Bindra's view of 2002

In December, HSBC formally integrated its loans and bonds businesses onto a single platform. Here Avi Bindra, now head of the debt markets client group (origination), looks at how the syndicated loan market may develop in 2002.

How do you expect the Asian loans business to develop in 2002

I am reasonably optimistic. The main volumes will be in North Asia, with the exception of Singapore and Australia. In Australia it will be pretty diversified again, while in Singapore we'll see more real estate and government-linked companies coming to market. Hong Kong will also be dominated by real estate.

With spreads getting tighter, there will be an increasing tendency to lengthen maturity and relax covenants, of which we saw some last year. I hope that lenders will be less willing to do so in 2002.

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