Emerging Markets Summit Asia 2022
Recovery: Delayed or Derailed
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Taimur Baig, Ph.D, heads global economics as well as macro strategy for interest rate, credit, and currency at DBS Group Research. He also advises the bank on risk management and investment strategy.
Prior to joining DBS, Dr. Baig was a Principal Economist at the Economic Policy Group, Monetary Authority of Singapore (MAS). Earlier, he spent nine years at Deutsche Bank’s Singapore office, where his last position was Managing Director and Chief Economist, Asia.
During 1999-2007, he was based in Washington, DC, at the headquarters of the International Monetary Fund, where his last position was Senior Economist.
Dr. Baig has published extensively for both specialists and a general audience, on areas including monetary policy, digital currency, financial technology, climate change, demographics, frontier markets, fiscal policy efficacy, and financial market contagion. He is the host of “Kopi Time,” a widely followed podcast series on markets and economies.
Dr. Baig sits as a council member for the Asian Financial Think Tank, Economic Society of Singapore, and Women’s World Banking.
Dr. Baig holds a Ph.D in Economics from the University of Illinois at Urbana-Champaign. He attended London School of Economics and Wabash College for his B.A. in Economics.
Bachelor of Engineering, Punjab University & Postgraduate Diploma in Applied Finance, Bond University.
Robbie Singh has been with Adani Group for just over 10 years of which the last 4 years has been as Group CFO. Prior to this Robbie worked for over 16 years in investment banking experience in Australia, New Zealand, North America, Europe and Asia with a focus on Infrastructure, Regulated Assets and Structured Finance for Merrill Lynch, Macquarie Bank and the Commonwealth Bank of Australia. Robbie’s experience includes all the aspects of mergers, acquisitions, strategy, finance and risk, with a particular focus on listed and unlisted infrastructure bonds.
Ted is the Chief Operating Officer of Clifford Capital Pte. Ltd, a specialist provider of project and structured finance solutions to help Singapore-based companies in their overseas investments and exports. As COO, Ted oversees operational and administrative matters for Clifford Capital and supports the CEO in coordinating activities across business functions. Ted was previously a Senior Director in the infrastructure team of Clifford Capital where he was responsible for client coverage, deal origination, structuring and execution.
He has over 15 years’ experience in infrastructure financing and investment with roles at the Challenger-Mitsui Emerging Markets Infrastructure Fund and Macquarie Group. Ted holds a Bachelor’s degree in Management from the London School of Economics and is a Chartered Alternative Investment Analyst.
Mr. Ivor Chow is the Chief Executive Officer of the Trustee-Manager of Hutchison Port Holdings Trust (HPH Trust). He is also the Managing Director of Hongkong International Terminals and a member of the HPH Trust Exco, a committee of executives that determines strategy for HPH Trust.
Mr. Ivor Chow has over 20 years of experience working in the port industry as well as the accounting and banking industry. He joined Hutchison Ports in 1998 and since 2001, he has served as the General Manager of the Commercial division, Chief Financial Officer and Director – Corporate Finance & Business Development of several of Hutchison Ports’ subsidiaries. He has also served as Finance Director of the South China Division of Hutchison Ports as well as a director on some of Hutchison Ports’ and HPH Trust’s business portfolio assets since 2008. He has also been an executive of the Trustee-Manager since 2011 and was the Chief Financial Officer and Investor Relations Officer of the Trustee-Manager of from February 2011 to April 2016.
Mr. Ivor Chow holds a Bachelor of Mathematics degree from the University of Waterloo in Canada. He is a Chartered Accountant of the Institute of Chartered Accountants of Ontario.
Manjesh is a Managing Director with BlackRock based in Singapore and is the Head of APAC Credit and Fixed Income Research. He is responsible for researching alpha generating investment ideas in Asian credit markets, driving the credit research agenda feeding into the Asian and global credit platforms, leading our team of credit research analysts, and leveraging investment expertise across BlackRock's wider investment research platform.
Manjesh has about 20 years of experience in the Asian credit markets. He joins Blackrock from Citigroup Global Markets, where he was a Managing Director and their Global Head - Credit Sector Specialists, EM Credit Trading, based out of Hong Kong. Prior to this, Manjesh held positions with Mitsubishi UFJ Securities as their Head of Asia Credit Strategy and Research, and Lehman Brothers/ Nomura with their Asia Credit trading research desk, both in Hong Kong.
Manjesh holds an MBA (PGDM) in Finance and Strategy from Indian Institute of Management, Ahmedabad (IIMA), India as well as a Bachelor of Engineering, Electrical and Electronics Engineering from Birla Institute of Technology, Mesra, India.
Hemant Lodha is Managing Director Strategic Solutions Group, responsible for providing strategic rating and capital structure advisory services for HSBC’s clients in the region. Hemant has led over 300 ratings advisory assignments in APAC across Corporate, Financial Institution and Sovereign. Hemant has over 22+ years of experience in the financial services sector and has been working with HSBC since 2004.
