Independent Asian Credit Research/Development Finance/Tokenization
> Customized Asian High Yield Research
> Tokenization Consultation
> Credit Risk Assessment
> Development Finance
Our Research Distribution Platforms and Alliances
Our Mission
Bondcritic was established in 2009 to be an independent voice that helps investors assess and understand opportunities in Asian distressed, high-yield, and non-rated bonds. Our mission is to discover deep value in bonds with a bottom-up approach, together with the help of our proprietary ESG (Environment, Social Development, and Governance) model.
Our single-name credit research, ESG research, and frontier market research represent the best of our global team members’ skills and experience, comprising credit and equity research. Bondcritic is free from conflicts, and our primary objective is to be an extension of our clients’ research teams.
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​​​​Our public research periodicals include:
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Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy​ and commentaries and Industry outlook
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Asian Frontier Monitor: Pre-IPO research on Asian frontier markets such as Myanmar, Cambodia, Sri Lanka, Laos, Mongolia, and Vietnam.
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Asian ESG Monitor: Environmental, Social development, and Governance research
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Credit initiation report: An in-depth research on a bond issuer which Bondcritic analyzes for the first time
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Credit flash: A flash note on individual bonds and/or current credit news
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Forensic accounting due diligence
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Corporate Governance Assessment
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Customized and proprietary research
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Private credit research
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Private credit rating
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Credit risk assessment with and without risk ratings
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Development finance research
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Tokenization research
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Consulting services
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Credit risk assessment as a third party opinion to regulators and accounting firms
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Development finance projects with multinational development banks such as IFC, Asian Development Bank and UNCDF
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Credit policy framework
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Credit portfolio review
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Infrastructure fund study
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Tokenization
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Asian credit portfolio construction and monitoring/reviews
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Private debt and alternative financing solution consultation
What we do
Our team
Our analysts are experienced market practitioners and research professionals in Hong Kong, Bangkok, the UK, and Melbourne.
Warut Promboon
Hong Kong / Bangkok
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Warut Promboon leads Bondcritic’s credit research and credit consulting practice. Prior to Bondcritic, he led Dagong Hong Kong’s Asian credit rating team, which produces credit research and rating reports across various industries. Prior to Dagong Hong Kong, he was a Director of Asian Credit Research at Societe Generale and ING as well as a Head of ALM Credit Analysis at Standard Chartered Bank. His credit research career spans over 26 years in the US, Hong Kong, Singapore, and Thailand, and entails various capabilities including structured finance, project finance, leverage finance, credit risk management, sell-side credit research, treasury, and rating advisory. His experience also spans different geographical specializations (North America, Europe, and Asia) and various industries of both financial institutions and corporates. Warut has been a speaker in fixed income investment events as a moderator and as a panelist. He has also been a guest lecturer on credit research topics at Association of Securities Companies (Thailand), Securities Exchange Commission (Thailand), Hong Kong University of Science and Technology, Chitralada Institute of Technology, Chiangmai University, and Naresuan University. In 2008, he was ranked 4th best Asian fixed income analyst by FinanceAsia's investors' survey.
Steve Chow
London
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Steve Chow is an Asia‑focused market specialist with over 20 years of cross‑asset research experience, blending fixed‑income and equity perspectives into investment insights. He has Hong Kong/China expertise across internet, technology, consumer and related sectors, and a track record in IPO research and marketing. Bloomberg called him the “Lone‑Wolf Analyst” after his contrarian SELL recommendation on Tencent ahead of a sell‑off that erased roughly USD 86bn in market value. His views have also been cited in international press, including Reuters, the Financial Times and Bloomberg.
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At Agriculture Bank of China International, Steve built China large‑cap internet and technology equity research, overseeing coverage that accounted for about 20–25% of HKEX turnover and market capitalization, and drove IPO research and roadshows for issuers whose combined market cap now exceeds USD 300bn. Earlier positions at DBS Vickers, ING and CALYON sharpened his capabilities in thematic equity research, Asian high‑yield and corporate bond analysis, and multi‑market roadshows across Hong Kong, Singapore, the US and Southeast Asia. He holds an MBA and is a CFA charterholder.
Kerry Liu
Melbourne
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•19+ years of experience in economics research (Bank of China, KPMG, and Haymarket) and ESG investments (Sustainable Investment Research Institute)
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•Phd. (Finance), University of Melbourne (Australia)
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Our corporate address:
70 Queen's Road Central
Crawford House #1104
Central , Hong Kong
Contact email: Research@Bondcritic.com
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