Fixed Income Hong Kong 2019

28 - 29 May, 2019

Harbour Grand, Hong Kong

+65 6722-9455

Main Conference | Wednesday 29th May, 2019

8:00 am - 8:45 am Conference Registration & Networking Breakfast

8:45 am - 8:50 am Welcome Address

Danny Levy, General Manager, Worldwide Business Research

8:50 am - 8:55 am Welcome Remarks

Suhana Begum, Conference Director, Fixed Income Leaders Summit

Where Finance Meets Politics

9:00 am - 9:20 am Opening Keynote: The future of financial markets – With disruptive political drivers such as Trumpflation and Brexit, tightening of the central banks and China becoming a dominant force in the global economy, how can you adapt to thrive in 2019 and beyond?

Callum Henderson - Senior Director, Economic Analysis, Caisse de dépôt et placement du Québec (CDPQ)
Callum Henderson comes with more than 20 years of research management and emerging markets experience at Standard Chartered, Bank of America, Citibank and MMS International. His research focuses on political-economy strategy for investors and corporates and he has authored four books: “Asia Falling,” “China on the Brink,” “Asian Dawn,” and “Currency Strategy: The Practitioner’s Guide to Currency Investing, Hedging and Forecasting.” Hear from Callum on the influence of political dissatisfaction on global markets:
 
-          The Trump bump – How has the new political regime impacted financial markets so far and how long can you expect this to continue?
-          Trump’s tax reform plan – What does this mean for liquidity in the bond market across Asia given the amount of US corporate capital that is located in Asia?
-          How is Brexit going to reshape the wider European capital markets landscape and what impact will this have on your firm?
-          What are China’s longer-term economic goals now that the leadership has consolidated power? And how could developments in China affect the global economy and trade relations?
-          Does uncertainty in US policy - fiscal and monetary - affect Asia fixed-income investing? And what can investors expect with respect to fed balance sheet drawdown and what are the implications for investors?
-          How should you monitor political risk in 2019 and how can you integrate this into your investment decisions? And are we likely to see major geopolitical developments or conflicts in the next few years?
img

Callum Henderson

Senior Director, Economic Analysis
Caisse de dépôt et placement du Québec (CDPQ)

Bond Connect - The Story Continues

Market participation in Bond Connect has been growing steadily, with average daily volumes reaching RMB6.55 billion in June 2018, more than double the daily average volumes in the first quarter of the year. And with recent announcement of the exemption of income tax and the full implementation of delivery-versus-payment for settlement, how has bond connect contributed to the increase in the number of approved overseas institutional investors? In this panel, our speakers from Vanguard Investments, China Everbright AM, Robeco and Taikang AM will address:
-          One year on, where are we on Bond Connect? Have teething problems been overcome and has it lived up to its potential?
-          Did the launch of bond connect signal a change in attitude from Chinese regulators in terms of market access philosophy?
-          What have been the recent improvements in onshore market access to attract more offshore investors?
-          Any other KPIs you look at to judge the success of bond connect?
-          What types of investors have been most active in using bond connect so far?
-          What do the new index inclusions mean for the future of the Chinese bond market?
-          Will Bond Connect become the dominant scheme for China access? Will QFII and RQII still have a role to play?
-          How crucial was allowing onshore renimbi to be traded offshore with the launch of Bond connect?
-          How urgent is the need for more electronic trading platforms? And what will China access look like a few years down the line?
-          Bond Connect DvP Settlement – How has this provided greater convenience to international investors investing through Bond Connect?
img

Sally Wong

CEO
Hong Kong Investment Funds Association

img

Jeffrey Johnson

Head of Fixed Income Asia Pacific
Vanguard Investments

img

Victoria Mio

CIO China
Robeco Hong Kong

img

Gordon Tsui

Executive Director & Head of Fixed Income, Fixed Income Investment
Taikang Asset Management (Hong Kong)

