Speaker
Celia Yan
Head of China, Co-PM of APAC Private Credit, BlackRock
Celia Yan, Managing Director, is the Head of China, co-PM of APAC Private Credit, and is part of the Asian Credit leadership team and Asian Private Credit investment committee at BlackRock. She helps to build BlackRock’s regional private credit platform, while sourcing deals and assuming portfolio management responsibilities for private credit investments in China and across Asia Pacific.
Neeraj Seth
Head of Asian Credit, co-PM of APAC Private Credit, BlackRock
Neeraj Seth, Managing Director, is the Head of Asian Credit and has been in his current role since 2009. He is the portfolio manager for the Asian Tiger Bond Fund and Asia Pacific private credit fund. He leads the strategy for Asian Fundamental Credit and is responsible for providing oversight of the investment process, performance, and the team’s infrastructure as well as determining the strategic direction and growth initiatives of the platform. He has been responsible for building the Asian fundamental credit business since 2009.
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Strategy presentation
Neeraj Seth, Head of Asian Credit, shares his outlook for the Asian private credit market, discusses the different opportunity sets around the region and BlackRock’s edge in sourcing and capturing attractive Asian private credit deals.
Opportunities in Asian Private Credit
Why now for Asian Private Credit?
Asian Private Credit has the potential to offer additional yield premium compared to both Asia and US high yield public credit and provides strong collateral cover through secured structures.
Furthermore, with low competition between private lenders, yield premiums remain attractive. Asian Private Credit offers a larger yield premium over private credit in the developed markets. In addition, Asian Private Credit loans are heavily covenanted with high margins of safety through low starting LTVs. Bespoke Asian Private Credit deals with strong collateral cover offer robust downside protection compared to covenant-lite deals in the developed markets.
Where are we seeing opportunities?
The demand for credit and the opportunity set for Asian private credit is growing in tandem with Asia’s economic growth. With nascent financial disintermediation and a small but growing private credit market, there is a significant gap in the demand and supply of credit.
We see a compelling opportunity set in China, India, Indonesia and Australia.
How to access opportunities in Asian Private Credit?
BlackRock’s capabilities across liquid and private credit in Asia solidify our standing as a key asset manager in the Asian credit space.
Boots on the ground with local country expertise and a regional investment committee is crucial in structuring bespoke Asian Private Credit deals.
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