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.

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

Macroeconomics

<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

<ul>
<li>Here we are checking our thesis on the bond markets we reconfirmed as bullish back in September.</li>
<li>Declining inflation, as indicated by the November US Personal Consumption Expenditure (PCE) deflator, could lead to the 2% inflation target in 2024</li>
<li>A rate cut and a peak of a rate hike cycle plots a scenario where  fixed rate bonds will be the asset class of choice in 2024.</li>
</ul>


Here we are checking our thesis on the bond markets we reconfirmed as bullish back in September.
Declining inflation, as indicated by the November US Personal Consumption Expenditure (PCE) deflator, could lead to the 2% inflation target in 2024
A rate cut and a peak of a rate hike cycle plots a scenario where  fixed rate bonds will be the asset class of choice in 2024.


Bond Market Monitor: Time to Invest in EM Bonds

* 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)