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In our last episode of Back to the Future, we speak to Liu Fengyuan, CEO and co-founder of BasisAI. He shares how his Singapore-based artificial intelligence start-up helps companies around the region find and use data "responsibly". The ex-chief data scientist for the Singapore government also reveals how he rolled out the Smart Nation initiative.

How has Covid-19 made the role of human resources more important? Is working from home a permanent solution? In this episode, we speak to ex-Singapore naval officer CheeTung Leong about how his experience laid the foundation for his start-up, EngageRocket. The firm uses cloud-based software to help leaders and organisations make better decision about hires and employees using real-time data.

Siva Ramanathan shares how he is applying his decades of experience setting up new operations for the likes of AirAsia and applying it to new ventures, such as China-based, cross-border e-payments KSher. He also shares his thoughts on how traditional companies can reinvent themselves to attract young talents and position for the future.

Teddy Oetomo built Bukalapak to take small convenience shops scattered across the country and help them go global with his e-commerce platform. Hear how he did it, and why he thinks SPACs (special purpose acquisiton companies) have dominated market discussion about the tech industry.

Wellian Wiranto speaks to Eddy Christian Ng about his entrepreneurial journey, that has taken him from creating an online furniture marketplace, helping suppliers get access to working capital through blockchain tech, and now, mentoring young start-ups while in the venture capital space.

In this episode recorded 14 April 2021, the Credit Research team discusses the Singapore property market and whether cooling measures are imminent, what the best REIT sectors are, as well as idiosyncratic developments with Credit Suisse, China Huarong and Alibaba.

Cryptocurrencies is all the rage. In this episode, Wellian Wiranto speaks to Jeth Soetoyo of Pintu, an Indonesia-based cryptocurrency exchange. Come learn the difference between Bitcoin and Ethereum, the rising importance of bitcoin technology in creating decentralised financial systems, and whether it's possible to regulate something that seems to exist in the Matrix.

Wellian Wiranto chats with Jonathan Ng of SinFooTech, the Singaporean start-up turning food waste and by-products into alcohol.

CapitaLand is undergoing major restructuring and will go private after more than 20 years of being publicly listed. It is also spinning out CapitaLand Investments Management as a separately listed entity. Although shareholders have rejoiced, how are bondholders and perp holders impacted? What would happen to CapitaLand-sponsored REITs?

Wellian Wiranto speaks to Steve Piro, founder of Synergy, the company that retrofits buildings across Indonesia to cut electricity consumption using innovative financing incentives. Hear how the American found the right local partners, learned things he did not expect to on the go and pushed his vision for a greener world.

In this new podcast series, economist Wellian Wiranto speaks to start-ups revving to go in the post-pandemic world. Our first episode is a chat with Abraham Viktor, the co-founder and CEO of Hangry, an Indonesian "cloud kitchen" start-up finding a foothold in a large nation increasingly reliant on their mobile phones. Hear from Abraham about the challenges and advantages of operating post-Covid, and what makes him tick.

In this podcast, our FX specialist Terence Wu looks at how the pass-through from the yield environment to the US Dollar is currently very diffused, with different elements pulling the Dollar in different directions. He argues, however, that it is likely to evolve into a net-positive for the US Dollar in the medium term.

Does the latest 4Q20 GDP growth estimates change the 2021 growth trajectory or policy outlook? Could it mean a less generous 2021 Budget? Or might we see the MAS recalibrating its monetary policy settings?

Developments for Financial Institutions in 2020 comprimised a mix of positive and negative influences that enabled banks to become shock absorbers for the global economy. Against a weaker operating environment and higher systemic risk in 2021 are better underlying fundamentals while government support is no longer hypothetical and has addressed both liquidity and solvency risks. Combined with stable and solid capital buffers, we are constructive on better quality credits in the Financial Institutions space and their bank capital instruments for 2021.

What is a Temasek Linked Company and why are they favoured in the SGD bond market? Temasek, a global investor, is the major shareholder of issuers who form a sizeable part of the SGD bond market. However, what constitutes a Temasek Linked Company is more fluid and dependent on interpretation. In this podcast, our credit research analyst Ezien Hoo explains how the team defines this space and highlights the key considerations to look out for when investing in bonds issued by Temasek Linked Companies.

