Then we speak to the ceo of one of the biggest providers, csop. Haslinda lets take you to markets, where avril hong is on top of developments. Stocks and bonds getting sold off, investors adopting a wait and see attitude. There is a lot to read through today, so bear with me, as we saw that set up from wall street. It was a pretty flat close. Today asian stocks are mostly over save for japan and china. For different reasons. In china, we have seen tech and property rebounding. Property as it scraps homebuying restrictions, and the idea that other tier two cities will follow suit. Thats also boosting the commodity iron ore, those prices ticking higher. In japan, the likes of an earnings release, and we got the news about the share buyback. Those are among the individual names lifting the japanese benchmark. But were also seeing the selloff in bonds, after a 10year treasury auction, and the yields in australia, as well as new zealand, you are seeing big moves about 6, 7 basis points. Dont forget, we also have a 30year auction in the u. S. To her get through later today. We are keeping an eye on dollaryen, it dipped below 155. 5 earlier, but it is weakening again after the digesting of what we got from the boj summary of opinions. There is a lot to read through when it comes to developments out of japan, as we heard from the boj chief in the past hour, speaking in parliament talking about the need to raise rates if the price trends upwards as expected. This is coming shortly after the summary of opinions show there was a lot of discussion about rate hikes. This is against the backdrop for context, of the recent meeting between ueda and kishida, seemingly giving the green light to Monetary Policy to cap the weakness in the japanese currency. It looks like that meeting in june is a live one. You can see why the bonds today in japan are coming under pressure. Of course, part of the global picture. Dont forget, we have another tricky 30year option to get through tomorrow. Haslinda thats right, of course, en traders on edge right now. Avril hong, thank you for that grade we have a line on Country Garden. It says it cant make that Interest Payment on the yuan bond. Country garden seeking assistance on that, now it is saying it cant make Interest Payments on that yuan bond. We will keep you posted on further develop his prey lets get you back to markets. Bring in our first guest, who expects the dollar to remain strong, and u. S. Treasury yields to be rangebound. Harley davidson is cio of Charlie Jamieson is cio of Jamieson Coote bonds, a highgrade bond manager, joining us from melbourne. You have assumptions and what the fed might be doing. It seems traders are in a quagmire, undecided what the fed is going to do. Charlie the fed have stated they want to be datadependent, which is quite unusual, normally they would have some strategy for this part of the cycle, as they would see growth start to slow, they might look to move to rate cuts. But given the weakness of their own modeling through a covered period, they have become very data dependent brand thats leading them to not do a whole lot. This rise we have seen in some pricing pressures, we have cpi next week to take another look at that, is pushing out any affectation that rate because might come. What is interesting is the head had the chance to acknowledge that last week, and they didnt. That puts some floor under u. S. Treasury yields for now combined with a larger than expected curtailing of the qt program. So we have seen yields just come back into the, middle of this range, they are around 4. 5 . It is hard to see them moving more than 20 basis away from that right now. Until we get more certainty on the price picture, or the growth picture, which has certainly been slowing in the United States of light. Its not quite is exceptional as it was previously, still very good, but not as good as it was. Haslinda how is your portfolio looking right now . Have you made changes of late . Charlie certainly, european rights, we have got the bank of eglinton i are the u. K. Look likely to be setting up for a rate cut. We saw the riksbank cut rates yesterday. We still think canada and new zealand can cut rates in the near term. The u. S. Not so much. We certainly have a favoring in our global portfolios to be underway treasuries to some degree versus those markets that are going to see more active central bank movement. But none of the Central Banks can get very far without the fed participating. They are at risk of devaluing their own currencies if they let those interestrate differentials get too far. We are seeing japan really struggled with that concept right now. Whether this kind of perpetual weakness in the yen is causing issue. We do have a favor for those markets that are a little further into their restrictive rate settings, have had higher transmission mechanisms, and were seeing that bite through their own macro domestic data, whereas the u. S. Has been exceptional and certainly would be towards the back of that pack for anybody that might be looking for right because later this year, or into 25. Haslinda hang tight. We have trade numbers out of china we have been waiting for. We have april exports in usd terms rising 1. 5 year on year versus estimates of 1. 3 . Betterthanexpected. April imports in usd terms rising 8. 4 year on year, the estimate was 4. 