Sean is the Co-Head of Debt Capital Markets (DCM) for Asia Pacific.
Sean Henderson joined HSBC in 1998 and is based in Singapore, with over 20 years of experience in the capital markets, having previously worked in London, Hong Kong and Sydney.
Prior to his current role, he was Deputy Head of DCM Asia-Pacific, overseeing the regional DCM business across South and South East Asia, Australia and New Zealand. Before that, he was based in Sydney as Head of Capital Financing for Australia & New Zealand, managing the DCM, Leverage Finance, Project Finance and M&A teams. From 2005 to 2011, he was based in Hong Kong as the Head of Debt Syndicate for Asia-Pacific, helping the DCM team take HSBC up to the #1 position in the Asia ex-Japan G3 bond league tables. Sean started his career at HSBC in London on the European corporate syndicate desk.
About Mr Lim Ching Kiat
Lim Ching Kiat is the Executive Vice President, Air Hub and Cargo Development in Changi Airport Group. He oversees Airline Development, Passenger Development, Air Hub Strategy and Cargo & Logistics Divisions. His key responsibilities are to partner with airlines, tourism and logistics players to grow Changi Airport’s passenger and cargo traffic and network.
Ching Kiat began his career in the Administrative Service of the Singapore government. He has also worked for the Civil Aviation Authority of Singapore (CAAS); GIC Special Investments; management consultancy Booz Allen & Hamilton; and Asia Pacific Breweries.
Ching Kiat holds a Bachelor of Arts degree in Economics from Cambridge University and a Masters in Business Administration from The Wharton School, University of Pennsylvania.
About Changi Airport Group
Changi Airport Group (Singapore) Pte Ltd (CAG) (www.changiairportgroup.com) was formed on 16 June 2009 and the corporatisation of Singapore Changi Airport (IATA: SIN, ICAO: WSSS) followed on 1 July 2009. As the company managing Changi Airport, CAG undertakes key functions focusing on airport operations and management, air hub development, commercial activities and airport emergency services. CAG also manages Seletar Airport (IATA: XSP, ICAO: WSSL) and through its subsidiary Changi Airports International, invests in and manages foreign airports.
Changi Airport is the world's sixth busiest airport for international traffic. It served a record 55.4 million passengers from around the globe in 2015. More than 360 retail stores and 140 F&B outlets are situated across three terminals to cater to passengers and visitors. With over 100 airlines providing connectivity to 330 cities worldwide, Changi Airport handles about 6,800 flights every week, or about one every 90 seconds.
Mr. Lawrence Ang is currently the Executive Director of Geely Automobile Holdings Limited, mainly responsible for the international business development, capital market and investors’ relationship of the Group. He holds a Bachelor of Science degree in Physics and Computer Science and a Master of Business Administration degree from the Chinese University of Hong Kong.
Prior to joining the Group, he worked in a number of major international investment banks for seventeen years with extensive experience in equity research, investment banking and financial analysis, focusing on China securities market, automobile industry and other related investment banking activities.
Thu Ha Chow is Head of Fixed Income Asia based in Singapore. She is also a Portfolio Manager in the Rotterdam based Credit Team with a focus on Asian Credit. Prior to joining Robeco in 2022, Ms. Chow was Portfolio Manager and Asia Credit Strategist at Loomis Sayles & Co and Head of Asian Credit at Aberdeen Asset Management, both in Singapore. Previously, she worked for 15 years in London where she held senior fixed income positions at Deutsche Asset Management and Threadneedle Asset Management, in addition to three years in investment banking at Credit Suisse First Boston.
She started her career in 1996 after obtaining a BSc in Economics and a Master’s in Economics and Philosophy both from the London School of Economics.
Eric rejoined Harvest Global Investments in 2019 as Head of Fixed Income responsible for HGI’s fixed income investment strategies and research capabilities. Prior to his departure in 2014, Eric was a fixed income portfolio manager.
Eric has more than 13 years of fixed income investment management experience. Prior to his return to HGI, he worked at Manulife Asset Management in Hong Kong for 4 years as Fixed Income Portfolio Manager. Eric was responsible for RMB, HKD and USD bond portfolios. Prior to that, he held various fixed income trading positions at Citigroup and Standard Chartered.
Eric holds a M.Sc in Investment Management from the Hong Kong University of Science and Technology, and a Bachelor of Science (Hons) in Computer and Management Sciences from the University of Warwick, United Kingdom.
Timothy Histed is Head of Southeast & Australasia at the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group which he joined in 2013 and is based in Singapore. He is responsible for business development in the region.
Prior to joining MIGA, Tim held various senior roles including director in institutional & corporate solutions at Standard Bank in London where he structured and implemented the bank’s political risk and credit insurance purchasing programme and as director in structured credit/ART at Dresdner Kleinwort in London where he concentrated on alternative risk transfer structures in relation to infrastructure projects and utility companies as well as asset backed transactions involving public finance, corporate credit, equity and insurance assets. He started his career as a lawyer and qualified as an attorney in South Africa and is also admitted as a solicitor in England & Wales.