Housing prices crashed during the Global Financial Crisis. So why didn't prices collapse in 2020's recession? Our credit research analyst Wong Hong Wei looks at the Crazy Rich who continued to buy properties in the year of the pandemic. Find out where the popular locations are and how much property prices could increase this year.

Four key trends dominated the REIT market in 2020. The largest REIT was created last year, along with more REITs expanding overseas aggressively. Over the year, we also saw travel restrictions and stay home orders negatively impactingà the various property types. Some of the pain may be brief but for others, it might be trouble to reach an even recovery. Tune in to find out how our credit research analysts view the different property assets.

This looks like the start of a super commodity cycle. Watch for gold to make new highs once more in 2021.

Although downside risks dominate, we think manageable credit risk in 2021 can enable investors to selectively look for higher yielding credits for returns in a low rate environment, although don’t stray too far away from fundamentals.

For Singapore, an unprecedented recession in 2020 should give way to a return to positive growth in 2021 amid the Covid-19 vaccine rollout and sustained policy support.

The USD should remain under negative pressure in early 2021 as the market should still be focusing on positives and retaining a risk-on posture. However, some USD positive drivers are slowly developing under the radar. So watch for potential turning points that may shift attention towards this area and alter the USD trajectory.

Vaccine haves and have-nots. Stepping into 2021, let’s take a look at the potential tail risks presented by vaccine development. On the positive end, if we can find more “sweet spot” vaccines that are not just effective but relatively easy to roll out in many developing countries, we would see a great upsurge in consumer and business confidence. On the flip side, if such vaccines are not readily available, a sharp dichotomy between the (vaccinated) rich world and (unvaccinated) others could have tremendous negative implications on market sentiment towards emerging markets in 2021.

While we have seen accelerated growth in online sales, it is not end of physical stores in Singapore. Among other things, location is the key factor that can help to cushion downside impacts. In the short term, non-performing tenants would depart, and malls may have to accept negative rental reversion to bring in new tenants. Over the long term, we expect the malls to continue to attract new tenants and to evolve with the times.

The rotation of funds from growth to value has begun with the recent breakthroughs in Covid-19 vaccines. Among the commodity space, we see oil benefiting from this rotation due to its relative value.

As policies continue to prioritise the development of natural gas as a way for China to reduce its reliance on coal, OCBC Credit Research weighs the merits and risks of investing in this USD bond issuer.

We focus on Singapore's favourite past-time: Food. Serving Chicken Joy fried chicken, Cheesy Yumburger and Spaghetti laced with sweet sauce, the company which is also the fast food champion of the Philippines has captured the hearts of families, individuals and our credit research analyst alike.

Our commodity calls are coming into play quite nicely. Oil appears to be at a critical juncture and looks poised for the next medium-term trend.

Our Chief Economist, Selena Ling, and our FX Strategist, Terence Wu, discuss the main takeaways from Singapore's 3Q GDP release and the MAS monetary policy statement.

What does this mean? What's the rational behind that? What's the possible implication on RMB? In this podcast, we will try to answer those questions.

Bullish agriculture, neutral crude oil and bearish industrial metals. Find out why in this week's edition of Commodities Tuesdays.

In this podcast, our chief economist, Selena Ling, discusses the Singapore property market, what the transition to Phase 3 will mean for GDP growth, and the upcoming MAS monetary policy meeting.

Why Libya’s production resumption tilts the oil market, and why we think metals will continue to face downward pressure.

These REITs capitalise on opportunities but for whose benefit and at whose expense? Tune in to find out more.

With the building risk-off momentum, we think energy and industrial metals are under pressure.

In this podcast, we touch on the developments on the Sino-US front and the on-track macro recovery in China as positives for the RMB. Further details and other positives, such as a seeming shift in official stance towards the RMB and yield differentials, are covered in our recently published FX Viewpoint - RMB: Still room to strengthen, available on our research website.

Given the imposition of cross border travel restrictions, the tourism industry across ASEAN countries has suffered a tremendous hit. Into the void comes the idea that domestic travellers, who cannot venture abroad, may offer some salvation in the meantime, bolstered by government stimulus incentives. We examine the potential for such help in a few countries here.

In March and April, we lowered the issuer profile of hospitality issuers under our coverage as international borders started closing, along with dampening travel demand. Five months on, how have SGD hospitality bond issuers fared? In this podcast, our credit research analyst, Ezien Hoo, discusses the opportunity and risks within this SGD bond sector.