7 , again, both a beat. Exports in particular have been surging, which has been a because of concern for u. S. And European Business leaders and politicians, they have been talking about overcapacity. Bearing in mind, the yuan and lack of inflation in china prompting pretty much overseas sales at the expense of other exporting nations. Those april export and import numbers coming in betterthanexpected. Just an overview and your thoughts on how chinas economy is doing, and how you might view its assets . Charlie things have been Getting Better there of late. We have noted that activity has been picking up. Certainly, after some concern earlier in the year, these numbers are looking better which is a good news story no doubt. As we sit here in australia, were heavily predicated to those outcomes, so its great to see china starting to stand on its own two feet little better. That kinda points to the change in step function as we go around the world. After Central Banks and economies seemed to move in unison, as we came out of the covid experience, were seeing economies running at different cadences and different rhythms. China has been in the doldrums but is picking up. As i noted earlier, the u. S. Turning to slow down, europe which has been on the back foot starting to step forward a little bit. Its interesting as we think through our global portfolios, that there are now these divergences occurring. There is quite a bit more to look at as we think about our relativitys with Asset Allocation amongst those geographies. Haslinda we talk about yields and how attractive they are looking. They have not been this high along time. Do you keep chasing yields, what is the right strategy . Charlie yields are high, there is no question, but cash rates are also high. They are all in combination. But certainly, it is a very investable asset class where we couldnt make those arguments at the depth of covid. It had portfolio need and one for Liquidity Negative correlations at times, under higher inflation, those correlations have moved more positive, so the change in inflation over the balance of this year will be critical. We noted they have just picked up a little bit, they are certainly not high like they were in 2022, but they are not finishing off on that last mile central bankers want to see. We think the yields story is very encouraging for investors. Allowing them to build defensive allocations in portfolios that they may have avoided for some time. The broad expectation is the next major moves from Central Banks, as we saw last night from the riksbank, will be interestrate cuts. We feel that will be pretty mild. There is nothing huge in that space but it is a positive development for fixed income. Haslinda Charlie Jamieson, cio of Jamieson Coote bonds. Just to recap the china trade data earlier. Exports year on year coming in higher by 1. 5 . Estimates were for 1. 3 . Imports coming in way betterthanexpected, jumping 8. 4 versus 4. 7 in terms of perhaps suggesting an economy that is recovering. Bear in mind, the yuan has been lackluster. Inflation or lack thereof in china helping boost exports as well. Were live at the Capital Markets forum in hong kong. Hear why the new ceo of the Stock Exchanges bullish about their ipo pipeline. That exclusive conversation coming right up. Keep it here with us. This is bloomberg. I cant believe you corporate types are still at it. Just stop calling each other rock stars. And using workday to put finance and h. R. On one platform. Tim, you are a rock star. Using responsible ai doesnt make you a rock star. It kinda does. You are not rock stars. clears throat okay. Most of you are not rock stars. Oooh. Data driven insights, and large language models. Oh, thats so rock roll. It is, right. He gets it. Yeah. what took you so long . Im sorry, there was a long line at the thai place. You get the sauce i like . Of course youre the man i wish. The future isnt scary. Not investing in it is. Nasdaq100 innovators. One etf. Before investing, carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com haslinda just recapping some lines were getting from Country Garden. It cant make that Interest Payment on its yuan bond. It has said its not made that Interest Payment guarantee bond in what may be the first of its case. This on the back of chinas hang cho city removing all restrictions. We know a lot of chinese cities have been easing homebuying policies to boost sales to prop up the sector. Lets get more from our very own david ingles. But all of this in perspective for us. David this is important because its a test case for, if you remember back in 2022, there was a program, effectively, the aim of the program back then was to allow some of these developers that were effectively shut out of the Capital Market to issue bonds. And for investors to then look at those bonds as something as well. This was back in 2022. This is the first test case of that because there were two Interest Payments due today, in yuan bonds. Im giving you the rounded up figure here. 66 million renminbi over two coupon payments, 9. 