AllianceBernstein's Hayden Briscoe explains how he sees China transforming global capital markets in the years ahead.
Q What is the biggest development now in Asian fixed income
A From a structural point of view, our focus is on China’s bond market. It is now the world’s third largest, at Rmb48 trillion-Rmb49 trillion, or $7.2 trillion. China is going through a huge shift from being a loans market to becoming a bonds market. In the US, the split is about 30% bank loans to 70% bonds. In Europe, it’s more like 80% loans to 20% bonds. In China, it’s 90% loans to 10% bonds.
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