Energy, base metals, agriculture - that is how we rank our bullishness among the sub sectors, in ascending order. Listen to find out more!

We are often led to believe that a Republican president will be USD-positive due to the perception that the president will more likely bring US macro outperformance. Historically, we find no systematic relationship between the USD performance and the winning president's party. Instead, we should consider whether a Trump or a Biden administration is better placed to address the current USD-negative drivers. Taking this approach suggests that a Biden administration may not be as USD-negative in the near term as you may believe.

Metals continue their run up, while energy sagged on a series of negative news. Agriculture looks like it may be the next outperformer.

The latest MAS survey of professional forecasters (SPF) shared some interesting insights, namely the worst is likely over, but the Singapore economy will still see a severe 2020 recession with GDP growth likely to shrink 6% yoy. However, there may be a sharp growth bounce of 5.5% in 2021, notwithstanding the familiar risks of an escalation in the Covid-19 pandemic and US-China tensions. Consequently, the mild disinflationary environment should subside and revert to positive inflation prints next year. The policy implication is that MAS is likely to be static at the upcoming monetary policy review in October.

OCBC Bank Credit Analyst Andrew Wong shares in this podcast recent developments in the credit market and the interest rate outlook. He expects credit market activity to remain brisk in September and that issuers will begin to have better clarity on their performance for 2020 as we enter the final month of 3Q2020. Check out the monthly credit view on the OCBC website for further information on bond level recommendation changes.

Fed chair Powell has articulated a shift to an average inflation target of 2%. This has given the green light to the risk rally. But the market is also concerned about prospects of a K-shaped recovery. What does this mean for the Singapore economy? Tune in and find out!

China’s buying of energy, industrial metals and agriculture commodities continues, keeping prices supported across the spectrum.

What are the new parameters adding to the current US-China tension? Is this time different? Reasons why we think China may not go down the path of tit-for-tat despite the significant escalation of the tension. This could be the relief the global financial market needs.

We are maintaining our issuer profile on Keppel despite its credit metric deterioration and single largest shareholder walking away from the pre-conditional partial takeover offer. Despite equity markets reacting negatively to the developments, reaction on Keppel's bonds has been far more muted.

Singapore's 2Q20 GDP growth was revised to -13.2% year-on-year, down from initial flash estimates of -12.6% year-on-year. While manufacturing, construction and the services sectors have taken a big hit, there's a silver lining in the finance and insurance sector which still saw positive growth of 3.4% year-on-year, despite it being half of the 8.3% year-on-year growth in the first quarter of 2020. With escalating US-China tensions, and the long-tail nature of the Covid-19 pandemic, Singapore's GDP growth may continue to contract, albeit by a milder 7.5% and 1.5% year-on-year in the third and fourth quarters of this year respectively.

OCBC Credit Research recently published its monthly credit view for August with some interesting trends in the US, Asia dollar and SGD space. In all, the technical environment remains strong but the team remains cautious on the fundamental outlook. Investors however are continuing to search for yield and this could drive demand back to structural high yield instruments. Activity in the SGD space has firmed up with the total number of bond level recommendation changes falling. With swap rates lower m/m, we still see value with 19 bond level recommendations raised and 13 lowered. Please check out our monthly credit view on the OCBC website for further information on these bond level recommendation changes.

Tensions between the US and China have hit an all-time high. What's brewing between the world's superpowers? Our economists, Wellian Wiranto and Tommy Xie, break down how the two largest economies in the world have been dealing with the political fallout, the Covid-19 pandemic, and what lies ahead as the fate of their economies hang in the balance.

With markets so volatile, should investors be investing now or waiting for blue skies? Our Executive Director of Investment Strategy, Vasu Menon, advises investors to stay invested using a dollar cost averaging strategy, instead of trying to time the markets or bottom-fishing investments. This can benefit investors by lowering the average cost per share of an investment, and is a good and systematic way of investing in the markets during times of uncertainty. This podcast was recorded on 27 July 2020.

With public health considerations taking priority, the economic fallout of COVID-19 has spread beyond directly-hit sectors like travel and hospitality, and into others. In the fourth and final podcast of the series, the OCBC Credit Research team identifies the area of vulnerabilities and shares their updated views on industry sectors who form the main issuers.