appendix i: security comparison chart - springer978-1-349-13633-9/1.pdf · appendix i: security...
TRANSCRIPT
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.
Determination Participation Controls
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
I/B Deposits 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
Emerging Asian Fixed Income Markets
Country Instrument Yield Foreign Inv. Foreign Exch.
Determination Participation Controls
Thailand Bills Market Yes No
I/B Deposits 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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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
Country Issuer Type Amount Coupon Maturity
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
Emerging Asian Fixed Income Markets
Country Issuer Type Amount Coupon Maturity
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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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
References
Asiamoney Supplement, 1994a, India Investment Guide (London: Euromoney Publications), April.
Asiamoney Survey, 1994b, 'Asia discovers bonds', February, pp.17-25. Asian Development Bank, 1983, Capital Market Development in Selected
Developing Member Countries of the Asian Development Bank (Manila: Asian Development Bank).
Asian Development Bank, 1993, Asian Development Outlook 1993 (Oxford: Oxford University Press).
Asian Securities Analysts Council, 1993, Securities Markets in Asia and Oceania 3rd ed. (Tokyo: Asian Securities Analysts Council).
Asian Wall Street Journal, 1994a, 'Hong Kong fund to boost offerings of bills auctioned', 13 January, p.18.
Asian Wall Street Journal, 1994b, 'Seoul relaxes rules governing capital markets' , 22 March, pp.13, 16.
Asian Wall Street Journal, 1994c, 'China to issue bonds in fight against inflation', 22 March, pp.13, 16.
Asian Wall Street Journal, 1994d, 'Asian infrastructure survey', 19 April. Asian Wall Street Journal, 1994e, 'Seoul will let foreigners buy some issues of
convertible bonds', 3 May, p.22. Bajpai, R., 1994, 'India's National Stock Exchange Begins Trading Debt
Securities,' Bloomberg Business News, 30 June. Bank for International Settlements, 1994, International Banking and Financial
Markets Development 1993 (Basle: Bank for International Settlements). Bank Indonesia, 1993a, Annual Report 1992 (Jakarta: Bank Indonesia). Bank Indonesia, 1993b, Indonesian Financial Statistics (Jakarta: Bank Indonesia). Bank Indonesia, 1994, Indonesian Financial Statistics (Jakarta: Bank Indonesia). Bank Negara Malaysia, 1993a, Annual Report 1992 (Kuala Lumpur, Malaysia:
Bank Negara Malaysia). Bank Negara Malaysia, 1993b, Quarterly Bulletin (Kuala Lumpur, Malaysia:
Bank Negara Malaysia), September.
331
Emerging Asian Fixed Income Markets
Bank Negara Malaysia, 1993c, Quarterly Bulletin (Kuala Lumpur, Malaysia: Bank Negara Malaysia), December.
Bank Negara Malaysia, 1994a, Annual Report 1993 (Kuala Lumpur, Malaysia: Bank Negara Malaysia).
Bank Negara Malaysia, 1994b, Money and Banking in Malaysia, 4th ed. (Kuala Lumpur, Malaysia: Bank Negara Malaysia).
Bank of Korea, 1990, Financial System in Korea (Seoul: Bank of Korea). Bank of Korea, 1992, Annual Report (Seoul: Bank of Korea). Bank of Korea, 1993, Quarterly Economic Review (Seoul: Bank of Korea),
September. Bank of Korea, 1994, Monthly Bulletin (Seoul: Bank of Korea), January. Bank of Thailand, 1993a, Annual Report 1992 (Bangkok: Bank of Thailand). Bank of Thailand, 1993b, Quarterly Bulletin (Bangkok: Bank of Thailand). Bell, M., 1993, China at the Threshold of a Market Economy (Washington D.C.:
International Monetary Fund). Biers, D., 1994, 'Asian Firms Flock to Bonds, Seeking Low-Cost Financing,'
Asian Wall Street Journal, June 25, pp. 1, 8. Bloomberg Business News, 1993, 'Taiwanese government bond prices', 15 July. Bowles, P. and G.White, 1993, Political Economy of China's Financial Reforms
(Boulder, Colorado: Westview Press). Brauchli, M., 1993, 'Asia's savings may dry up as public spending grows', Asian
Wall Street Journal, 17 July, pp.l ,20. Broker, Gunther, 1993, Government Securities and Debt Management in the
1990s (Paris: OECD). Capital Asia, 1993, Custodial Services in Asia (Hong Kong: lSI Publishing). Census and Statistics Department of Hong Kong, 1993a, Hong Kong Annual
Digest of Statistics, 1993 edition (Hong Kong: Census and Statistics Department).
