The Buyer’s Perspective: The Best of Fixed Income Research, Sales and Trading in Asia
Benchmark Asian Local Currency Bond Review Adds New Category, Greater China, To Reflect Latest Market Trend
More than 500 fixed income investors voted this year in the benchmark review of Asian local currency bonds. Among the most valuable people in researching, selling and trading the local currency bond markets, Becky Liu of Standard Chartered, Ferry Lisman of Citi Indonesia, Winson Phoon of Maybank and Benedict Phua of Standard Chartered all ranked first. in their respective categories for the last five consecutive years.
Liu, who has been at the top of research in Hong Kong since 2017, is in the top spot in the new Greater China category created this year. Lisman, the leading flow trader in Indonesia at Citi, has ranked first in the past five years. Singapore-based Phoon came in first in research for Malaysia for the fifth time since 2017. Phua, a dedicated Singapore dollar trader at Standard Chartered, has been the top flow trader in Singapore for the past five years. consecutive. They lead another 207 who have achieved the top rankings this year.
Respondents to the benchmark review of Asian Local Currency Bonds named more than 750 people in research, sales and trading. Now in its 22nd year, the exam is the oldest and only exam of its kind that tracks the buying industry’s opinions on how best to research, sell and trade in local markets.
In the pan-Asian category, Citi’s Kit Wei-Zheng takes the highest honor, the third time he has been ranked among the top researchers since 2017. Sonal Varma, an economist at Nomura, comes close. Nagaraj Kulkarni of Standard Chartered is highly congratulated as a newcomer.
In sales and trading for pan-Asia, Standard Chartered’s Benedict See-Toh remains the top seller to be consulted by clients with assets across the region, while Sreedhar Mylavarapu at Nomura ranks second as a new came.
As Chinese onshore bonds will be included in FTSE Russell’s World Government Bond (WGBI) index from this year, foreign investor interest in the Chinese onshore bond market will continue to grow. A Greater China category is created to recognize outstanding individuals on the sell side who focus on at least two of the following markets: the Taiwan dollar bond market, the Hong Kong dollar bond market, and the onshore and offshore renminbi bond markets. .
Besides Becky Liu of Standard Chartered, who ranks first in this category as mentioned earlier, Tianhe Ji of BNP Paribas, who focuses on hedging the onshore and offshore renminbi bond markets, also ranks on the research side. On the sales and trade side, Leona Lee and Ivan Lam of Bank of China (Hong Kong) have ranked for the past three or more consecutive years. Jay Hsu of Yuanta Securities in Taiwan has also ranked in the past five consecutive years.
In Indonesia, one of the region’s high-yielding markets, Fakhrul Fulvian of Trimegah Sekuritas ranks number one in research in the country, successfully challenging the long-standing position of Handy Yunianto of Mandiri Sekuritas, who had held the top spot in research since 2017. Ahmad Mikail, an economist to Samuel Sekuritas, is highly commended as a newcomer.
In the area of sales and trading in the rupee bond market, Theresia Irene Rusli of BNP Paribas and Alfani Rachma of Trimegah Sekuritas are highly commended as sellers. Prisilia Hidayat from DBS Indonesia is a highly recommended trader. All three are newcomers.
In India, where competition is fierce, Siddharth Kothari of Sunidi and Anubhuti Sahay of Standard Chartered join the ranks of highly regarded researchers as newcomers. In sales and trading, the ICICI Securities Primary Dealership team is widely recognized in the market, with Karan Ahuja ranking second, Sanket Tandon ranking fifth (as a newcomer) and highly commended Vikram Swaminathan (also as a newcomer).
In the Philippines, Metrobank is advancing its position, with three of its members being recognized for the first time. Marc Bautista, head of research at the bank, is among the top five researchers, while Ruben Zamora, as rate strategist, is highly commended. In sales and trading, besides hired salesperson Gabriel Liboro, Samantha Dayrit ranks in the top three sellers as a newcomer.
In Malaysia, another congested market in the region, AmBank continues to show improved capacity. Leading salesperson Su Farn Ho and a strong sales team (Akmal Zaid Mansor, Chua Tuan Pey and Wei Yang Lam) are increasingly recognized by clients on the sales and trading side. The economist Munesh Nair and the commercial manager Jamil Baharuddin are warmly congratulated.
In Thailand, Kasikorn Bank’s Kobsidthi Silpachai moved from fourth place last year to the top of the list this year. Pipat Luengnaruemitchai at Phatra Securities and Poon Panichpiboon at Krung Thai Bank, both new in the rankings, are warmly congratulated this year.
Amid the volatility of the baht bond market over the past year, there has been a noticeable “flight to quality”. Danaya Wanitphakdeedecha of TISCO Bank, which has been ranked in previous years, is recognized by investors as this year’s top trader.
Meanwhile, new entrants Tidarat Sappasopit at Krung Thai Bank and Pornpilin Jariyaput at Bangkok Bank are recognized as a highly recommended seller and one of the top traders in the baht bond market, respectively.
The benchmark review of Asian local currency bonds covers 11 markets, including China (onshore and offshore), Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. It has been conducted annually since 2000. It provides a wealth of data on investor product needs and market penetration of banks active in local currency bonds. It also provides detailed analysis of investor buying behavior when selecting their counterparties, giving unprecedented access in the minds of investors.
This year, the categorization of classified individuals has been slightly modified. In previous years, individuals were classified according to their location. This year, individuals are ranked according to the major local currency bond market (s) they cover during the investigation period.
To view the ranking of the best individuals to research, sell and trade Asian Local Currency Bonds by country, please click here.
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