Sector Review: Taiwan's Bond Market May See A Slight Resurgence In The Second Half Of 2009 Aug 09

  • ID: 1820331
  • August 2009
  • Region: Taiwan
  • Standard & Poors
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  • Bank of Kaohsiung
  • China Airlines Ltd.
  • CTBC Bank Co. Ltd.
  • Ho-Ping Power Co.
  • Mai-Liao Power Corp.
  • Taichung Commercial Bank
  • MORE

Taiwan's straight bond (corporate and financial debenture issues) and convertible/exchangeable bond markets could see a slight resurgence in activity over the next two quarters according to Taiwan Ratings Corp.'s analysis. New issuance momentum was almost at standstill over the past six months amid uncertain market conditions. In our view, several forces may lead to increased bond issuance going forward, including a prevailing low interest rate environment, modest signs of economic recovery in Taiwan, and the recent rebound of the domestic stock market. In addition, we expect local banks' increased need to strengthen their regulatory capital ratios may support some new issuance momentum for financial debentures in the second half of 2009. Credit spreads are also likely to continue to widen...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- Taiwan (Republic of China)
- Chiao Tung Bank
- Bank of Taiwan
- CTBC Bank Co. Ltd.
- First Commercial Bank Ltd.
- Mega International Commercial Bank Co. Ltd.
- Cathay United Bank Co. Ltd.
- Chang Hwa Commercial Bank Ltd.
- Taiwan Cooperative Bank Ltd.
- Hua Nan Commercial Bank Ltd.
- China Steel Corp.
- China Development Industrial Bank
- Taiwan Power Co.
- Farmers Bank of China
- Central Trust of China
- Taipei Fubon Commercial Bank Co. Ltd.
- The Shanghai Commercial & Savings Bank Ltd.
- E.SUN Commercial Bank Ltd.
- Yuanta Commercial Bank
- Asia Trust & Investment Corp.
- Bank of Kaohsiung
- China United Trust & Investment Corp.
- Chinfon Commercial Bank
- KGI Bank
- Chinese Bank (The)
- Union Bank of Taiwan
- Land Bank of Taiwan
- Taitung Business Bank
- Bank SinoPac
- Chunghwa Telecom Co. Ltd.
- Taiwan Mobile Co. Ltd.
- United Microelectronics Corp.
- Fubon Financial Holding Co. Ltd.
- Siliconware Precision Industries Co. Ltd.
- Yang Ming Marine Transport Corp.
- Taiwan Semiconductor Manufacturing Co. Ltd.
- EnTie Commercial Bank
- Standard Chartered Bank (Taiwan) Ltd.
- Industrial Bank of Taiwan
- Taiwan Shin Kong Commercial Bank Co. Ltd.
- Sunny Bank
- Ta Chong Bank Ltd.
- Taiwan Business Bank
- China Airlines Ltd.
- Formosa Plastics Corp.
- Unimicron Technology Corp.
- Cathay Financial Holding Co. Ltd.
- China Development Financial Holding Corp.
- Cota Commercial Bank
- Fubon Commercial Bank
- King's Town Bank
- Enterprise Bank of Hualien
- CTBC Financial Holding Co. Ltd.
- Macronix International Co. Ltd.
- SinoPac Holdings
- Taichung Commercial Bank
- Mai-Liao Power Corp.
- Mega Financial Holding Co. Ltd.
- Wan Hai Lines Ltd.
- Nanya Technology Corp.
- First Financial Holding Co. Ltd.
- Shin Kong Financial Holding Co. Ltd.
- Jih Sun Financial Holding Co. Ltd.
- Ho-Ping Power Co.
- Yuanta Financial Holdings Co. Ltd.
- Bowa Commercial Bank Ltd.
- Agricultural Bank of Taiwan
- S-Tech Corp.
- HSBC Bank (Taiwan) Ltd.
- Taishin Financial Holding Co. Ltd.
- Taiwan Financial Holding Co. Ltd.
- DBS Bank (Taiwan) Ltd.

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