講演 Speech at ADB アジア開発銀行 Institute on Financial Innovation for Globalization
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SanjeevSinha
Dec 6, 2016, 4:18:11 AM12/6/16
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(English follows after Japanese)
近年世界中の高速鉄道など巨大なインフラ・プロジェクトの案件でJICA、JBIC、アジア開発銀行、世界銀行、中国系AIIBなど多国的金融機関の活動が十分注目を浴びて来ています。開発援助資金以外にも、日本から始め、多数の先進国がゼロや超低金利ほど資金が余っている状況も最近目立っています。
一方新興国の方は資金が足りなくて金利が余りにも上がっている状況ですが購買力が上がりつす市場としても魅力が上がっています。当たり前な補完性にも関わらず資金の流れには開発リスクや、官民連携と入札の仕組みなどいくつか問題点があります。
当課題に対して今週９日小生はADBIにてファイナンシャル・イノベーションとグローバリゼーションのテーマで講演致します。簡単な概要は英文で下記に共有します。是非コメントをお願いします。
（別件ですが、後日日本の大手製鉄会社で社内講師を致します。当業界での日印関係のコメントも是非宜しくお願いします）。
With internationally financed multi-billion USD projects like Delhi Metro, Bullet Trains of Ahmadabad-Mumbai, Taiwan and Indonesia, Mumbai Trans Harbor Link and many others
we are witnessing a more and more visible role of bi/multilateral governmental financing agencies like JICA, JBIC, ADB, AIIB, BRICS Bank, World Bank/IFC and others.
On Dec. 9th I will be speaking at ADB Institute on Financial Innovation for Globalization as attached. Let me share an abstract of my talk herewith for your input please.
Many developed countries in the world, like Japan, are in the negative or negligible interest rate regimes highlighting the surplus of capital compared to investment opportunities for these countries.
On the other hand, most developing countries in the world are facing shortage of capital and very high interest rates while the rapidly enhancing consumption power of the masses there now provides an
attractive market for quality infrastructure.
Yet, despite the obvious synergy, there are many challenges in the flow of the capital due to various risks involved in the projects and complexities of financing and biding processes.
The appetite to take on various types of risks is further scattered especially between the government agencies and private sector.
Let’s look at the situation in 4 broad categories of Japanese investors especially from Indian perspective:
(a) The government, (b) retail investors, (c) non-finance corporates and (d) financial institutional investors.
(a) The governments led financing to overseas is often driven by humanitarian, geo-political, diplomatic and long term industrial motivations. Many of the financial agencies led by Japanese government
with hundreds of billion USD have already been very keen and active in India for such reasons, including 10s of billions of USD of financing and many schemes including a JPY-INR currency swap.
(b) Retail investors of Japan, with trillions of USD in bank accounts, also look at India favorably due to friendly relations and a bullish macro perspective with an added advantage of faster decision
making. They also have enough appetite for Indian Rupee forex exposure.
(c) On the other hand, the non-finance Japanese corporates (though with 255+ billion USD cash and a strong long term strategic FDI interest in India) have become more and more risk averse due to avers
ion to political and project developmental risk, internal procedural complexity and growing quarterly performance pressures on listed companies (while the SMEs are better adept due to their flexibilit
y and speed).
(d) Lastly, most of the financial institutions like the insurance and pension funds have started looking at India for yield enhancement but have a challenge of Asset-liability management.
For example, as most of them don’t have Indian Rupees based liabilities they are not comfortable to take Rupee asset risk. Unfortunately, the JPY-INR market being too illiquid, the hedging costs are a
lso too high, creating a chicken and egg problem, but the JPY-INR swap as entered into between two central banks can potentially help.
Financial engineering and innovation is all about creating the right mix of risks and appetite for them, and we can see that a right combination of Japanese investment appetite to India as above can c
omplete the picture in a win win maner. Public Private Partnership and developmental financing models are starting to show interesting innovations of international nature but a lot more can and needs
to be done in the areas of Portfolio Diversification, Investment Insurances, specialized Trade/Purchase Financing and Asset Backed Securitization providing different tranches of risks for different pa
rties to create the right win-win combination for all. I look forward to your comments on the same.
Separately, I will be later speaking at a closed door session of a major steel manufacturer of Japan with respect to India. Please let me know of any interesting points on the bi-lateral collaboration
in the domain.
Regards,
Sanjeev.
---
Sanjeev Sinha,
President, India Japan Investment Partnership.
日印包括的パートナーシップ
Executive Managing Director, Kuni Umi Asset Management.