Census and Statistics Department of Hong Kong, 1993b, Hong Kong Monthly Digest of Statistics (Hong Kong: Census and Statistics Department), September.
Census and Statistics Department of Hong Kong, 1993c, Hong Kong Monthly Digest of Statistics (Hong Kong: Census and Statistics Department), December.
Central Bank of China, 1988, Financial Institutions in Taiwan (Taipei: Central Bank of China), May.
Central Bank of China, 1993a, Annual Report 1992 (Taipei: Central Bank of China).
Central Bank of China, 1993b, Financial Statistics, Taiwan District (Taipei: Central Bank of China), December.
Central Bank of China, 1993c, Balance of Payments, Taiwan District (Taipei: Central Bank of China), December.
Central Bank of China, 1994, Financial Statistics, Taiwan District (Taipei: Central Bank of China), January.
332
References
Central Bank of the Philippines, 1992, Philippine Financial System, Fact Book 1992 (Manila: Central Bank of the Philippines).
Central Bank of the Philippines, 1993a, Annual Report 1992 (Manila: Central Bank of the Philippines).
Central Bank of the Philippines, 1993b, Annual Report, Statistical Bulletin 1992 (Manila: Central Bank of the Philippines).
Central Bank of the Philippines, 1993c, Selected Philippine Economic Indicators, First Quarter 1993 (Manila: Central Bank of the Philippines).
China Securities Regulatory Commission, 1994, Global Bond Prospectus (New York: Merrill Lynch), February.
Cooper, G., 1993, 'Exotic currencies: Special Fx', Risk, October, pp.42-48. Davies, B., 1993, 'Bangkok's billion dollar bonanza', Asiamoney, December,
pp.51-53. Department of Statistics, 1992, Singapore, Yearbook of Statistics 1992 (Singapore:
Department of Statistics). Department of Statistics, Singapore, 1993, Monthly Digest of Statistics, December
1993 (Singapore: Department of Statistics). Director General of Budgetary Accounting and Statistics, 1993, Monthly Statistics
of the Republic of China (Taipei: Director General of Budgetary Accounting and Statistics), December.
DRTI, 1990, Taxation in Asian and the Southwest Pacific (New York: DRTI). DRTI Consultancy, 1993, Philippine Banking Almanac 1993 (Manila: DRTI
Consultancy). Economic and Business Report, 1993, Asia and Pacific Review, 1993/4 (London:
Kogan Page). Economist, 1987a, Expanding Financial Centers: Hong Kong (London:
Economist Publications). Economist, 1987b, Expanding Financial Centers: Singapore (London: Economist
Publications). Economist, 1994a, 'Infrastructure in Asia: The trillion dollar dream', 26 February,
p.66. Economist, 1994b, 'Mahathir and the power of Asian money', 5 March, p.29. Engardio, P., 1993, 'How Malaysia mastered the capital markets', Business Week,
November, pp.24-25. Euh, Y.D., and J.Baker, 1990, The Korean Banking System and Foreign Influence
(London: Routledge). Euromoney Research, 1993, The 1993 Guide to World Domestic Bond Markets
(London: Euromoney Publications). Euromoney Research, 1994, The 1994 Guide to Currencies (London: Euromoney
Publications). Euromoney Supplement, 1992, Malaysia: Strength and Stability (London:
Euromoney Publications), August.
333
Emerging Asian Fixed Income Markets
Euromoney Supplement, 1993a, The Philippines Goes for Growth (London: Euromoney Publications), May.
Euromoney Supplement, 1993b, India: The Focus Turns to Growth (London: Euromoney Publications), September.
Euromoney Supplement, 1993c, International Investor's Guide to Asian Issuers and Capital Markets (London: Euromoney Publications), December.
Euromoney Supplement, 1994, Thailand: A New Dawn for the Capital Markets (London: Euromoney Publications), April.
