 72% Issuers 21% Banks 5% Regulators & Rating agencies 2%

Testimonials from last year s event I thought the event was a very good platform for the issuers, arrangers and investors to interact with each other.

Chan Kah Yen Investment Department, TM Asia Life Malaysia Bhd I have been attending for the last 3 years - object to network and learn I enjoyed panel 3 very much Iris Bernadelle Tan Treasury,

Ltd. Through this Forum, investors are kept abreast of the bond market development in the region and We appreciate The Asset and ADB for their remarkable effort Lisa Jeo Fund Manger, Tokio Marine

Asian bond markets deserve greater attention by global investors and The Asian Bond Summit is the right forum to promote this asset class Olaf Stier Head of Treasury, Commerzbank AG A great list of

5 Testimonials from last year s event I thought the event was a very good platform for the issuers, arrangers and investors to interact with each other. The forums were also very informative I look forward to the 2010 event. Chan Kah Yen Investment Department, TM Asia Life Malaysia Bhd I have been attending for the last 3 years - object to network and learn I enjoyed panel 3 very much Iris Bernadelle Tan Treasury, Regional Credit Markets, The Bank of Nova Scotia This is one of the few bond market summits that should stay on your calendar every year Raymond Ting Vice President Fixed Income, DBS Asset Management Ltd. Through this Forum, investors are kept abreast of the bond market development in the region and We appreciate The Asset and ADB for their remarkable effort Lisa Jeo Fund Manger, Tokio Marine Asset Management International Pte Ltd. Asian bond markets deserve greater attention by global investors and The Asian Bond Summit is the right forum to promote this asset class Olaf Stier Head of Treasury, Commerzbank AG A great list of speakers who were very happy to share their experience and perspectives and The five panels were focussed on the key issues Mr. Surinder Kathpalia Managing Director, Standard & Poor s This forum provides an interesting platform for various market participants for useful discussions Esther Teo Head of Fixed Income, Hwang, DBS Investment Management The panel topics are extremely timely and relevant and learnt a lot myself, networked Yukiko Omura Former Executive Vice President, Multilateral Investment Guarantee Agency Vast and in-depth information on regional bond markets Najmi HJ Mohamed Fixed Income, Amanah Raya Investment Management Sdn Bhd. Very interesting & in depth insights provided by all- rounded panel members Alex Lim Lion Global Investors Panellists were frank and open - independent views; precious Wee Ai Leen Senior Treasury Manager, Guocoland Ltd. To see more testimonials please go to For enquiries please contact; Nicola Yu / Felicia Kong Tel: / nicola.yu@theasset.com / felicia.kong@theasset.com

8:40-9:00 1st Keynote: China and RMB Singapore s Participation and Role in The Way Forward

8:40-9:00 1st Keynote: China and RMB Singapore s Participation and Role in The Way Forward ASIFMA s 6 th China Capital Markets Conference* *Previously entitled Offshore RMB Markets Conference Program (as of 22 Feb 2016) 8:00-8:30 Delegate Check-in 8:30-8:40 Welcome Remarks [ASIFMA or Lead Sponsor]