10:00 am - 10:30 am Morning Refreshment Break 1

CIOs Investment Outlook 2019-2020

Will 2019 bring more stability, or more uncertainty? There are plenty of hurdles ahead: tighter monetary policy, political change, end of QE and technological disruption, not to mention huge environmental and social challenges. So how should investors react? In this panel, you will hear from our panel of expert Chief Investment Officers on how to best do asset allocation within the fixed income space to generate returns for your investors in an increasingly complex environment:
 
-          Future outlook on different asset classes and locations to invest - What have been the main recent events in Asia's bond markets, and what are the key developments to look at?
-          Against the market backdrop of synchronized global growth, easy financial conditions and low economic and financial market volatility, what is top-of-mind for investors in Asia Pacific?
-          Consolidation of the Industry – With the recent announcements of consolidation within the asset management industry, are we going to have half the number of asset managers that we have now?
-          It's a low-yield world with seemingly many challenges and uncertainties - What should investors be looking at in this region to generate returns?
-          Analysis on how volatility would look in a post QE era and impact on Asian financial market
-          Tide of QE is turning. Do you agree with the forecasted pace: 14trillion reduced to 1$12trillion by 2021 – 15% decline.  Has QE been a massive driver for Asian Fixed Income demand?
-          How the end of QE impact interest rates and where should you position yourself on the yield curve?
-          Top 2-3  things you are doing to prepare your investment portfolio for a new era
img

Tariq Dennison

Investment Adviser, Portfolio Manager
GFM Asset Management

img

Ben Rudd

Chief Investment Officer
Prudential Hong Kong

img

Derek Mok

Chief Investment Officer
Fubon Convoy Asset Management

img

Barry Lau

Co-Founder, Managing Partner & CIO
Adamas Asset Management

img

Salman Ahmed

Chief Investment Strategist & Portfolio Manager
Lombard Odier Investment Managers

img

Erwin Sanft

MD & Senior Portfolio Manager
E Fund Management

Inspiration From The Sell Side

11:10 am - 11:30 am Keynote: Liquidity, Transparency, and the Future of Fixed Income

Ian Shea - Head of Fixed Income Trading, Europe and Asia, Jane Street
Reserved for Jane Street

Ian Shea

Head of Fixed Income Trading, Europe and Asia
Jane Street

Winning The Battle Against Fragmentation

11:30 am - 12:00 pm All Star Panel: Navigating the fragmented trading world- Assessing the spectrum of trading venues and what makes the optimum mix to build a strong network of diversified liquidity pools?

Yann Couellan - Head of Global FICC Trading, AXA Investment Management Leonard Kwan - Senior Fixed Income Trader, T Rowe Price
The promise of an increase in electronic trading in the less liquid parts of the bond markets has loomed on the horizon for years, but the corporate bond market still remains frustratingly low-tech compared to most other asset classes. The structure of the market has remained stagnant for decades, stubbornly refusing to evolve despite numerous attempts to overhaul it and main problem for this lies in fragmentation. Hear from the leading  buy side and platform providers on which combination of platforms will equip you to navigate this fragmented landscape:
 
-          Navigating liquidity fragmentation- How can you build a strong network of diversified liquidity pools to maximise your access?
-          What are currently the most commonly used trading protocols and how can you incorporate and utilise different workflows on the desk?
-          RIE, MTF, OTF, SI, Voice- Analysing the spectrum of trade paths, different types of venues and the interrelationship between each of these
-          Establishing the best path to trade- How do each of the available protocols differ and what is best suited to different types of trade?
-          All-to-all trading, the corporate bond market revolution -  Will all-to-all bond venues emerge as the winners in the shift to electronic trading, especially for liquid, easily-priced instruments?
-          The inability to cancel a trade when you make an error – how can technology providers improve this to attract more investors to migrate to all-to-all platforms?
-          New methods of finding liquidity- How are platforms and new entrants innovating to continue to offer new avenues of liquidity for the buy side?
img

Yann Couellan

Head of Global FICC Trading
AXA Investment Management

img

Leonard Kwan

Senior Fixed Income Trader
T Rowe Price

12:00 pm - 12:20 pm Morning Networking Break 2

12:20 pm - 12:50 pm All Star Panel: Proving best execution – How can you use data analytics and TCA to establish the best path to trade and justify your execution on a regular basis?

