Keepwells are just like love letters, apparently Chinese corporate issuers are now able to guarantee their bonds, but investors have said that regulatory restraints mean support mechanisms remain popular.
Falling commodity prices have prompted a number of restructurings in Australia. And creditors have developed a new mechanism to maximise value of distressed assets.
The Chinese government's economic retreat has undermined its implicit backstop of state-owned entities (SOE). Investors have emphasised the importance of credit research in the country.
Regulators have given financial institutions new responsibilities Anti-money laundering (AML) regulations are no longer a US or EU-only concern, with Asian jurisdictions now meeting – and sometimes surpassing – international expectations. AML compliance is increasingly a focus worldwide. In March the New York Department of Financial Services (NYDFS) ordered Commerzbank to pay $1.45 billion for AML failures primarily in its private banking business in Singapore. In February, the Financial Action Task Force on Money Laundering (Fatf) published a report around the financing of terrorist organisation Islamic State in Iraq and the Levant.