3F, Nippon Oil Building, Marunouchi, Tokyo, Japan.
http://www.kuniumi-am.co.jp/images/service/service_pdf2.pdf
blog: www.SanjeevSinha.com
近年世界中の高速鉄道など巨大なインフラ・プロジェクトの案件でJICA、JBIC、アジア開発銀行、世界銀行、中国系AIIBなど多国的金融機関の活動が十分注目を浴びて来ています。開発援助資金以外にも、日本から始め、多数の先進国がゼロや超低金利ほど資金が余っている状況も最近目立っています。
一方新興国の方は資金が足りなくて金利が余りにも上がっている状況ですが購買力が上がりつす市場としても魅力が上がっています。当たり前な補完性にも関わらず資金の流れには開発リスクや、官民連携と入札の仕組みなどいくつか問題点があります。
当課題に対して今週９日小生はADBIにてファイナンシャル・イノベーションとグローバリゼーションのテーマで講演致します。簡単な概要は英文で下記に共有します。是非コメントをお願いします。
（別件ですが、後日日本の大手製鉄会社で社内講師を致します。当業界での日印関係のコメントも是非宜しくお願いします）。
With internationally financed multi-billion USD projects like Delhi Metro, Bullet Trains of Ahmadabad-Mumbai, Taiwan and Indonesia, Mumbai Trans Harbor Link and many others
we are witnessing a more and more visible role of bi/multilateral governmental financing agencies like JICA, JBIC, ADB, AIIB, BRICS Bank, World Bank/IFC and others.
On Dec. 9th I will be speaking at ADB Institute on Financial Innovation for Globalization as attached. Let me share an abstract of my talk herewith for your input please.
Many developed countries in the world, like Japan, are in the negative or negligible interest rate regimes highlighting the surplus of capital compared to investment opportunities for these countries.
On the other hand, most developing countries in the world are facing shortage of capital and very high interest rates while the rapidly enhancing consumption power of the masses there now provides an
attractive market for quality infrastructure.
Yet, despite the obvious synergy, there are many challenges in the flow of the capital due to various risks involved in the projects and complexities of financing and biding processes.
The appetite to take on various types of risks is further scattered especially between the government agencies and private sector.
Let’s look at the situation in 4 broad categories of Japanese investors especially from Indian perspective:
(a) The government, (b) retail investors, (c) non-finance corporates and (d) financial institutional investors.
(a) The governments led financing to overseas is often driven by humanitarian, geo-political, diplomatic and long term industrial motivations. Many of the financial agencies led by Japanese government
with hundreds of billion USD have already been very keen and active in India for such reasons, including 10s of billions of USD of financing and many schemes including a JPY-INR currency swap.
(b) Retail investors of Japan, with trillions of USD in bank accounts, also look at India favorably due to friendly relations and a bullish macro perspective with an added advantage of faster decision
making. They also have enough appetite for Indian Rupee forex exposure.
(c) On the other hand, the non-finance Japanese corporates (though with 255+ billion USD cash and a strong long term strategic FDI interest in India) have become more and more risk averse due to avers
ion to political and project developmental risk, internal procedural complexity and growing quarterly performance pressures on listed companies (while the SMEs are better adept due to their flexibilit
y and speed).
(d) Lastly, most of the financial institutions like the insurance and pension funds have started looking at India for yield enhancement but have a challenge of Asset-liability management.
For example, as most of them don’t have Indian Rupees based liabilities they are not comfortable to take Rupee asset risk. Unfortunately, the JPY-INR market being too illiquid, the hedging costs are a
lso too high, creating a chicken and egg problem, but the JPY-INR swap as entered into between two central banks can potentially help.
Financial engineering and innovation is all about creating the right mix of risks and appetite for them, and we can see that a right combination of Japanese investment appetite to India as above can c
omplete the picture in a win win maner. Public Private Partnership and developmental financing models are starting to show interesting innovations of international nature but a lot more can and needs
to be done in the areas of Portfolio Diversification, Investment Insurances, specialized Trade/Purchase Financing and Asset Backed Securitization providing different tranches of risks for different pa
rties to create the right win-win combination for all. I look forward to your comments on the same.
Separately, I will be later speaking at a closed door session of a major steel manufacturer of Japan with respect to India. Please let me know of any interesting points on the bi-lateral collaboration
in the domain.
Regards,
Sanjeev.
---
Sanjeev Sinha,
President, India Japan Investment Partnership.
日印包括的パートナーシップ
Executive Managing Director, Kuni Umi Asset Management.
3F, Nippon Oil Building, Marunouchi, Tokyo, Japan.
http://www.kuniumi-am.co.jp/images/service/service_pdf2.pdf
blog: www.SanjeevSinha.com
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