Sector Review: Credit Spreads Show No Signs Of Widening In Taiwan's Bond Market In The First Half Of 2010 Feb 10
Standard & Poors, February 2010
Abstract
In 2009, credit spreads in Taiwan's bond market narrowed as the global economy began to recover. In the first half of 2010, Standard & Poor's Ratings Services expects warming investor confidence, ample market liquidity under the Taiwan government's loose monetary policy, and a market expectation of stabilizing domestic credit conditions to help maintain narrow credit spreads--the yield difference between five-year bonds and government bonds with the same tenor. We also expect Taiwan-based institutions to take advantage of the prevailing low interest rate to fund capital expenditures and support future corporate growth. However, investors will likely continue to demonstrate greater support for bonds from issuers with stronger credit profiles. In our view, the recovering domestic economy will provide additional momentum to...
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.
- Taiwan (Republic of China) (Unsolicited Ratings)
- Chiao Tung Bank
- Bank of Taiwan
- Chinatrust Commercial Bank
- 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.
- 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.
- Asia Trust & Investment Corp.
- Bank of Kaohsiung
- China United Trust & Investment Corp.
- Chinese Bank (The)
- Land Bank of Taiwan
- Taitung Business Bank
- 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
- Industrial Bank of Taiwan
- Ta Chong Bank Ltd.
- Formosa Plastics Corp.
- Cathay Financial Holding Co. Ltd.
- China Development Financial Holding Corp.
- Cota Commercial Bank
- King's Town Bank
- Chinatrust Financial Holding Co.
- Macronix International Co. Ltd.
- Mai-Liao Power Corp.
- 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.
- Taishin Financial Holding Co. Ltd.
- Uni-President Enterprises Corp.
- Taiwan Financial Holding Co. Ltd.
- DBS Bank (Taiwan) Ltd.
- Solar Applied Materials Technology Corp.
- China Development Industrial Bank
- Yuanta Commercial Bank
- Chinfon Commercial Bank
- Cosmos Bank
- Union Bank of Taiwan
- Bank SinoPac
- China Airlines Ltd.
- Standard Chartered Bank (Taiwan) Ltd.
- Taiwan Shin Kong Commercial Bank Co. Ltd.
- Sunny Bank
- Taiwan Business Bank
- Unimicron Technology Corp.
- Fubon Commercial Bank
- Enterprise Bank of Hualien
- SinoPac Holdings
- Taichung Commercial Bank
- Mega Financial Holding Co. Ltd.
- Bowa Commercial Bank Ltd.
- Agricultural Bank of Taiwan
- S-Tech Corp.
- HSBC Bank (Taiwan) Ltd.
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