Credit Trends - Southeast Asia & India
What is the legacy of the pandemic for Southeast Asian and Indian issuers?
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Explore with us the aftermath of the pandemic.
Find out what market experts expect, which sectors have bounced back, which sectors will be transformed, and which will carry the deepest scars from the downturn.
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Agenda
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14:00
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14:05
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14:25
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15:05
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15:20
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16:00
Close of the event
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SpeakersWendy Cheong Managing Director – Regional Head of Asia Pacific Moody's Investors Service
Michael Taylor Managing Director – Chief Credit Officer, Asia Pacific Moody's Investors Service
Patrick Lee Cluster CEO, Singapore & ASEAN Markets Standard Chartered
Stephen Long Managing Director – Global Banking Moody's Investors Service
Clara Lau Senior Vice President/ RPO, Credit Strategy & Standards Moody's Investors Service
Natasha Brereton-Fukui Vice President - Senior Research Writer, MIS Research Moody's Investors Service
Ray Tay Senior Vice President, Project & Infrastructure Finance Moody's Investors Service
Anushka Shah Vice President – Senior Analyst, Sovereign Risk Group Moody's Investors Service
Alka Anbarasu Vice President – Senior Credit Officer Moody's Investors Service
Kaustubh Chaubal Vice President, Senior Credit Officer Moody's Investors Service
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Wendy Cheong is a senior management and strategy professional with over 22 years of experience in leading and transforming international business operations.
She is currently Managing Director-Regional Head of Asia Pacific for Moody’s Investors Service (MIS), based in Hong Kong. In this role, Wendy develops and leads Moody’s growth strategy in both developed and emerging markets in the region. Wendy is the senior representative for Moody’s in Asia Pacific and is responsible for managing regional operations, overseeing policy and regulatory outreach, coordinating Moody’s global initiatives, and providing oversight of affiliates, joint ventures and MIS domestic market strategies in the region.
Wendy joined Moody's in 2010 as an Assistant Director at Content Strategy in Moody’s Analytics, and has since held senior positions in strategy and management roles across business lines in Hong Kong and New York to build strategic vision, drive business growth and enhance market impact. She has served as Chief of Staff to the President of Moody’s Investors Service; Representative Director for MIS in Hong Kong, while also serving as Senior Vice President – Head of APAC Strategy & Business Management; and Director and Senior Product Strategist at Moody’s Analytics. Wendy sits as a Director on the boards of a majority of Moody’s Asia entities and affiliates in the region.
Wendy is a member of Moody’s Global Diversity Council and founded the Moody’s Women’s Employee Resource Group in Asia Pacific. She held leadership roles in several external women in finance organizations, including 100 Women in Finance and the Women in Finance Association of the Asia Securities Industry and Financial Markets Association (ASIFMA). She is currently a member of the Asian Venture Philanthropy Network (AVPN), a leading network of over 600 organizations across 34 countries that mobilizes capital for impact investing.
Before joining Moody’s, Wendy held senior strategy, sales and marketing positions at Prudential PLC, as well as at Singapore Telecoms in Hong Kong and Singapore.
She holds a BA in Southeast Asian Studies from the National University of Singapore.
Dr. Michael Taylor is a Managing Director for Moody’s Investors Service. He is also Moody’s Chief Credit Officer for the Asia Pacific region.
Michael leads regional research, particularly with a cross-sectoral and macro credit focus, as well as coordinating major regional analytical initiatives.
Michael joined Moody’s after a distinguished career in several leading central banks and international financial institutions, including roles at the Bank of England, the IMF — where as Resident Representative, he was closely involved in the resolution of the Indonesian financial crisis in the late 1990s — and the Hong Kong Monetary Authority as Head of Banking Policy. He was also the Advisor to the Governor of the Central Bank of Bahrain.
Michael has also had a distinguished academic career, including as Reader in Financial Regulation at Reading University. He has published widely on financial stability and financial regulation, and given seminars and lectures at the Said Business School at Oxford University, at Harvard Law School, Columbia University, and The University of Hong Kong.