He is a Member of the Chartered Institute for Securities & Investment (MCSI). Tim holds a BSc (Hons) in molecular biology and an LLB from the University of Kwazulu-Natal and an LLM from the University of South Africa.
Kailash Vaswani is the President, Finance at ReNew. He has worked in financial markets since 2001 and started his career as a research analyst at CRISIL (owned by S&P and India’s leading ratings provider) before moving to Morgan Stanley into a fixed income research role, covering the US and European bond markets. He worked in Aditya Birla Group and Saffron Asset Advisors in various corporate finance and investment roles and helped them with investment decisions in excess of $6.5 bn. in India and US.
In 2011, Kailash joined ReNew as a founding team member to help put the business plan in place and enable ReNew with the first round of capital raising from Goldman Sachs. Over the last 10 years he has successfully led all capital raise for ReNew on the debt and equity side and has raised cumulative capital of more than $10 bn. for the company. As part of senior management of the company he has significantly contributed to the growth of the company by being involved in strategic decisions, organization building and growth of the portfolio of assets through organic and inorganic additions.
He is responsible for all fund raising at ReNew Power including both debt and equity, besides evaluation of M&A opportunities. He has over 15 years of experience in transaction structuring, negotiations, strategic analysis and corporate finance. During his stint at ReNew Power, he has led fund raising from marquee investors such as Goldman Sachs, Abu Dhabi Investment Authority, Global Environment Fund and Asian Development Bank. Prior to ReNew has worked as an investment professional with organizations such as Saffron Asset Advisors and the Aditya Birla Group, looking at opportunities in Retail, Real Estate, Metals & IT.
Ms. Wang Xiao Bin, aged 54, is an Executive Director, Senior Vice President and Company Secretary of the Company. From July 2003 to December 2020, Ms. Wang was Chief Financial Officer of the Company. Prior to joining the Company in July 2003, Ms. Wang was a director of corporate finance of ING Investment Banking, responsible for the execution of capital markets and merger and acquisition transactions in the Asia Pacific region. Ms. Wang worked for PriceWaterhouse in Australia in the audit and business advisory division for five years before joining ING Barings. Ms. Wang is also an independent non-executive director of Hang Seng Bank Limited and Worley Limited, a company listed on The Australian Securities Exchange.
Ms. Wang is a member of the Australian Society of Certified Practising Accountants and holds a graduate diploma in Applied Finance and Investment from the Securities Institute of Australia and a Bachelor’s Degree in Commerce from Murdoch University in Australia.
Ms Samita Shah is currently Vice President - Corporate Finance, Treasury & Risk Management. Samita looks after the financing requirements of Tata Steel Group. She is also the Chief Risk Officer for Tata Steel and has spearheaded the implementation of an enterprise-wise risk management process across Tata Steel Group.
Samita serves on the Boards of several subsidiaries of Tata Steel including Tata Bluescope Pvt. Ltd., Tata Metaliks Ltd., Jamipol Ltd., Tata Steel SEZ Ltd., Tata Steel Minerals Canada Ltd. and Abja Investment Pte Ltd.
Samita joined Tata Steel in 2012. She has 20 years of experience in investment banking and has led several IPOs, bond issues, project financing, private equity and M&A transactions for Indian and multinational companies. Samita has done her graduation in BA (Economics) from Mumbai University and is an MBA from Indian Institute of Management, Ahmedabad, India.
Prajakta Chitre is a Senior Infrastructure Finance Specialist with the World Bank, based in Singapore working on Infrastructure Finance, PPPs and Guarantees. She brings over 13 years of experience in infrastructure finance and PPPs across the energy, transport, and water sectors working on various transactions to advise on and structure risk mitigation instruments to mobilize private capital for strategic infrastructure projects in emerging and developing markets.
Prior to her position in Singapore she previously held a similar role in Washington, with a focus on mobilizing private capital for infrastructure projects in Sub-Saharan Africa (Angola, Kenya, Liberia), Philippines, Vietnam, and India. These included projects that involve the expansion of energy supply, State-Owned Entity reforms in the transport and energy sectors, water projects, and the development of critical transport infrastructure to client countries.
She holds a Bachelor of Science in Business Administration from Georgetown University, and an MBA from the George Washington University.
Laura Acres is Managing Director for the Corporate Finance Group for Asia. Based in Singapore, she has overall responsibility for Moody’s corporate ratings and research for the region, managing teams in Sydney, Singapore, Hong Kong, Beijing, Shanghai and Tokyo. Laura also spearheads our global Emerging Markets initiative, leading many of our aggregated research based publications in this space and helping to coordinate Moody’s approach to this large and growing area of focus. Laura joined the company in 2006 taking a number of Lead Analyst roles for a variety of corporates around the region; she also created Moody’s aggregated high-yield research and outreach initiatives for the Asia Pacific region. She was appointed Managing Director in 2015 and led the Singapore based South & South East Asia corporate rating teams and was then appointed to her current role in 2020. Before joining Moody’s, Laura worked for Schroders PLC in London and Singapore, and Dresdner Kleinwort Wasserstein in Singapore, where she specialized in corporate restructuring and recovery throughout Southeast Asia. Laura holds a BSc (Econ) from the London School of Economics and Political Science.
