ML-Implode News - China Rich Help Europe Banks Raise $14 Billion Since August

Asia's high net-worth individuals, whose wealth has surpassed counterparts in North America, have been major investors in regional bank bonds, slashing yields. They are turning to Europe even as a rout in shares of lenders including Deutsche Bank AG worsens. Hybrid issues with low, fixed coupons face downside risk from rising U.S. Treasury yields, according to JPMorgan Chase & Co.
"Asian investors tend to be more yield hungry and willing to take higher risks," said Ben Sy, the head of fixed income, currencies and commodities at the private banking arm of JPMorgan in Hong Kong. While they tend to focus on European banks with strong retail franchises, they "are getting complacent" when it comes to insurer bonds, he said.
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Noah Holdings Ltd. said wealthy Chinese investors' demand for overseas assets may grow as much as 20 percent next year as they diversify from a yuan that dropped 4.6 percent in the past year. Australian issuers such as Westpac Banking Corp. are also making Asian investors their first ports of call.

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China Rich Help Europe Banks Raise $14 Billion Since August