Michael holds a bachelor’s degree as well as a doctorate from Oxford University. He also holds a master’s in International Business Law from the University of London.
As Cluster CEO Singapore & ASEAN Markets, Patrick is responsible for steering and executing business development and strategy for the Bank in Singapore, Malaysia, Vietnam and Thailand. These are key strategic markets for the Standard Chartered Bank Group, and Singapore is home to the Bank’s global businesses and Technology & Operations functions.
Before assuming this role, Patrick was CEO Singapore, and Head of Global Banking, Singapore, where he was responsible for the Bank’s corporate and institutional client businesses.
Before joining Standard Chartered in 2012, Patrick was Managing Director, Head of Southeast Asia Investment Banking at Nomura. Prior to that, he was Head of Singapore/Malaysia Investment Banking at UBS and Executive Director, Investment Banking at Morgan Stanley. He has over 25 years of experience in the banking industry, including corporate and investment banking, product and sector coverage, and has worked in Singapore, Hong Kong and London.
Patrick is a Co-Founder and Board Director of Leap Philanthropy Ltd, a Singapore-based charity active in Indonesia, Cambodia and Myanmar. He is also a Board Director of Clifford Capital (established as a specialist provider of structured finance solutions).
Patrick graduated with BA (First Class Honors) and MA in English from Trinity College, Cambridge.
Stephen Long is a Managing Director co-responsible for Moody’s global bank ratings. He is based in Hong Kong and primarily focuses on bank ratings in the Asia Pacific region. He is also responsible globally for Moody’s ratings of non-bank financial institutions. Stephen has a long career in Asia. Before joining Moody’s in 2010, he worked as the head of J.P. Morgan's Asia rating advisory team, and before that, he headed the firm's Asia credit research team. As well as managing the overall team, he was responsible for its research on Asian banks. His experience also includes senior positions at other leading financial institutions,and he began his career as a banking regulator at the Bank of England. He has worked in London, Paris, Hong Kong and Tokyo. Stephen is a graduate of the University of Oxford, where he read Philosophy, Politics and Economics
Clara Lau is the Group Credit Officer, Corporate Finance, Asia Pacific, based in Hong Kong. She is responsible for overseeing the quality and accuracy of corporate ratings in the region. She also coordinates the development of credit policies, rating methodologies and analytical initiatives, and ensures consistency in their application. Lau has extensive rating experience with a major focus on real estate companies, utilities and conglomerates. Before joining Moody’s in 1997, Lau was the Head of Credit with Credit Suisse in Hong Kong, responsible for assessing and sanctioning corporate credit in North Asia. She had also worked with HSBC in Hong Kong, Singapore and the UK. Lau has a Bachelor of Social Science, majoring in Economics, from the University of Hong Kong and is a CFA Charter holder.
Natasha Brereton-Fukui is Vice President – Senior Research Writer with the Sovereign Risk Group at Moody’s Investors Service, focused on the Asia Pacific region. Natasha is a passionate advocate of diversity in the workplace, and also serves as co-chair of Moody’s APAC Multicultural Employee Resource Group.
Prior to joining Moody’s in 2014, Natasha spent more than a decade in journalism, in Tokyo, London and Singapore. During nine years with Dow Jones Newswires and The Wall Street Journal, she covered central banks’ responses to the global financial crisis, Group of 20 efforts to boost long-term investment financing, negotiations on the Trans-Pacific Partnership trade agreement, and Myanmar’s economic liberalization, among other topics. She was named “Journalist of the Year – Investment (Online/ Wires)” for her coverage of the Bank of England’s adoption of quantitative easing in the 2009UK Institutional Press Awards.
Natasha holds a BA in Chinese Studies (Hons) from the University of Oxford, and was a Daiwa Scholar from 2002-4.
Anushka Shah is a Vice President with Moody’s Sovereign Risk Group. Based in Singapore, Anushka covers a number of countries in Asia Pacific, including Malaysia, Indonesia, Vietnam, Taiwan, the Maldives and Mongolia.