Fairclough, G., 1994, 'Economic monitor: Thailand. Warning bell', Far Eastern Economic Review, 24 February, p.79.
Far Eastern Economic Review, 1994, Asia 1994 Yearbook (Hong Kong: Review Publishing Company).
Feldberg, G., 1994, 'Malaysia's Bank Negara Plans Third Bill Sale of 1994,' Bloomberg Business News, 6 July.
Financial Times Management Report, 1993, Banking in the Far East 1993 (London: Financial Times Business Information).
Financial Times Survey, 1994a, 'Investment in India', 30 March. Financial Times Survey, 1994b, 'Hong Kong', 27 April. Financial Times, 1994c, 'South Korean convertible sector soars', 28 April. Geiger, M., 1994, 'Bank Negara battles surge in liquidity', Asian Wall Street
Journal, 12 January, pp.l1, 14. George, R.L., 1989, A Guide to Asian Stock Markets (Hong Kong: Longman). Goldstein, C., 1994, 'Economic Monitor: China. A Wild Ride', Far Eastern
Economic Review, 10 March, p.49. Government ofIndia, 1994, Economic Survey 1993/94 (Bombay: Government of
India). Government Securities Department, 1994, 'General Information on Philippine
Government Securities', Central Bank of the Philippines, 14 March. Greenwood, J., 1993, 'Portfolio investments in Asian and Pacific economies:
trends and prospects', Asian Development Review (Manila: Asian Development Bank).
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
References
Huat, T.C., 1989, Financial Markets and Institutions in Singapore, 6th ed. (Singapore: Singapore University Press).
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).
Isa, M., 1994, 'ADB mulls global yen issue, first Taiwanese bonds', Reuters News, 5 May.
Japan Times, 1994, 'Hanoi plans financial markets, but public wary', 3 April, p.12.
Kaufman, G., ed., 1992, Banking Structures in Major Countries (Norwell, Mass.: Kluwer Academic Publishers).
Kaye, L., 1994, 'Budgets: pre-emptive cringe', Far Eastern Economic Review, 24 March, pp.48-49.
Kemp, L., 1984, The Wardley Guide to World Money and Securities Markets (London: Euromoney Publications).
Knight Ridder Financial,1994, Guide to Corporate Treasury in Asia 1994 (Hong Kong: Edinburgh Financial Publishing).
Koh, S-S., and Z.Res, 1990, Capital Markets in Korea and the Far East (London: IFRBooks).
Korea Development Bank, 1993, Quarterly Industrial Review (Seoul: Korea Development Bank), December.
Korea Securities Dealers Association, 1993, Securities Market in Korea (Seoul: KSDA).
Korea Stock Exchange, 1988, Fact Book (Seoul: Korea Stock Exchange). Korea Stock Exchange, 1993, Fact Book (Seoul: Korea Stock Exchange). Lee, S.Y., 1974, The Monetary and Banking Development of Singapore and
Malaysia (Singapore: Singapore University Press).
335
Emerging Asian Fixed Income Markets
Lee, S.Y. and Y.C. Jao, 1982, Financial Structures and Monetary Policy in Southeast Asia (London: Macmillan).
Lehmer, U., and R. Chua, 1994, 'Ramos insists Philippines isn't slipping off wagon', Asian Wall Street Journal, 14 March, pp.l,5.
Mark, J., 1991, 'Taipei details revamp of bond auctions', Asian Wall Street Journal, 29 October, pp.l,8.
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).
Organisation for Economic Cooperation and Development, 1993, Emerging Bond Markets in the Dynamic Asian Economies (Paris: OECD).
Paisley, E., 1994, 'Limits of Liquidity,' Far Eastern Economic Review, July 28, pp.47-48.
Park, K. and S.Schoenfeld, 1992, The Pacific Rim Futures and Options Markets (Chicago: Probus).
Phagaphasvivat, S., 1988, Thai Capital Markets (Bangkok: Craftsman Press). Reserve Bank of India, 1992, Bulletin (Bombay: Reserve Bank of India),
September.
336
References
Reserve Bank of India, 1993a, Bulletin (Supplement) (Bombay: Reserve Bank of India), September.
