Malaysia boasts the most developed corporate bond market of any emerging economy, with about 1,700 outstanding issues, so this trade heralds the opening of a market with significant room for growth. It's difficult to put a number on that potential, says David Rosa, Citi's co-head of emerging markets credit trading, Asia-Pacific. but the trend is clear growth is exponential.
Indeed, the global CDS market grew from just $1 trillion at the end of 2001 to a whopping $26 trillion by mid-2006, according to International Swaps and Derivatives Association figures.
The development of a ringgit...
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