Prior to joining Moody’s, Anushka worked for more than seven years at Citi Investment Research in Bombay, where her focus was on the South Asian economies.
Anushka has a Master’s in Economics and Finance from the University of Warwick and a Bachelor’s in Economics from the University of Bombay
Alka Anbarasu is a Vice President and Senior Credit Officer for the Financial Institutions Group in Asia. Based in Singapore, she is responsible for the credit ratings of banks in India, Malaysia, Indonesia, Sri Lanka and Singapore. She is also responsible for ratings of non-bank financial institutions in India.
Prior to joining Moody’s in 2013, Alka worked at J.P. Morgan in London for several years, where she was part of the Investment Banking – M&A team for European Financial Institutions. She has also worked for ING Vysya Bank as an Assistant Manager, focusing on retail and commercial banking clients.
Alka completed her undergraduate degree from University of Mumbai and holds an MBA from the Xavier Institute of Management in India.
Kaustubh Chaubal is a Vice President – Senior Credit Officer with Moody’s Corporate Finance Group. Based in Singapore, he covers a portfolio of Indian and India-based issuers in the metals and mining (ferrous and non-ferrous), automobile, chemicals and pharmaceuticals industries.
Prior to joining Moody’s in 2015, Kaustubh spent eight years as a Ratings Advisor with Standard Chartered Bank in Singapore, the last two of which was as Head of ASEAN Ratings Advisory, while also covering issuers in the Middle East and Africa.
Kaustubh has also worked as a Senior Analyst at Standard & Poor’s India-based subsidiary, CRISIL, covering a broad array of industries including pharmaceuticals, building materials, chemicals, and investment holding companies. And, he has previously held analytical roles at ING Vysya Bank and Unit Trust of India Investment Advisory Services, as well as auditing roles at RM Ajgaonkar & Company and RD Samant & Company.
Kaustubh holds an MBA from The University of Chicago Booth School of Business and a Bachelor of Commerce from Mumbai University. He is also a Chartered Accountant with the Institute of Chartered Accountants of India.
Ray Tay is a Senior Vice President in Moody’s Public, Project and Infrastructure Finance Group. Based in Singapore, Ray covers project finance, transport, utilities and other infrastructure credits in Southeast Asia and India. Ray also covers sub-sovereign issuers in Southeast Asia.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. In this role, he advised public and private sector clients on a variety of infrastructure projects in Asia Pacific and the Middle East. Ray has also worked as a Senior Business Analyst with the Singapore Power Group, focusing on regulatory economics in each of its principal local operating subsidiaries.
Ray holds a Bachelor’s in Economics with honors from the National University of Singapore.
Wendy Cheong is a senior management and strategy professional with over 22 years of experience in leading and transforming international business operations.
She is currently Managing Director-Regional Head of Asia Pacific for Moody’s Investors Service (MIS), based in Hong Kong. In this role, Wendy develops and leads Moody’s growth strategy in both developed and emerging markets in the region. Wendy is the senior representative for Moody’s in Asia Pacific and is responsible for managing regional operations, overseeing policy and regulatory outreach, coordinating Moody’s global initiatives, and providing oversight of affiliates, joint ventures and MIS domestic market strategies in the region.
Wendy joined Moody's in 2010 as an Assistant Director at Content Strategy in Moody’s Analytics, and has since held senior positions in strategy and management roles across business lines in Hong Kong and New York to build strategic vision, drive business growth and enhance market impact. She has served as Chief of Staff to the President of Moody’s Investors Service; Representative Director for MIS in Hong Kong, while also serving as Senior Vice President – Head of APAC Strategy & Business Management; and Director and Senior Product Strategist at Moody’s Analytics. Wendy sits as a Director on the boards of a majority of Moody’s Asia entities and affiliates in the region.