Terry has over 25 years of experience in credit ratings and bank credit risk management. As a Managing Director, based in Singapore, he leads Moody’s Public, Project & Infrastructure Finance in Asia Pacific. He assumed his position in February 2015.
In this role, Terry oversees ratings teams in Hong Kong, China, Singapore, Australia, and Japan which are responsible for Moody’s extensive coverage across the public and infrastructure sectors, including transport infrastructure, regulated utilities,power and social infrastructure.
Prior to this role, Terry spent seven years as an Associate Managing Director and head of corporate, project and infrastructure finance ratings for Australasia, based in Sydney. During that period, Moody’s rating coverage for this region grew substantially to more than 100 rated issuers. In the corporate sector, the analytical team monitored ratings in a wide range of non-financial sectors, such as consumer and retail, industrial, mining, oil and gas, and property, while the infrastructure team covered power, transport, utilities and social infrastructure.
Terry was also previously responsible for Moody’s coverage of the oil and gas as well as mining sectors in Asia Pacific.
Before joining Moody’s in 2000, Terry worked for around 12 years in various risk management and credit origination roles at Westpac Institutional Bank in Sydney. His last position at Westpac was Senior Manager, Credit and Divisional Credit Officer, responsible for approving credit exposures to institutional clients.
Gary Lau is the Managing Director for the Corporate Finance Group in Hong Kong. Gary manages analytical teams in Hong Kong, covering corporate ratings in North Asia (ex-Japan). He has extensive experience with Moody’s in analytical and management positions with responsibilities across different industries and geographies. He has been with Moody’s since 1998.
Before joining Moody’s, Gary worked for Barclays Bank Plc and Bank of America in the Financial Institutions and Corporate Banking Divisions.
He holds an MBA and a Bachelor of Social Science, both from The Chinese University of Hong Kong.
Atsi Sheth is Managing Director and Global Head, Credit Strategy and Research.
Moody’s Credit Strategy & Research group includes global teams focused on Macroeconomic Research, Default & Ratings Analytics and Global Emerging Markets as well as regional credit strategy teams each focused on Asia-Pacific, the Americas, and EMEA.
Together these teams establish and articulate Moody’s house views on the trends that drive risk across countries, sectors and asset classes. They undertake in depth data driven analysis and leverage the expertise of ratings and research analysts across Moody’s to generate global, regional and sector insights on macro-economic, political, policy, technology and environmental, social and governance (ESG) risks.
In her capacity leading the group, Atsi also serves as a spokesperson on Moody’s analytic views, engaging with investors, the media and a wide range of public and private sector stakeholders.
Atsi is a long-time champion of Moody’s Diversity, Equity & Inclusion (DE&I) as well as our Corporate Social Responsibility (CSR) initiatives. She serves as co-chair of the CSR Thought Leadership & Solutions working group and the Senior Advisor to Moody’s Asian Leadership Initiative - a Multicultural Business Resource Group.
Prior to her current role, Atsi was Moody’s Chief Credit Officer for the Americas and before that Managing Director in Moody’s Sovereign Risk Group. She has also served as Chief Economist at Reliance Capital and taught courses on International Political Economy and Emerging Markets at Columbia University and Northwestern University. Atsi has a PhD from Northwestern University and a B.A. from Bombay University.
Myriam Durand is Global Head of the Corporate Finance Group (CFG) for Moody’s Ratings, overseeing the development of rating opinions and research on corporates worldwide.
Before this, Myriam served as Global Head of MIS Assessments (MISA). She supported its creation and built the assets, capabilities and talent for thought leadership and strategic vision for the group, including overseeing the majority investments in Vigeo Eiris and 427. MISA’s mission was to develop risk assessment offerings beyond credit ratings with primary focus on environmental, social and governance (ESG).
Previously, she led CFG in EMEA and also spearheaded MIS’s ESG efforts in the EMEA region, helping to incorporate ESG risks into credit analysis, and representing MIS at COP21 and COP23. Myriam has also been MIS Country Manager for France since 2015, overseeing MIS’s activities in the country.
Vikash Halan is a Managing Director and team leader for Moody’s Corporate Finance Group, based in Singapore. In this role, he manages a team of rating analysts covering non-financial corporates in Asia Pacific excluding greater China.
Vikash joined Moody’s in 2011 and, prior to becoming a team leader, spent almost a decade as a lead analyst covering a range of sectors, including oil and gas, chemicals, shipping, conglomerates, real estate and investment holding companies.
Before joining Moody’s, Vikash worked for J.P. Morgan in Hong Kong as a capital markets and ratings advisor for clients in the Asia-Pacific region. He started his career as a chartered accountant with the Indian firm, BDO Lodha.