1 million. So that Interest Payment is actually due today. We did some reporting on bloomberg yesterday that Country Garden was seeking help from that program we just mentioned earlier to pay the interest because we understand based on these lines coming through, that they cant make those payments. So, we will try and get to the bottom of this. Thats what we know so far. We have until the end of the day to put that in context for us. Its a test case for a program that was put in place to backstop confidence at this point in time. We have yet to wait and see. Thats the market story of the property story today. The other bit is a on a mental story, hang cho was the latest Major Chinese city to come out and loosen property and home purchase restrictions in a bid to boost the property market. We have come in from a lot of cities. Hangzhou, changsha, chengdu, shenzhen came out with something similar. The statement is in mandarin so let me rephrase that. Hangzhou city has removed all of her assertions on residential purposes purchases effective on thursday. It will strengthen credit support for the property sector, including lower mortgage payments for some homebuyers. Hangzhou will no longer review the qualifications of homebuyers in what is the latest step, in one of the latest city to come out and help boost this fundamental story, but when you talk about this in the context of markets, is a story we continue to follow because that remains a structural issue for many long only investors. Haslinda all the moves to lifted sentiment somewhat. But still, the benchmark for the property sector down 50 yeartodate. Lets stay with hong kong. Hong Kong Exchange ceo bonnie chan, says she is anticipating the comeback of bigticket ipos to the city. She spoke to bloomberg as the exchange hosts the Capital Markets forum in partnership with saudi tadawul. Yvonne man is at the event and joins us for more. Some of the headlines out of that interview you did . Yvonne she was very optimistic trade in fact, bonnie chan, the hong Kong Exchange ceo is behind me in a panel right now talking about the collaborations she sees with the middle east. But first and foremost, this is a time one hong kong needs new listings. And they need more investors. In particular when it comes to two weeks ago when we heard from the chinese regulator initiating support measures for the ipo market. Basically encouraging industryleading names to list here in hong kong. She says it brings her a lot of hope. And they have gotten a lot of inquiries. She mentioned about a hundred applications on the ipo pipeline so far. Here is more from our conversation with bonnie chan. I think what we want to focus on at hkex is first of all to play to our china strength grade really build on it. That is our trump card definitely. And then surrounding it, really three Strategic Imperatives that we are very focused on. The first one being our efforts to continue building the market vibrancy. And to create that network effect. What that entails is to bring more issuers, more investors and more products to the ecosystem. Yvonne you mentioned that. Your predecessor Nicolas Agustin talked about this great ipo pipeline coming. When you think this will materialize . As you probably know, only a few weeks ago on the 19th of april, the csrc issued five measures. Which will provide a lot of support to our Capital Markets. Three of which are very closely related to the stock market, including relaxation of the etf eligibility standards, inclusion of reits into the connect franchise, as well as inclusion into the stock connect. Also, there is an exciting one, which is the fifth one, which is to bring topnotch companies from the mainland to come and list in our market. I think all that is creating a lot of excitement. I will share with you that since the announcement of those five measures, we have received so many calls. You wouldnt believe, from potential issuers wanting to explore doing an ipo in our market. That is to add onto to the already quite robust pipeline. Yvonne how many ipos have been lined up since those measures . We have 100 companies, or applicants, in the pipeline already. With the latest measure, and that excitement and a lot of proactive this in terms of reaching out to us, i can really only see that building up. For us, obviously, we need the Market Conditions to also be more conducive to getting the ipos done. But what we have seen lately, especially the last two weeks of april, is giving us a lot of hope. Yvonne beijing mentioned they will support leading industry names. What is your interpretation of that . Are we going to get blockbuster names coming back to the city . First of all, in terms of sector, what we can do to complement the domestic exchanges in the mainland is to focus on the new economy. Thats what we have done very well since 2018. As you know, we issued a new chapter in our listing rules, chapter 18c, which focuses on what we call Specialist Technology. These are the sectors i think investors are most interested in at this juncture, including things like artificial intelligence, new energy, new materials, quantum computing. And so, while i really want to see more names coming, and i dont know whether they are only confined to the space, i have a feeling a lot of them will be on in the Specialist Technology space. Yvonne the big question is do those mega names include the likes of didi and saudi aramco sitting a second listing choosing hong kong as a destination. She did not put emphasis on individual names but certainly there is a lot of matchmaking going on at the Capital Markets forum. We you have seen this warming of ties between china as well as the middle east. In particular, they want to get more saudi investors into this market to potentially replace u. S. And european investors who have shied away from this market due to geopolitical