Reserve Bank of India, 1993b, Bulletin (Bombay: Reserve Bank of India), October. Reserve Bank ofIndia, 1993c, Report on Currency and Finance, 1991-2, Volume
1 (Bombay: Reserve Bank of India). Reserve Bank ofIndia, 1993d, Report on Currency and Finance, 1991-2, Volume
2 (Bombay: Reserve Bank of India). Reynolds, P., 1982, China's International Banking and Financial System (New
York: Praeger). Rhee, S.G., 1992, Securities Markets and Systemic Risks in Dynamic Asian
Economies (Paris: OECD). Rhee, S.G., 1993, 'Development of financial derivative markets in six dynamic
Asian economies', Working Paper, Pacific Basin Capital Markets Research Center, University of Rhode Island, October.
Sargent, S., 1992, 'Taiwan: will the tiger be released from its cage?' Asia Money and Finance, March, pp.I3-16.
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
trading', Bloomberg Business News, 5 January. Singapore International Chamber of Commerce, 1994, The Investor's Guide to
Singapore, 1994 ed. (Singapore: Singapore International Chamber of Commerce).
Skully, M., 1980, Merchant Banking in the Far East, 2nd ed. (London: Financial Times Business Publishing).
Skully, M., 1982, Financial Institutions and Markets in the Far East (New York: St. Martin's Press).
337
Emerging Asian Fixed Income Markets
Skully, M., 1986, Merchant Banking in ASEAN (Oxford: Oxford University Press).
Skully, M., and G. Viksnins, 1987, Financing East Asia's Success (New York: St. Martin's Press).
Slayter, W. and E.Carew, 1993, Trading ASia-Pacific Financial Futures Markets (St. Leonards, Australia: Allen and Unwin).
Soares, M., 1993a, 'Hong Kong gets China's OK to Sell Bills, Notes after July 1997', Bloomberg Business News, 19 October.
Soares, M., 1993b, 'H.K. Government introduces clearing, custody system for debt', Bloomberg Business News, 6 December.
Soares, M., 1993c, 'H.K. Parliament to consider supranationals' tax status', Bloomberg Business News, 13 December.
Soares, M, 1994a, 'Monetary chief says HK may sell five-year notes after July', Bloomberg Business News, 27 January.
Soares, M., 1994b, 'Malaysia's blossoming bond market is boon to local rating agency', Bloomberg Business News, 17 February.
Soares, M., 1994c, 'Asia's infrastructure boom will lift region's bond market', Bloomberg Business News, 7 March.
Soares, M., I 994d, 'Thailand's developing bond market may set precedent for Asia', Bloomberg Business News, 15 April.
Soares, M., 1994e, 'Indonesian companies to sell rupiah bonds yielding up to 14.5%', Bloomberg Business News, 2 May.
Soares, M., and L. Miller, 1994, 'Thailand hopes to tap private savings to kickstart bond market', Bloomberg Business News, 21 April.
Standard and Poor's, 1992, Malaysia: Creditprofile (New York: Standard and Poor's), November.
State Statistical Bureau of PRC, 1993, China Statistical Yearbook 1992 (Beijing: State Statistical Bureau of PRC).
Steiner, R., 1994, 'Indian bonds start to look tempting as stocks get pricey', Asian Wall Street Journal, 20 January, pp.9, 20.
Stock Exchange of Singapore, 1994, Fact Book 1994 (Singapore: Stock Exchange of Singapore).
Stock Exchange of Thailand, 1993, Monthly Review (Bangkok: Stock Exchange of Thailand), December.
Tiglao, R., 1994, 'Economic monitor: Philippines. Credit when it's due', Far Eastern Economic Review, 21 April, p.74.
Urrutia, M., 1988, Financial Liberalization and the Internal Structure of Capital Markets in Asia and Latin America (Tokyo: United Nations University).
Van Agtrnael, A., 1984, Emerging Securities Markets (London: Euromoney Publications).
Virmani, A., 1985, 'Government policy and the development of financial markets: the case of Korea' , World Bank Staff Paper (Washington, D.C.: World Bank).
338
References
Walker, T., 1994, 'China to issue YnlOObn in Treasuries this year', Financial Times, 2 February, p.26.
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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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
Emerging Asian Fixed Income Markets
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