Vikash holds post graduate diploma in Business management form Xavier Institute of Management.
Ivan Chung is the Representative Director for Moody’s Investors Service (MIS) in Hong Kong. In this role, Ivan ensures a sound and controlled operating environment and acts as senior representative and main contact point for key local and regulatory issues, both internally and externally.
In addition to his Hong Kong role, Ivan is an Associate Managing Director within Moody’s Corporate Finance Group, where he co-heads the team responsible for Chinese local government financing vehicles ratings.
Ivan first joined Moody’s in 1997 and rejoined in 2006. He has held senior analytical positions both in Moody’s Corporate Finance Group and Project and Infrastructure Finance Group, and most recently acted as the head of Greater China Credit Research and Analysis team, leading the research of evolving credit trends and bond markets in China.
Ivan holds a BBA from The Chinese University of Hong Kong and an MA from City University of Hong Kong. He is also a CFA charterholder.
Franco Leung is an Associate Managing Director and Team Leader in Moody’s Corporate Finance Group. Based in Hong Kong, he covers mainly Chinese corporate entities in the property sector.
He was previously a lead analyst for a portfolio of Chinese corporates with a focus on property companies, while other coverage includes companies in the chemicals, metals & mining, consumer products and construction materials sectors, local government financing vehicles (LGFVs), and state-owned conglomerates.
Prior to joining Moody’s in 2012, Franco worked in various positions at Standard Chartered Bank for about 10 years, including credit risk management, treasury and global markets in Hong Kong and London.
Franco holds an MBA from the London Business School and a BSc (Quantitative Finance) from the Chinese University of Hong Kong, and is a CFA and FRM Charterholder.
Gene Fang is an Associate Managing Director in the Sovereign and sub-sovereign Ratings Group in Asia. Based in Singapore, he manages the teams responsible for sovereign credit ratings in the Asia Pacific region and credit research on Chinese regional- and local governments.
Before joining Moody’s, Gene worked as an investment banker, covering financial institutions for J.P. Morgan and Citigroup in Hong Kong and Singapore. In this role, he managed client relationships across Asia and advised on debt, equity, and M&A transactions. Gene graduated from Columbia University in political science. He also holds an MBA from Harvard Business School and a Master in Public Policy from Harvard University’s Kennedy School of Government.
Clement Wong is a Managing Director and team leader with Moody’s Ratings Corporate Finance Group. Based in Hong Kong, he oversees a team of rating analysts covering Chinese industrial corporate entities in sectors including internet, technology, auto, chemicals, food and beverage and more. He and his team are also actively involved in Moody’s Greater China investor outreach activities and have been authoring sector- , issuer- and credit trend-specific research reports.
Clement is an auditor by training with PricewaterhouseCoopers and Deloitte. He has over 20 years of credit experience in the banking industry.
Prior to joining Moody’s in 2014, he was Country Credit Officer for Wholesale Banking in Hong Kong and Japan at Standard Chartered. Clement has also worked for several international banks, including Citibank, where he helped set up the commercial banking risk management team in China while stationed in Shanghai for almost five years. During his time at Citibank Shanghai, he also collaborated with other teams to build the bank’s framework for lending and approving credits; and before relocation to Shanghai, as Senior Credit Officer, worked on assessing large corporates’ credit exposure; and had been in charge of problem loan recovery for small-medium-sized companies.
Clement holds a Master’s degree in International and Public Affairs and a Bachelor of Social Science degree from The University of Hong Kong. He is also a CFA charterholder and a CPA.
Ray Tay is a Associate Managing Director in Moody’s 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 authors research and conducts outreach focused on topics such as project bonds and the role of funding diversity and credit enhancement in bridging the infrastructure gap, particularly in emerging markets. Ray is also a member of Moody’s APAC ESG Working Group.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. 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.
Jacintha Poh is an Associate Managing Director for the Corporate Finance Group at Moody's, based in Singapore. She leads a team of analysts who are responsible for Moody's nonfinancial corporate ratings and research in the South and Southeast Asia region.
Jacintha joined Moody's in 2012 taking several Lead Analyst roles, where she demonstrated her ability to execute complex analyses across a diverse range of sectors, including real estate, hospitality, and investment holding companies.
Before joining Moody's, Jacintha worked for Lion Global Investors, where she served as a Credit Analyst on the Fixed Income team. Jacintha holds an honors BSc in Accounting and Finance from the University of London.
Steven G. Cochrane, PhD, is Chief APAC Economist with Moody’s. He leads the Asia economic analysis and forecasting activities of the Moody’s research team, as well as the continual expansion of the company’s international, national and subnational forecast models. In addition, Steve directs consulting projects for clients to help them understand the effect of regional economic developments on their business under baseline forecasts and alternative scenarios. Steve’s expertise lies in providing clear insights into an area’s or region’s strengths, weaknesses and comparative advantages, relative to macro or global economic trends.
