Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Macroeconomics

<ul>
<li>Nothing has changed since our last BMM and the SET has underperformed as expected, declining further to 1,364.5 on 24-May versus 1,398.1 on 28-February.</li>
<li>Here we suggest on what the SET should do to move forward, now that the SET is seeking a new President. </li>
<li>Here are the five to-do list for SET. Read or Not...</li>
</ul>


Nothing has changed since our last BMM and the SET has underperformed as expected, declining further to 1,364.5 on 24-May versus 1,398.1 on 28-February.
Here we suggest on what the SET should do to move forward, now that the SET is seeking a new President. 
Here are the five to-do list for SET. Read or Not...


Debt Capital Markets

<ul>
<li>We have been of the opinion that tokenized real world assets (RWAs), especially tokenized debt will represent a more understandable underlying value of tokens or cryptocurrencies than Bitcoin.</li>
<li>We are positive on tokens backed by risk-free assets such as US Treasuries or even investment-grade bonds as rates products for crypto funds and fractional investments for retail investors.</li>
<li>Private debt could be the next in line to enjoy mass adoption if the legal elements and credit protection have been put in place to gain trust of institutional investors.</li>
</ul>


We have been of the opinion that tokenized real world assets (RWAs), especially tokenized debt will represent a more understandable underlying value of tokens or cryptocurrencies than Bitcoin.
We are positive on tokens backed by risk-free assets such as US Treasuries or even investment-grade bonds as rates products for crypto funds and fractional investments for retail investors.
Private debt could be the next in line to enjoy mass adoption if the legal elements and credit protection have been put in place to gain trust of institutional investors.


Security Token Journal: Private Debt Tokens

<ul>
<li>The security token market, though, has slowly developed mainly due to declining risk appetites sparked by COVID-19 in 2020 and the Russian invasion of Ukraine on 24-February 2022.</li>
<li>What has changed that led us to update readers on tokenization is the approval of Bitcoin ETFs</li>
<li>The Bitcoin ETFs will be the first step to allow institutional investors to invest in cryptocurrencies. Next, we expect more ETFs of other well-known cryptocurrencies such as Ethereum (ETH).</li>
</ul>


The security token market, though, has slowly developed mainly due to declining risk appetites sparked by COVID-19 in 2020 and the Russian invasion of Ukraine on 24-February 2022.
What has changed that led us to update readers on tokenization is the approval of Bitcoin ETFs
The Bitcoin ETFs will be the first step to allow institutional investors to invest in cryptocurrencies. Next, we expect more ETFs of other well-known cryptocurrencies such as Ethereum (ETH).


Security Token Journal: Bitcoins to the Mass

<ul>
<li>Thai equities lack growth and innovation. Big corporations continue to have unfair advantages in terms of access to bank financing and business opportunities.</li>
<li>Thailand is an aging society with rising income disparity and a stalling education system. Hence, we have questioned how Thailand will escape the middle income trap in the near term.</li>
<li>We expect more disruptions and policy blunders which could impair Thai stock performance. We do not believe Thailand can correct its cause in the near term.</li>
</ul>


Thai equities lack growth and innovation. Big corporations continue to have unfair advantages in terms of access to bank financing and business opportunities.
Thailand is an aging society with rising income disparity and a stalling education system. Hence, we have questioned how Thailand will escape the middle income trap in the near term.
We expect more disruptions and policy blunders which could impair Thai stock performance. We do not believe Thailand can correct its cause in the near term.


THAI CDS USD SR 5Y D14 / Debt Capital Markets

<ul>
<li>Here we are revisiting the Thai bond market, as per requests from our Thai readers, to see the impact of the global rate trajectory on Thailand.</li>
<li>The Thai bond market will remain unattractive to foreign institutional investors, in our view.</li>
<li>The attempt to increase yield should involve a material change in Thailand’s financial structure and regulatory mindset.</li>
</ul>


Here we are revisiting the Thai bond market, as per requests from our Thai readers, to see the impact of the global rate trajectory on Thailand.
The Thai bond market will remain unattractive to foreign institutional investors, in our view.
The attempt to increase yield should involve a material change in Thailand’s financial structure and regulatory mindset.


Bond Market Monitor: Thai Bonds Are for Issuers

* Fixed income research professional with 20+ years of experience covering financial institutions, corporates, and sovereigns with a global client network.
* Supervisory experience since 2002
* FINRA's supervisory analyst from 2006-2008
* Responsible officer and an SFC-licensed analyst since 2011
* Regular speaker at fixed income events in Asia
* Ranked Asian 4th Best Fixed Income Analyst (FinanceAsia, Nov’08)
* Ranked Asian 2nd Best Corporate Credit Analyst (FMAP, June’07)

Warut Promboon
Independent Asian Credit Research
• Bondcritic

Thailand: Ready (Re)SET Go!

Thailand's SET has underperformed as expected, declining further to 1,364.5 on 24-May versus 1,398.1 on 28-February. Here we suggest on what the...

Bondcritic

Security Token Journal: Private Debt Tokens

Here we examine private debt as underlying assets to be tokenized for the masses. This is the first small step in a very widening road ahead and...

Bondcritic

Security Token Journal: Bitcoins to the Mass

The Bitcoin ETFs will be the first step to allow institutional investors to invest in cryptocurrencies. Next, we expect more ETFs of other well...

Bondcritic

Thailand: Aging Poor

The political uncertainty in the past 2 decades has not subsided, in our judgment. We then expect more unpredictable disruptions and policy...

Bondcritic

Bond Market Monitor: Thai Bonds Are for Issuers

Close to home, we are looking into how the recent global rate trajectory will impact Thailand. We still believe Thai bonds will remain unattractive...

Bondcritic