Wendy is a member of Moody’s Global Diversity Council and founded the Moody’s Women’s Employee Resource Group in Asia Pacific. She held leadership roles in several external women in finance organizations, including 100 Women in Finance and the Women in Finance Association of the Asia Securities Industry and Financial Markets Association (ASIFMA). She is currently a member of the Asian Venture Philanthropy Network (AVPN), a leading network of over 600 organizations across 34 countries that mobilizes capital for impact investing.
Before joining Moody’s, Wendy held senior strategy, sales and marketing positions at Prudential PLC, as well as at Singapore Telecoms in Hong Kong and Singapore.
She holds a BA in Southeast Asian Studies from the National University of Singapore.
Dr. Michael Taylor is a Managing Director for Moody’s Investors Service. He is also Moody’s Chief Credit Officer for the Asia Pacific region.
Michael leads regional research, particularly with a cross-sectoral and macro credit focus, as well as coordinating major regional analytical initiatives.
Michael joined Moody’s after a distinguished career in several leading central banks and international financial institutions, including roles at the Bank of England, the IMF — where as Resident Representative, he was closely involved in the resolution of the Indonesian financial crisis in the late 1990s — and the Hong Kong Monetary Authority as Head of Banking Policy. He was also the Advisor to the Governor of the Central Bank of Bahrain.
Michael has also had a distinguished academic career, including as Reader in Financial Regulation at Reading University. He has published widely on financial stability and financial regulation, and given seminars and lectures at the Said Business School at Oxford University, at Harvard Law School, Columbia University, and The University of Hong Kong.
Michael holds a bachelor’s degree as well as a doctorate from Oxford University. He also holds a master’s in International Business Law from the University of London.
As Cluster CEO Singapore & ASEAN Markets, Patrick is responsible for steering and executing business development and strategy for the Bank in Singapore, Malaysia, Vietnam and Thailand. These are key strategic markets for the Standard Chartered Bank Group, and Singapore is home to the Bank’s global businesses and Technology & Operations functions.
Before assuming this role, Patrick was CEO Singapore, and Head of Global Banking, Singapore, where he was responsible for the Bank’s corporate and institutional client businesses.
Before joining Standard Chartered in 2012, Patrick was Managing Director, Head of Southeast Asia Investment Banking at Nomura. Prior to that, he was Head of Singapore/Malaysia Investment Banking at UBS and Executive Director, Investment Banking at Morgan Stanley. He has over 25 years of experience in the banking industry, including corporate and investment banking, product and sector coverage, and has worked in Singapore, Hong Kong and London.
Patrick is a Co-Founder and Board Director of Leap Philanthropy Ltd, a Singapore-based charity active in Indonesia, Cambodia and Myanmar. He is also a Board Director of Clifford Capital (established as a specialist provider of structured finance solutions).
Patrick graduated with BA (First Class Honors) and MA in English from Trinity College, Cambridge.
Stephen Long is a Managing Director co-responsible for Moody’s global bank ratings. He is based in Hong Kong and primarily focuses on bank ratings in the Asia Pacific region. He is also responsible globally for Moody’s ratings of non-bank financial institutions. Stephen has a long career in Asia. Before joining Moody’s in 2010, he worked as the head of J.P. Morgan's Asia rating advisory team, and before that, he headed the firm's Asia credit research team. As well as managing the overall team, he was responsible for its research on Asian banks. His experience also includes senior positions at other leading financial institutions,and he began his career as a banking regulator at the Bank of England. He has worked in London, Paris, Hong Kong and Tokyo. Stephen is a graduate of the University of Oxford, where he read Philosophy, Politics and Economics
Clara Lau is the Group Credit Officer, Corporate Finance, Asia Pacific, based in Hong Kong. She is responsible for overseeing the quality and accuracy of corporate ratings in the region. She also coordinates the development of credit policies, rating methodologies and analytical initiatives, and ensures consistency in their application. Lau has extensive rating experience with a major focus on real estate companies, utilities and conglomerates. Before joining Moody’s in 1997, Lau was the Head of Credit with Credit Suisse in Hong Kong, responsible for assessing and sanctioning corporate credit in North Asia. She had also worked with HSBC in Hong Kong, Singapore and the UK. Lau has a Bachelor of Social Science, majoring in Economics, from the University of Hong Kong and is a CFA Charter holder.