tensions. How do you get access . Csop, they have one saudi etf that launched in november. We will speak to the ceo of the asset manager ding chen in a couple of minutes to talk about how things are going with that etf and what other opportunities are in store on it comes to saudi markets. Haslinda yvonne man will be right back. Plenty more ahead. Keep it here with us. This is bloomberg. Haslinda he told cnn that the potential loss of civilian life is quote just wrong. I made it clear that if they go into her office, they havent yet, if they go into office, i am not supplying the weapons that have been used historically to deal with that problem. We will continue to make sure israel is secure in terms of iron dome with their ability to respond to attacks like what came out on middle east recently. Haslinda our Senior Editor bill faries joins us with more. Bill, what is the latest . You heard President Biden in the u. S. Holding up some of these weapons shipments. Not all of them, but weapons israel has wanted to get for a while, this is a package of almost 3500 foams of different sizes. It is definitely a warning shot to the israelis, and a breach in the relationship that could widen, as the president warned, if israel goes on with this ground offensive. I think its also an attempt to put a little more pressure on negotiators who are meeting in cairo this week to get a breakthrough. We saw the two sides come fairly close together last week. Hamas making some changes to a draft and israel rejecting that. There is an attempt to try and cross that last hurdle and get a ceasefire in place, even if it is temporary, to allow humanitarian aid and exchange of hostages. Haslinda light in himself is under pressure. Republican leaders are pressuring him to speed up aid to israel. The u. S. Congress and President Biden past 4 billion dollars in extra military aid for israel. Thats not part of what is being held up now but there is a risk more aid will be held up. Allegedly, it is going to be difficult for President Biden to continue to distance himself from the u. S. Israel relationship. It is a matter of time to see how much pressure the white house is willing to sustain and the Israeli Government is willing to sustain. Haslinda Senior Editor at bill faries. Lets look at markets. China property in play on the back of Country Garden. Its onshore unit saying it cannot make Interest Payment of a 3. 95 stateguaranteed bond by initial deadline of may 9. Thats according to a filing. The company will make every effort to fully repay the interest within the grace. Period. Take a look at where we are in terms of those property plays. Agile property up by more than 9 right now. Logan also surging. Sunac and china vanke in positive territory. Chinas Hangzhou City removing all restrictions. We head back to the Capital Markets forum in hong kong for an exclusive interview with csop Asset Managements ceo. This is bloomberg. Haslinda welcome back. Youre watching Bloomberg Markets asia. Lets check on how china markets are faring. On the back of that trade data which we got. Avril hong, those export numbers showing a recovery . Perhaps more importantly, those import numbers that were much better than expected. Seemingly showing that demand is coming back in china. Finally, were seeing that rebound potentially, and that is giving investors something to cheer as markets on the mainland ahead to the lunch break. We saw following the data the chinese stocks extending gains. We are seeing the dollar china pulling closer towards the 7. 22 level, this is on the day when there is a lot to digest on the property front. Lets take a closer look at what were seeing out of hong kong stocks. Were seeing the chinese tech names doing quite well today. We did get an upgrade for the likes of meituan on the price target from citi. But the reminder coming through from Country Garden about how these Distressed Developers are still struggling. It says it wont make that Interest Payment on that state guaranteed yuan bond. Another reminder of the real estate woes on a day where investors are also digesting hangzhou, the toptier city, scrubbing homebuying curbs. We are seeing the chinese developers, the gauge in hong kong, extending gains today. As you know, we have seen the real estate troubles and the status of hong kong is a Financial Hub among the challenges for the stock market there. Indeed, amid all this, hong kong have been trying to attract more fund flows to much fanfare, we did see the saudi etf debut back in november but since then, worth highlighting how volumes have been coming down. Something where keeping an eye on. Haslinda lets go back to yvonne at the Capital Markets forum in hong kong. She is with our next guest. Yvonne thats right, it is the issuer of that etf avril just talked about, the csop Asset Management ceo ding chen joins us now at the hong Kong Exchange. Its always great to have you on the program. You talked about the saudi etf a few months ago, it was the rising star. How are things looking in terms of the cross listing with the mainland . We will get straight to it, with the latest . Ding thank you for having me here. Last quarter, we launched a saudi etf on the Hong Kong Stock Exchange which drew a lot of attention globally because it is largest to saudi etf globally. Since then, the market performed very well. Growth about 10 . We constantly seek cash inflow into this product. As you said, we