Brett Elvish - Director Financial Viewpoint Pierre-Emmanuel Charlier - Head of Fixed Income Trading, Asia, Pictet Asset Management Ambarish Ray - Fixed Income Trader, Rates & FX Asia, T Rowe Price Byron Yap - Fixed Income Trader, E Fund Management
Increased regulatory pressure, the drive towards operational efficiencies and the requirement to deliver “best execution” are part of a matrix of forces leading buy-side firms to reassess both their data requirements and technology infrastructure and is forcing all industry participants to reassess the quality, efficiency and sustainability of their existing trading systems. Listen to our expert speakers who will shed light on the key steps to ensure that you have taken all the sufficient steps to comply with best execution requirements:
 
-          The evolution of best execution – How are leading buy side heads measuring best execution and what changes have they made to take advantage of electronic markets?
-          More than just price – How can you determine the speed, liquidity, likelihood of execution and settlement, size and nature of the trade through your pre-trade analytics?
-          How can you implement TCA and analytics when trades are not done electronically and how do you then prove best execution?
-          Debate: Do you actually need TCA in fixed income to justify your execution?
img

Brett Elvish

Director
Financial Viewpoint

img

Pierre-Emmanuel Charlier

Head of Fixed Income Trading, Asia
Pictet Asset Management

Ambarish Ray

Fixed Income Trader, Rates & FX Asia
T Rowe Price

img

Byron Yap

Fixed Income Trader
E Fund Management

Embracing Fixed Income ETFs

Diversity is really lacking in the Hong Kong ETF space and according to a survey conducted by Brown Brothers Harriman, although a majority of Hong Kong investors plan to increase their ETF investments in the next 12 months, they would like to see more ETF products across different asset classes. 65% of them want to see more global fixed income products and 63% of them want to see more currency-hedged products, as there are only two such ETFs listed in Hong Kong. In this session our panel of speakers from  Vanguard, Goldman Sachs and Lombard Ordier will examine:
 
-          Assets in Hong Kong’s ETF industry having grown threefold in the last 10 years, why does the market still remains small and lack product diversification?
-          What are the current challenges in estimating the depth of the ETF market amongst institutional investors?
-          What are the main reasons for the lack of ETF popularity among the local investors?
-          The advantages and disadvantages of ETFs and the liquidity in ETFs - how to manage liquidity in the Fixed income environment and what are the challenges?
-          Matching your bond world to ETFs- Where should ETFs lie in the trading ecosystem and how can you bring these two worlds together for more diversified trading and execution options?
-          How can you enhance trading efficiencies in fixed income ETFs? And what have been the recent innovations in the Hong Kong ETF market?
-          ETF market evolution- what does the future hold for fixed income ETFs and how is the market forecasted to evolve over the next 3 years?
img

Tariq Dennison

Investment Adviser, Portfolio Manager
GFM Asset Management

img

Freddie Chen

Managing Director, Head of Portfolio Review, China
Vanguard Investments

img

Jacky Tang

Head of Portfolio Management Group and Co-head of Investment Strategy Group Asia
Goldman Sachs Private Wealth Management

img

Lee Homin

Head of Asia Advisory and Regional Economist
Lombard Ordier

img

Lin Li

MD & Head of Asset Allocations Strategy Research
CreditEase Wealth Management

1:20 pm - 2:20 pm Lunch and Networking Break

China – The Gates Have Opened

With China now being fully accounted in the Global Aggregate Index and the local currency Chinese bonds being the fourth largest currency component following the US dollar, euro and Japanese yen, what are the opportunities that lay ahead for foreign investors? Our speakers here will shed light on:
-          Bloomberg Barclays inclusion – How will this open further opportunity in the corporate bond market for investors? And will overseas investors be allowed into the futures market, allowing them to potentially go into distressed assets?
-          Despite rising inflows from overseas into Chinese bonds last year, foreigners still own less than 2% of the Chinese bond market – How will this change with the Bloomberg Barclays index inclusion?
-          What is the opportunity for other investment products such as credit products and high yield and investment grade instruments to have more credit differentiation than currently provided?
-          China perspective – How can they become more aligned with global practices, including default working procedures, bondholder rights, and the fair treatment of onshore vs. offshore investors? And will China create a new set of rules that reference the international model but are uniquely China as well?
img