A highly-regarded speaker, Dr. Cochrane has provided economic insights at hundreds of engagements over the past 20 years and has been featured on CNBC, CNA, Bloomberg TV, Wall Street Radio, and the PBS News Hour. Through his research and presentations, Steve dissects how various components of the macro and regional economies shape patterns of growth. His extensive expertise on U.S. and global economic issues makes also him a popular speaker at client conferences and executive briefings.
Steve holds a PhD from the University of Pennsylvania and is a Penn Institute for Urban Research Scholar. He also holds a master's degree from the University of Colorado at Denver and a bachelor's degree from the University of California at Davis.
Christian de Guzman is a Senior Vice President with Moody’s Sovereign and Sub-Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereigns and multilateral development banks in Asia Pacific, including Japan, India and a number of Southeast Asian credits, while also managing the team responsible for sub-sovereign ratings in Asia ex-China.
Christian joined Moody’s in 2009, after working as a Senior Economist for the Monetary Authority of Singapore, covering ASEAN economies. He has also held various positions with the Research Department at the International Monetary Fund in Washington DC, and Procter & Gamble in Singapore.
Christian was a Phi Beta Kappa graduate in Economics and Political Science at the University of Georgia and received his M.A. in International Economics and Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies.
Matthew is an Associate Managing Director in Moody’s Corporate Finance Group, based in Sydney. In this role, he leads a team of rating analysts covering nonfinancial corporates in Australian and New Zealand.
Matthew joined Moody’s Sydney office in2010 as a lead analyst covering a range of corporate and infrastructure sectors ,including real estate investment trusts, metals and mining, oil and gas and steel sectors, among others. Matthew has also covered the consumer products and retail sectors with Moody’s in the US.
He has extensive experience both in the investment grade and high yield spaces.
Prior to joining Moody’s Sydney office, Matthew worked in the rating-advisory group at Deutsche Bank in New York. He holds an Honours degree in Business from the University of Massachusetts at Amherst.
Kaven Tsang is a Senior Vice President in Moody’s Corporate Finance Group in Asia Pacific. Based in Hong Kong, Kaven covers a portfolio of property companies.
Prior to joining Moody’s, Kaven worked in commercial banks, including CITIC Ka Wah Bank, WestLB AG and the Norinchukin Bank, covering corporates in Hong Kong and China.
Kaven holds a Master of Business Administration and a Bachelor of Business Administration from The Chinese University of Hong Kong. He is also a CFA charterholder.
Kaustubh Chaubal is a Senior Vice President 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.
Annalisa Di Chiara is a Senior Vice President in Moody’s Corporate Finance Group. Based in Hong Kong, Annalisa covers a portfolio of telecommunications, media and beverage companies throughout South and South East Asia. Annalisa is also a lead coordinator for Moody’s high-yield research and outreach initiatives for the Asia Pacific region.
Prior to joining Moody’s, Annalisa worked for UBS in credit related roles across debt capital markets and leveraged finance. She spent a significant portion of her career as a senior ratings advisor covering corporates across a variety of industries throughout the US, Asia and Europe. Annalisa has also worked for Credit Suisse and the Bank of New York as a Ratings Advisor and a Corporate Finance Banker. She has worked in Hong Kong for over 13 years.
Annalisa holds a double major from Brown University in Business Economics and English & American Literature.
Ada Li is a Vice President - Senior Credit Officer with the Project & Infrastructure Finance Group, covering a portfolio of Chinese infrastructure companies across state-owned or privately-owned utilities, ports, railways, toll roads, and local government finance vehicles.
Before joining Moody’s, Ada worked as a Vice President at Deutsche Bank, where she oversaw Greater China corporates and financial institutions. Ada has also worked at Barclays Capital, where she covered Chinese financial institutions and commodity companies.
Ada holds a BBA in Accounting & Finance from The University of Hong Kong. She is also a CFA charterholder and a certified FRM holder.
Abhishek Tyagi is a Vice President – Senior Credit Officer with Moody’s Project and Infrastructure Finance Group, based in Singapore. He covers companies in the port, airport and utility sectors in India and Southeast Asia.
Prior to joining Moody’s, Abhishek worked for eight years as an equity analyst with CLSA in Mumbai, covering Indian utilities and infrastructure companies. Previous positions also included an investment analyst at B&K Securities in Mumbai and a supply chain analyst with Tata Steel in Jamshedpur.
Abhishek holds an MBA from the Xavier Institute of Management, Bhubaneshwar and a Bachelor of Technology (Metallurgy and Material Science) from the Indian Institute of Technology (IIT) Roorkee.
Gerwin Ho is a Vice President – Senior Credit Officer with the Corporate Finance Group in Asia. Based in Hong Kong, he covers a portfolio of Chinese corporates, including automotive-related, manufacturing and consumer-related companies.
Before joining Moody’s, Gerwin was a Director with Citigroup’s Equity Research Division in Hong Kong, where he headed the analysis of automotive companies in Asia and analyzed Chinese automotive and industrial companies.
