Pre-Summit Workshop: Asian High-Yield Bond Covenant Packages
- What is the purpose of covenants?
- How do we analyze covenant risk categories?
- What are the credit risks associated with loosening cash leakage and debt incurrence covenant protections?
- What are the covenant trends to note, and how does Asia compare globally?
Registration & Coffee
Big Picture Presentation: Is Globalization in Retreat or Reboot?
Asia’s economies may be reopening after grappling with the pandemic, but find themselves facing new challenges to recovery, including the Russia-Ukraine military crisis, rising inflation, supply chain disruptions and a larger-than-expected slowdown of China’s economy.
- What are new challenges to Asia’s growth models?
- How are the pandemic, politics and global supply chain changes affecting markets?
- What is the outlook for global commodities, inflation and interest rates?
- How will China’s economic downturn and policy trends impact Asia’s emerging markets?
Issuer Viewpoint Panel: Navigating Recovery in a Never Normal World
Find out how rated Asian issuers are managing risks and seizing opportunities amid a continually changing macroeconomic and operating environment.
Networking & Coffee Break
Investor Viewpoint Panel: Finding Opportunity Amid Volatility
How are Asia's top investors managing risk and positioning themselves amid inflation and market volatility?
- How are Asian issuers performing – “Same same but different”?
- How prepared are investors for China’s economic growth slowdown?
- How do investors resolve the dilemma of commodity attractiveness versus ESG risks?
In-Focus Session: Round 1 (45 min)
China State-Owned Enterprises (SOEs)
Credit Profile Stable Despite Slower Growth
- What are performance and leverage trends for rated SOEs’?
- How does Moody’s assess government and affiliate support for Chinese SOEs?
- What are the unique features of SOE governance?
Commodities (Oil & Gas, Mining and Steel)
Evolving Risks as Prices Soar
- To what extent will elevated prices help the financial profiles of commodity producers?
- How will regulatory developments and rising energy and commodity security concerns affect producers?
- Is carbon neutrality a myth or reality for commodity producers?
Funding Diversity and Debt Sustainability?
- How are Multilateral Development Banks (MDBs) catalyzing private sector infrastructure investments?
- How are governments balancing debt sustainability and economic recovery?
- How do policymakers maintain affordability amidst rising rates and costs?
In-Focus Session: Round 2 (45 min)
China Local Government Financing Vehicles (LGFVs)
Too Big to Ignore?
- Will LGFV bond dominate offshore USD corporate issuance?
- Can implicit government support offset the concerns in weak financial metrics?
- Is it possible to analyze the implicit government support?
- Are LGFV investors too optimistic or are skeptics too conservative?
Southeast Asia: Striking a Difficult Balance
- What is our outlook for the property sectors in Indonesia, Vietnam and Singapore?
- How will companies balance consumer demand and profitability as operating cost increases?
- Which companies are most vulnerable to rising rates and a tight funding market?
Deglobalization or Diversification?
- What is the impact of supply chain disruptions on Asia’s transportation?
- What are recovery prospects amid economic headwinds?
- What are the longer-term structural changes happening in the industry?
In-Focus Session: Round 3 (45 min)
How will Severe Stress Transform the Sector?
- How will policy adjustments affect the sector’s overall credit profile?
- How will the property credit landscape change amid multiple challenges?
- How will rated developers’ liquidity profiles evolve? Will we see more defaults this year?
Technology, Media & Telecommunication (TMT)
Diverging Paths of Growth
- What's next for the Asia’s technology, media and telecommunications sector?
- What strategies will companies undertake to protect and drive growth?
- What headwinds could derail growth and credit quality?
- What will drive demand for internet services ? And what risks are lurking?
Toward a Net-Zero Future
- What is the outlook for power demand amid growing economic headwinds?
- What is the impact of rising costs on energy security?
- What are the pathways to decarbonization for the region’s power sectors?
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