Ricco Zhang

Director, Asia Pacific
International Capital Market Association (ICMA)

img

Hayden Briscoe

Managing Director, Head of Fixed Income, Asia Pacific
UBS Asset Management

img

Luc Froehlich

Global Head of Investment Directing, Fixed Income
Fidelity International

img

Gary Zhou

Director of Fixed Income Investments
China Securities International Asset Management

img

Alex Leung

Director
Top Capital Development

Emerging Market Fixed Income

2:50 pm - 3:10 pm Fire-side Chat: As Asia’s local currency bond markets enter the next decade of growth, how can you adapt and reposition your portfolios to gain maximum returns from them?

Mushtaq Kapasi - Chief Representative, Asia Pacific International Capital Market Association Kheng Siang Ng - Head of Fixed Income, Asia Pacific, State Street Global Advisors Brad Gibson - Head of Fixed Income Portfolio Management, AB Global
As Asia’s bond markets enter the next decade of growth, operating conditions have changed markedly. A region that once struggled out of the debacle of the late 1990s meltdown is now an oasis of economic stability and the driver of global economic growth, especially since the great financial crisis of 2008. China has emerged to become the world’s second largest economy. Its bond market is now the world’s third largest, placed behind the United States and Japan. In this session our speakers will share their insights on:

-Are Asian local currency bonds attractive to global investors? And how can they gain maximum exposure in this market?
-As the emerging markets go through periods of volatility, is it still recommended to allocate emerging markets in core portfolios?
-With emerging markets offering less security than majority of international developed markets, what are the risk factors that investors should look out for?
-Sell-off in spreads, liquidity crunch and emerging market currency capitulation - Are you poised to reap active returns in this more volatile and macro-driven market?
-The political dynamics in Indonesia and Malaysia – With the presidential elections happening in 2019, what are the uncertainties these markets will face?
-The inclusion of Chinese and Indonesian bonds into the global bond indices – How has this improved the overall sentiment towards Asian local currency bonds and has there been a positive impact on performance?
-Hard Vs. local currency bonds – How can you choose between these to enjoy the full benefits of potential bond market returns?
img

Mushtaq Kapasi

Chief Representative, Asia Pacific
International Capital Market Association

img

Kheng Siang Ng

Head of Fixed Income, Asia Pacific
State Street Global Advisors

img

Brad Gibson

Head of Fixed Income Portfolio Management
AB Global

Reaping the Benefits Of The ‘Green Wave’

3:10 pm - 3:30 pm Keynote Interview: As Green Bonds grow in popularity, is it better to launch it as a separate fund as opposed to integrating them into your mainstream portfolio?

Brett Elvish - Director Financial Viewpoint Anthony Cheung - MD, Global Head of ESG & Sustainable Investing, Hamon Investment Group Ricco Zhang - Director, Asia Pacific, International Capital Market Association (ICMA) Jay Lee - Partner, Simmons & Simmons
With the recent green bond taxonomy labelling, US$5 billion worth of green bonds being issued and the launch of the 3 year green bond grant scheme in Sep 2018, how will this unveil a long-term stable return for investors? Our speakers here will examine:
 
-          With the increasing trend in sustainable investment, is green bond the next best investment Asset class?
-          Is the green bond market going to be an asset class and is green investing a legitimate sector?
-          The unclear benefits of green bonds – Are issuers issuing green bond only for tax exemption reasons or where exactly is the channelling of funds happening?
-          The lack of liquidity and research in green bonds – is it possible for investors to make educated investment decisions to gain positive returns from green bonds?
-          Growth in this space - Are investors really looking to invest in green bonds despite the lack of any clear benchmark standards in this space?
-          Hong Kong’s 3 year green bond grant scheme - Has the HK$100 billion green bond plan to established Hong Kong as global hub?
-          Can Hong Kong be the bridge to the world for mainland China’s green bond market?
img

