亚太地区信贷转型研究报告

KKR CREDIT & MARKETS Building Upon Our Roots:Asia Pacific’s CreditTransformation Important Information This document has been prepared solely for informational purposes.This document is not research and should not be treated as research.This document does not represent valuation judgments with respectto any financial instrument, issuer, security or sector that may bedescribed or referenced herein and does not represent a formal orofficial view of KKR. This document is not intended to, and does not,relate specifically to any investment strategy or product that KKRoffers. It is being provided merely to provide a framework to assistin the implementation of an investor’s own analysis and an investor’sown views on the topic discussed herein. The information contained herein is only as current as of the dateindicated, and may be superseded by subsequent market eventsor for other reasons. Charts and graphs provided herein are forillustrative purposes only. The information in this document has beendeveloped internally and/or obtained from sources believed to bereliable; however, KKR does not guarantee the accuracy, adequacyor completeness of such information. Nothing contained hereinconstitutes investment, legal, tax or other advice nor is it to be reliedon in making an investment or other decision. Opinions or statementsregarding financial market trends are based on current marketconditions and are subject to change without notice The information in this document may contain projections or otherforward-looking statements regarding future events, targets,forecasts or expectations regarding the strategies described herein,and is only current as of the date indicated. There is no assurancethat such events or targets will be achieved, and may be significantlydifferent from that shown here. The information in this document,including statements concerning financial market trends, is basedon current market conditions, which will fluctuate and may besuperseded by subsequent market events or for other reasons.Historic market trends are not reliable indicators of actual futuremarket behavior or future performance of any particular investmentwhich may differ materially, and should not be relied upon as such.This document should not be viewed as a current or pastrecommendation or a solicitation of an offer to buy or sell anysecurities or to adopt any investment strategy. www.kkr.com Executive Summary The longer-term thesis for investing in Asia Pacificcredit has a great deal to do with the macroeconomicevolution and complexity of the region. Despite China’sslowdown, Asia Pacific continues to grow at twice thepace of the U.S. and Europe. Moreover, we believe lowerreal yields should be a positive for valuations and a riskrecalibration has helped to reshape the Asia Pacificlandscape. For many years, real estate issuers playedan outsized role in Asia Pacific’s liquid credit markets andwere the primary driver of the market’s exponentialgrowth. However, a wave of defaults amongst Chinesereal estate developers catalyzed a wide reset in assetvaluations that extended beyond the property sector,dramatically shifted the composition of the market,and eroded investor confidence. In our view, the sell-off created attractive entry points for investors andcompelling relative value compared to the United Statesand Europe. Asia’s public and private creditmarkets present a rare opportunityfor investors: a chance to invest ina region where growth remainsresilient, demand for credit outstripssupply, and structural marketinefficiencies play to the strengthsof fundamental credit investorswith local knowledge andrelationships across the region. As we reflect upon the last 18 months of changes acrossthe market, there is tremendous need for capital at atime when compelling relative value exists across theregion. Though market volatility persists and higherinterest rates continue to be digested, there remainsound issuers in need of near-term capital solutions.From a global relative value perspective, we believevaluations in the Asia Pacific market provide an attractiveopportunity for diversification and total return in aportfolio with generally lower leverage levels (ex-China). Written by: Brian DillardPartnerHead of Asia Credit Dengzhao PanManaging DirectorHead of Asia Liquid Credit Kristopher NovellManaging DirectorHead of Credit Portfolio Construction & Analytics Additional Contributions From: While regional nuances can contribute to complexityin investing across Asia Pacific, we believe that activemanagement and a local presence are prerequisitesto success. Each country has macro, political, and fiscalidiosyncrasies, so in our view, there is no “One-Asia”. Inour 20-plus year track record investing in Asia Pacific,we have found that having deep connections in theregion, an on-the-ground presence, and an active andselective investment approach that prioritizes principalprotection and durable cash flows is invaluable forproducing and e