Private credit might be less attractive than it was last year as investors rush into the market, but there are sweet spots to be found.
ôIn terms of functionality, the banking office will not really change,ö says Briones. ôHowever, seeing the solid opportunities for growth it Thailand, establishing a representative office does send the message of our long-term commitment to the country.ö
ING has had a long history in Thailand. Recent deals include advising Banpu on its $84 million acquisition of four coal-fired plants in China. ING Wholesale has also a worked on a $130 project financing of Gulf ElectricÆs subsidiary, Gulf Power generation Company, for a greenfield gas-fired power plant.
ING Wholesale Banking's announcement follows recent approvals from the Bank of Thailand and Ministry of Commerce, which will allow the firm to undertake economic and market research, collection of data in support of crossborder financial advisory and activities in the country to support clientsÆ financing.
ING Wholesale Banking says it is now looking to expand its product offerings in Thailand, including bolstering the DCM, derivatives and advisory services businesses.
ôWeÆll undoubtedly look at expanding our product offering to broader and more creative DCM products and financial market services,ö Briones adds. ôIn Thailand, bonds are pricing games and the liquidity is tight. We also expect to see more structured finance deals in the country.ö
The firm also touts cross-border M&A as an increasing business in Thailand, as European and regional corporates look to expand exposure in the market.
Regulators keep their eyes open on tightening insurance industry by introducing more detailed risk management requirements, which could bring pressure on smaller players.
China and India are more obvious choices for AustralianSuper to consider in Asia Pacific, but the super fund currently lacks the expertise and prefers to stick to the US and Europe.
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