Brett Elvish

Director
Financial Viewpoint

img

Anthony Cheung

MD, Global Head of ESG & Sustainable Investing
Hamon Investment Group

img

Ricco Zhang

Director, Asia Pacific
International Capital Market Association (ICMA)

img

Jay Lee

Partner
Simmons & Simmons

3:30 pm - 3:50 pm Afternoon Networking Break

Asset Allocation 2020

Institutional investors in 2018 are increasing their exposure to private debt strategies at a higher rate than ever before, with many looking to both diversify their private debt portfolios and find less competed opportunities. Beyond the mature and competitive private debt markets in North America and Europe, credit markets in Asia offer a relatively untapped reserve of opportunity, and with the recent increase in investor interest in this area, private debt fund managers have seen increased fundraising success in recent years. This session will cover:
 
-          How can you source the deals in the region given it’s a very nascent market? And how can you  expand your network with non-sponsored borrowers
-          How can you find opportunities on bank balance sheets?  And how can you best partner with banks to develop robust deal pipelines?
-          How can you build investor loyalty through transparency?
-          How do you screen the deals and how do you do the due diligence? And how do you price the market?
-          What are investors looking out for in private credit and do they have enough exposure in this space?
img

Richard Williamson

Managing Director
CreditEase Wealth Management

img

Paul Heffner

CEO & Managing Partner
Adamas Asset Management

img

Jiffriy Chandra

Co-founder and Managing partner
TransAsia Private Capital

img

Binay Chandgothia

MD and Portfolio Manager, Principal Portfolio Strategies
Principal Global Investors

img

Francis C.Y. Ng

Director, Portfolio Management - Credits
STI Asset Management

4:20 pm - 5:00 pm Closing Keynote Panel: The shift to emerging markets and alternative investments - Against the market backdrop of synchronized global growth, easy financial conditions and low economic and financial market volatility, what is top-of-mind for investors in Asia Pacific?

Ken Hui - Chief Operating Officer, Fullgoal Asset Management Vincent Au - Head of Investment, MD, ALPS Advisory Hong Kong Luc Froehlich - Global Head of Investment Directing, Fixed Income, Fidelity International Li Ying Lu - Senior Investment Strategist Fixed Income, AllianceBernstein Danny Scinto - Senior Portfolio Manager, BFAM Partners
Due to lower expected returns across all major asset markets, understanding the drivers of alpha as well as diversifying alpha sources will be important. And Investors are increasingly extending their income-generating universe beyond public markets to capture the complexity and illiquidity premia offered by alternative assets. In this panel our  expert speakers will unveil:
 
-          What's fuelling the growing appetite for Asian bonds and how are investors viewing fixed income?
-          How are investors planning to change their portfolio allocations?
-          What alternative strategies could help fund managers generate excess returns over traditional benchmarks?
-          As corporate bonds become increasingly expensive, are investors considering reducing credit risk? And what asset classes should investors focus on?
-          Unconstrained Bonds/ “go anywhere” funds – How can this “benchmark-agnostic” bond add value through active sector allocation across the fixed income spectrum?
-          Active Vs. passive – Which is the best approach to generate returns and manage risks in your fixed income portfolios?
-          Building the next generation EM trading team: What Is needed for today’s trader To thrive in an unpredictable Landscape?
img

Ken Hui

Chief Operating Officer
Fullgoal Asset Management

Vincent Au

Head of Investment, MD
ALPS Advisory Hong Kong

img

Luc Froehlich

Global Head of Investment Directing, Fixed Income
Fidelity International

img

Li Ying Lu

Senior Investment Strategist Fixed Income
AllianceBernstein

img

Danny Scinto

Senior Portfolio Manager
BFAM Partners

3:00 pm - 3:05 pm Chairperson’s Closing Remarks

3:05 pm - 4:05 pm Fixed Income Leaders Summit Cocktail Drinks Reception