Natasha Brereton-Fukui is Vice President – Senior Research Writer with the Sovereign Risk Group at Moody’s Investors Service, focused on the Asia Pacific region. Natasha is a passionate advocate of diversity in the workplace, and also serves as co-chair of Moody’s APAC Multicultural Employee Resource Group.
Prior to joining Moody’s in 2014, Natasha spent more than a decade in journalism, in Tokyo, London and Singapore. During nine years with Dow Jones Newswires and The Wall Street Journal, she covered central banks’ responses to the global financial crisis, Group of 20 efforts to boost long-term investment financing, negotiations on the Trans-Pacific Partnership trade agreement, and Myanmar’s economic liberalization, among other topics. She was named “Journalist of the Year – Investment (Online/ Wires)” for her coverage of the Bank of England’s adoption of quantitative easing in the 2009UK Institutional Press Awards.
Natasha holds a BA in Chinese Studies (Hons) from the University of Oxford, and was a Daiwa Scholar from 2002-4.
Ray Tay is a Senior Vice President in Moody’s Public, Project and Infrastructure Finance Group. Based in Singapore, Ray covers project finance, transport, utilities and other infrastructure credits in Southeast Asia and India. Ray also covers sub-sovereign issuers in Southeast Asia.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. In this role, he advised public and private sector clients on a variety of infrastructure projects in Asia Pacific and the Middle East. Ray has also worked as a Senior Business Analyst with the Singapore Power Group, focusing on regulatory economics in each of its principal local operating subsidiaries.
Ray holds a Bachelor’s in Economics with honors from the National University of Singapore.
Anushka Shah is a Vice President with Moody’s Sovereign Risk Group. Based in Singapore, Anushka covers a number of countries in Asia Pacific, including Malaysia, Indonesia, Vietnam, Taiwan, the Maldives and Mongolia.
Prior to joining Moody’s, Anushka worked for more than seven years at Citi Investment Research in Bombay, where her focus was on the South Asian economies.
Anushka has a Master’s in Economics and Finance from the University of Warwick and a Bachelor’s in Economics from the University of Bombay
Alka Anbarasu is a Vice President and Senior Credit Officer for the Financial Institutions Group in Asia. Based in Singapore, she is responsible for the credit ratings of banks in India, Malaysia, Indonesia, Sri Lanka and Singapore. She is also responsible for ratings of non-bank financial institutions in India.
Prior to joining Moody’s in 2013, Alka worked at J.P. Morgan in London for several years, where she was part of the Investment Banking – M&A team for European Financial Institutions. She has also worked for ING Vysya Bank as an Assistant Manager, focusing on retail and commercial banking clients.
Alka completed her undergraduate degree from University of Mumbai and holds an MBA from the Xavier Institute of Management in India.
Kaustubh Chaubal is a Vice President – Senior Credit Officer with Moody’s Corporate Finance Group. Based in Singapore, he covers a portfolio of Indian and India-based issuers in the metals and mining (ferrous and non-ferrous), automobile, chemicals and pharmaceuticals industries.
Prior to joining Moody’s in 2015, Kaustubh spent eight years as a Ratings Advisor with Standard Chartered Bank in Singapore, the last two of which was as Head of ASEAN Ratings Advisory, while also covering issuers in the Middle East and Africa. Kaustubh has also worked as a Senior Analyst at Standard & Poor’s India-based subsidiary, CRISIL, covering a broad array of industries including pharmaceuticals, building materials, chemicals, and investment holding companies. And, he has previously held analytical roles at ING Vysya Bank and Unit Trust of India Investment Advisory Services, as well as auditing roles at RM Ajgaonkar & Company and RD Samant & Company.
Kaustubh holds an MBA from The University of Chicago Booth School of Business and a Bachelor of Commerce from Mumbai University. He is also a Chartered Accountant with the Institute of Chartered Accountants of India.