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金融產業區域發展之探討. 張華平 Hwa-Ping Chang. March 21, 2011. Market Development Highlights - I. High market liquidity and strong competition among banks limit the profitability of financial institutions.
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金融產業區域發展之探討 張華平 Hwa-Ping Chang March 21, 2011
Market Development Highlights - I • High market liquidity and strong competition among banks limit the profitability of financial institutions. • Corporate bond market (outstanding amount: NT$1.38 trillion rated by TRC on Dec. 31, 2010) is still immature compared with the equity market (equity trading value NT$28.2 trillion on Dec. 31, 2010) • FI total issues outstanding rated by TRC (up to Dec.31, 2010): NT$560,549 million • Corp total issues outstanding rated by TRC (up to Dec. 31, 2010): NT$822,930 million • Lack of local investors to invest in bond issuances rated below ‘tw BBB+’ but willing to invest on offshore non-investment grade bonds. • Risk from high concentration of Financial Institutions as major investors in Bonds, CPs, and ECB. • Credit spreads on different tranches of ratings are still not significant although these have improved during and after the recent financial crisis. • Securitization market crashed after the financial crisis and the market is still waiting to recovery.
Issues with ‘tw’ ratings from Jan.1 to Dec.31, 2010 • Issue amount: NT$331,830 million FI: NT$157,130 million Corp: NT$174,700 million • Tranches: FI:56 Corp:37 • Companies: FI:24 Corp:11
Market Status for Taiwan Ratings Corp. (TRC) (Up to Dec. 31, 2010)
Market Development Highlights - II • High market liquidity and strong competition among banks limit the profitability of financial institutions. • Corporate bond market (outstanding amount: NT$1.38 trillion rated by TRC on Dec. 31, 2010) is still immature compared with the equity market (equity trading value NT$28.2 trillion on Dec. 31, 2010) • FI total issues outstanding rated by TRC (up to Dec.31, 2010): NT$560,549 million • Corp total issues outstanding rated by TRC (up to Dec. 31, 2010): NT$822,930 million • Lack of local investors to invest in bond issuances rated below ‘tw BBB+’ but willing to invest on offshore non-investment grade bonds. • Risk from high concentration of Financial Institutions as major investors in Bonds, CPs, and ECB. • Credit spreads on different tranches of ratings are still not significant although these have improved during and after the recent financial crisis. • Securitization market crashed after the financial crisis and the market is still waiting to recovery.
Distribution of Publicly Offered Corp. Bond and Bank Debentures
Market Development Highlights - III • High market liquidity and strong competition among banks limit the profitability of financial institutions. • Corporate bond market (outstanding amount: NT$1.38 trillion rated by TRC on Dec. 31, 2010) is still immature compared with the equity market (equity trading value NT$28.2 trillion on Dec. 31, 2010) • FI total issues outstanding rated by TRC (up to Dec.31, 2010): NT$560,549 million • Corp total issues outstanding rated by TRC (up to Dec. 31, 2010): NT$822,930 million • Lack of local investors to invest in bond issuances rated below ‘tw BBB+’ but willing to invest on offshore non-investment grade bonds. • Risk from high concentration of Financial Institutions as major investors in Bonds, CPs, and ECB. • Credit spreads on different tranches of ratings are still not significant although these have improved during and after the recent financial crisis. • Securitization market crashed after the financial crisis and the market is still waiting to recovery.
Market Development Highlights - IV • High market liquidity and strong competition among banks limit the profitability of financial institutions. • Corporate bond market (outstanding amount: NT$1.38 trillion rated by TRC on Dec. 31, 2010) is still immature compared with the equity market (equity trading value NT$28.2 trillion on Dec. 31, 2010) • FI total issues outstanding rated by TRC (up to Dec.31, 2010): NT$560,549 million • Corp total issues outstanding rated by TRC (up to Dec. 31, 2010): NT$822,930 million • Lack of local investors to invest in bond issuances rated below ‘tw BBB+’ but willing to invest on offshore non-investment grade bonds. • Risk from high concentration of Financial Institutions as major investors in Bonds, CPs, and ECB. • Credit spreads on different tranches of ratings are still not significant although these have improved during and after the recent financial crisis. • Securitization market crashed after the financial crisis and the market is still waiting to recovery.