Reading the Tea Leaves: What are ASEAN+3 Bond Auctions Saying?
Over the course of the COVID-19 pandemic, ASEAN+3 governments have had to undertake sizable fiscal spending to save lives and livelihoods.
The COVID-19 Pandemic and ASEAN+3 Corporate Debt-at-Risk
The COVID-19 pandemic put tremendous pressure on company balance sheets in the ASEAN+3 region and elsewhere.
Japan’s Sovereign Rating in the Post-Pandemic Era
Japan’s sovereign credit rating has travelled along a downward trend over the last three decades, mainly due to the country’s subdued economic growth and deteriorating fiscal health.
Is Japan at Risk of a Downgrade?
Japan’s sovereign credit rating could fall one to three notches in the coming decade if the government does not implement a credible fiscal consolidation plan. This risk, which the ASEAN+3 Macroeconomic Research Office (AMRO) highlighted in its recent annual consultation report on the country, underlines the challenges facing Japanese policymakers at a time of mounting global economic turmoil.
Japanese Regional Banks Pass Stress Tests. What Now?
Regional banks in Japan were struggling with structural challenges even before the start of the COVID-19 pandemic. A shrinking pool of borrowers in an aging population, severe competition among banks, and a low interest rate environment held back the regional banks’ efforts to diversify their income sources and strengthen their financial performance. The pandemic only compounds their challenges.
Benchmarking Bonds in the ASEAN+3: From LIBOR to Eternity?
The LIBOR will be discontinued and deemed “not representative” on June 30, 2023.
Financing Micro and Small Enterprises: China’s Approach and Increasing Role of the Credit Guarantee System
Ensuring financial support for micro and small enterprises (MSEs) is a complex challenge, especially so during a crisis.
Spillover across Sovereign Bond Markets between the US and ASEAN-4 Economies
As the financial markets in ASEAN-4 (Indonesia, Malaysia, the Philippines, and Thailand) are influenced by the US in both real and financial channels, the return and volatility spillovers between the US and the ASEAN-4 bond markets have raised the attention of the investors and the policymakers.
Presentation: Sovereign Debt & Financial Risks in ASEAN+3 during the Pandemic
Presentation by AMRO Chief Economist Hoe Ee Khor at the 3rd BSP Webinar Series, “Managing Systemic Risk in the time of Pandemic: What has Changed since the Global Financial Crisis?”.
Philippine Bonds: The Auction “Glitch”
The Bureau of the Treasury rejected all bids received for the 20-year Philippine government bond (RPGB) at the auction held on August 25, 2020.