He has also analyzed automotive, industrial, consumer and healthcare companies in China and Korea while working at Bear Stearns, ABN AMRO, Credit Suisse and Donaldson, Lufkin & Jenrette.
Gerwin holds a Bachelor of Science from the University of Toronto and an International MBA from York University.
Boris Kan is a Vice President–Senior Credit Officer with the Project & Infrastructure Finance Group. Based in Hong Kong, Boris covers a portfolio of Chinese utilities and infrastructure companies across a range of sectors.
Before joining Moody’s, Boris was the Head of Regional Utilities & Power Equipment (Asia-ex-Japan) with J.P. Morgan’s Equity Research team, where he spent more than 12 years covering a wide range of power and gas utilities companies in Greater China.
Boris has also worked as a Senior Associate for more than five years — first at PricewaterhouseCoppers and then at Deloitte & Touche Corporate Finance — providing assurance and M&A advisory services to corporate clients in Greater China.
Boris holds an MBA majoring in Finance from Simon Fraser University and is a member of the Hong Kong Institute of Certified Public Accountants.
Lisa Gundy is a Vice President in the Covenant Office at Moody’s in London, leading the covenant analysis coverage across EMEA. She joined Moody’s in 2013, bringing over 10 years of financial services experience.Prior to joining Moody’s, Lisa worked at Bank of America Merrill Lynch and Credit Suisse, having started her career at Deloitte & Touche.Lisa holds a BA (Hons) in History from Manchester University and is a practicing lawyer.
Maisam Hasnain is a Vice President - Senior Credit Officer in Moody’s Corporate Finance Group.
Based in Singapore, Maisam covers a portfolio of companies across the industrial, mining and plantation sectors in Southeast Asia.
Prior to his move to Singapore in 2017, Maisam spent four years in Moody’s Hong Kong office covering a broad array of sectors, including telecommunications, communications infrastructure, building materials, and metals and mining.
Maisam joined Moody’s in 2010 and started as an Associate in Moody’s Regional Product Strategy team, which is responsible for managing all aspects of Moody’s research and data service offerings, including new business initiatives.
Maisam holds a double major in Economics and Finance, and a minor in Arabic from The University of Hong Kong. He is also a CFA charterholder.
Nidhi Dhruv is a Senior Credit Officer, with Moody’s Corporate Finance Group. Based in Singapore, Nidhi covers a portfolio of issuers across the telecommunications, telecom towers, mining, construction and airline industries in South and Southeast Asia.
Before joining Moody’s in 2007, Nidhi was an analyst with Citigroup Investment Banking in India and Singapore for three years.
Nidhi is a CFA charterholder and a Chartered Accountant with the Institute of Chartered Accountants of India. She also has an MBA in Finance from Mumbai University.
Rachel Chua is a Vice President and Senior Analyst with the Corporate Finance Group in Singapore. She covers a portfolio of investment grade and high yield energy companies across the Oil and Gas, and Chemical sectors in South and Southeast Asia. In addition, her coverage also extends to Singapore real estate investment trusts.
Before joining Moody’s in 2012, Rachel was with KPMG Corporate Finance, where she advised clients on financing infrastructure transactions.
Rachel holds an MSc in Accounting and Finance from the London School of Economics and Political Science.
Sue Su is a Vice President and Senior Analyst in Moody’s Corporate Finance Group.
Based in Beijing, Sue supports ratings and research for a portfolio of Chinese central and local state-owned enterprises across various industries.
Before joining Moody’s, Sue spent more than 10 years in HSBC, with her most recent role as a Senior Vice President for Wholesale Credit Risk Approval. Sue also worked as an Associate Director for Credit Analysis Unit in HSBC’s Global Banking and Markets.
Sue is a CFA charterholder, and holds a BA from Beijing Foreign Studies University and an MBA from Peking University.
Yuting Liu is a Vice President and Senior Analyst in Moody’s Corporate Finance Group. Based in Beijing, Yuting supports ratings and research for a portfolio of Chinese central and local state-owned enterprises across various industries.
Yuting has more than 10 years of experience in financial analysis and credit research at credit rating agencies and other financial institutions. She first joined Moody’s in 2012 and worked for CFG teams in Australia and Beijing for three and half years.
Prior to rejoining Moody’s, Yuting was in Fitch Ratings for 2 years in the corporate research team specializing in infrastructure and construction industries. Yuting received her Master of Applied Finance degree from Macquarie University and her bachelor’s degree from the University of New South Wales.
She is also a member of the Institute of Chartered Accountants in Australia.
Mike Zhu is a Vice President - Senior Analyst in Moody’s Corporate Finance Group.
Based in Beijing, Mike supports the ratings and research on Chinese central and local state-owned enterprises across various industries.
Before joining Moody’s, Mike worked in the US and China and held analytical and portfolio management roles with banks. He covered corporates in a wide range of sectors, including oil and gas, healthcare, and manufacturing in the US, and his most recent role was with the credit department of Societe Generale Bank, where he focused on Chinese conglomerates.
Mike holds a BA from McCombs School of Business at The University of Texas at Austin.
Ralph Ng is a Vice President and Senior Analyst within Moody’s Project and infrastructure Finance Group, based in Hong Kong SAR.
Ralph covers the infrastructure sectors in China and Hong Kong, with a portfolio spanning state-owned and privately-owned utilities and transportation companies. Ralph also authored a series of publications focused on the port sectors in China and Hong Kong.
Ralph first joined Moody’s Commercial Group in 2010 and transferred to the project & Infrastructure Finance Group in 2014. Prior to joining Moody’s, Ralph worked in Global Banking Department at HSBC in Hong Kong.
Ralph holds a Bachelor’s degree in Economics and Finance from The University of hong Kong. He is a CFA charter holder and a certified FRM.
Cindy Yang is a Vice President – Senior Analyst with Moody’s Corporate Finance Group, based in Beijing. She is responsible for Chinese local government financing vehicles ratings.
Before joining Moody’s, Cindy worked for PricewaterhouseCoopers in Hong Kong as a senior auditor. Cindy holds a Master of Corporate and Financial Law from the University of Hong Kong and a Bachelor of Business Administration from the Chinese University of Hong Kong. She is also a HKICPA and ACCA.
Ivy Poon is a Vice President – Senior Credit Officer with Moody’s in Hong Kong. She covers corporate ratings in a portfolio of power and gas utilities companies and conglomerates in Asia Pacific.
Prior to joining Moody’s, Ivy worked for KBC Bank N.V., as a credit assistant manager and a senior marketing officer.
Ivy holds a Bachelor of Commerce from McMaster University and a Postgraduate Diploma in Professional Accounting from the Chinese University of Hong Kong. She is also an affiliate member of CPA.
Natasha Brereton-Fukui is Senior Vice President in Global ESG Research at Moody’s Ratings, based in Singapore.
Natasha is responsible for driving Moody’s Ratings’ global thought leadership on environmental, social and governance issues. She also oversees overall research content in the Asia-Pacific region. Natasha is passionate about diversity in the workplace, and previously served as co-chair of Moody’s APAC Multicultural Business Resource Group.
Before joining Moody’s in 2014, Natasha spent more than a decade in journalism, based in Tokyo, London and Singapore, chiefly with Dow Jones Newswires and The Wall Street Journal. She was named “Journalist of the Year” in the 2009 UK Institutional Press Awards.
Natasha has a BA in Chinese Studies (Hons) from the University of Oxford and was a Daiwa Scholar from 2002-4. She holds the CFA's Certificate in Climate and Investing.
Sweta Patodia is an Assistant Vice President – Analyst in the Moody’s Corporate Finance Group. Based in Singapore, Sweta covers a diversified portfolio of Indian corporates across the oil and gas, technology start-ups and IT sectors.
Sweta joined Moody’s in 2014 as an Associate Analyst. Prior to joining Moody’s, Sweta worked as a Credit Analyst for over three years at HSBC in India.
Sweta is a Chartered Accountant, Company Secretary and a CFA charter holder.
Hui Ting Sim is an Assistant Vice President - Analyst with Moody’s Corporate Finance Group. Based in Singapore, she covers a portfolio of Southeast Asian oil and gas companies.
Hui Ting joined Moody’s in 2017 as an Associate Analyst and previously covered a range of industries including metals & mining, as well as Singapore real estate investment trusts.
Prior to joining Moody’s, Hui Ting worked in credit risk roles at Noble Resources International Pte Ltd and PetroChina International (Singapore) Pte Ltd.
Hui Ting holds a Bachelor of Business Administration (Hons) from the National University of Singapore. She is also a CFA charter-holder.
Sarah Xu is a Vice President – Senior Analyst for Moody’s Investors Service. She is a lead analyst in the Chinese local government financing vehicles (LGFVs) team, covering LGFVs in eastern China and southwestern China. Prior to this role, Sarah was an analyst in Moody’s Greater China Credit Research and Analysis team, where she focused on credit research for the LGFV sector, as well as the evolving credit trends and bond markets in China.
Sarah has over 10 years of experience in corporate credit analysis. Before joining Moody’s in 2018, she held senior credit analyst and relationship management positions at BNP Paribas and Standard Chartered Bank in China, covering a portfolio of state-owned and privately-owned companies in various sectors.
She holds a bachelor’s degree in finance and English from East China Normal University.
Yu Sheng Tay is an Assistant Vice President - Analyst with Moody’s Corporate Finance Group.
Based in Singapore, he covers a portfolio of real estate, gaming and consumer products in Southeast Asia. Yu Sheng joined Moody’s in 2018 as an Associate Analyst and previously covered a range of industries including metals & mining, technology, and property.
Prior to joining Moody’s, Yu Sheng worked as a credit analyst, covering the construction and logistics sectors. Yu Sheng holds a postgraduate degree from the London School of Economics and Political Science.