already cross listed this project to Mainland China. Very surprisingly, in Mainland China, a lot of Market Participants tried to participate in this cross listing. We will have both shanghai and Shenzhen Exchange in this cross listing. Yvonne you have two applications looking to cross list your saudi etf in Mainland China, pine ridge Asset Management submitted their application, there hasnt been Much Movement though. When i look at your singapore products, that was approved by csrc within a few weeks, what are the main factors behind why this approval process is delayed . Ding this process takes a little bit longer time, i think because on the one side, after we hand in an application, there is a big holiday. China lunar new year. Also, it is our headquarters, they tried to get into the game with shenzhen Stock Exchange also applied for the application. My best guess is we will have two funds listing the same day on two socket changes. That takes a little bit of time. So far, the rig later feedback are all very positive. We dont have major issues doing that. Yvonne you have talked about maybe the second half we might see this finally launched . Ding it would be second half because for Mainland China, after the etf was approved, they need another month to prepare for the listing. Yvonne we talked a little more about the inception of the saudi etf read you said it have been doing well. Volumes have come down since its inception. What are some ways csop can pump liquidity into this etf . Ding i think for that part we need to do more education to raise awareness about this investment opportunity. For us, we tried to do it. Also, we want to launch in Mainland China to raise awareness about this opportunity. At least recently. Hopefully we can bring more flows in there. Yvonne you have been telling me about your travel plans, it seems like you have been traveling a lot to the middle east, whats next . What are your plans in the middle east and now . Ding middle east market is very interesting market. The Capital Market is growing very fast. For instance, the saudi etf, only has nine etfs, total size is around 150 million u. S. Dollars. Thats a small, but we see huge potential over there. Last year we bring the saudi etf to the hong kong socket chain. Maybe later shanghai and shenzhen. Also, we try to be a bridge, two way traffic, we also like to bring investment opportunities, from hong kong and china to middle east investors. So we do a lot of groundwork to do that. Yvonne are you planning to have etfs purely focused on just saudi or are you looking at other gulf countries . The hong Kong Exchange has been flirting with abu dhabi, qatar, dubai exchanges, and a potential for those markets . Ding we are doing research and talking with local panels trying to look at opportunities from those markets. Also, a lot of their local institutions approach us trying to have collaborations with us as well. Yvonne there has been reports that the csop etf has been back by one bigname, which is this south or in wealth fund of saudi arabia, Sovereign Wealth Fund of saudi arabia, are you talking to mubadala, qia in qatar . Ding obviously, for those names, we already have a relationship with them. We talk with them continually pay a visit to them. We wait for the right products to see how we can collaborate with those Sovereign Wealth Funds. Yvonne in terms of saudi etfs could we see more of those coming, too . Ding definitely, more research. When we look at the market more deeply, there is more interesting sectors or Asset Classes that will be interesting to our original investors. Yvonne i want to pivot a little bit. This is the Capital Markets forum for hong kong as well as saudi. This Hong Kong Market has been on fire it seems. Really just coming back into this bull market. You have multiple etfs that track not just the hshare market, what are you seeing hundred terms of flows right now . Ding obviously, this is the hottest market for this quarter globally. Very fortunately, we have one of the largest etfs. This specific etf for this quarter is already up 25 . We see some profit taking from this product. Around 150 million hong kong dollars taking profit redeemed from this product. On the other hand, we see another, which is an etf. We see strong after flow into that product as well. More than 180 million new flow into that product for the past quarter. Yvonne what does that tell you right now . Our people more bullish about this market. You have these inverse products that also track these benchmarks. Are you seeing investors betting against or bedding for this rally . Ding this is a good question. Different investors have different views. For the past couple years, the main problem for this hong kong and Mainland China market is people dont have that much confidence or trust to this market. Right now, we see the major rally, also the confidence from certain investors coming back. They are coming back. We will definitely welcome this because the majority is hshares and hong kong shares. Behind these stories there are two drivers of this. First of all, because of the recent macroeconomic data. There is another thing i think is very important. A lot of people are talking about the new chairman of csrc getting into office. He is doing some things very interesting. He is trying to clean the whole system to improve the quality of Listing Company, and to encourage the Listing Company to pay more dividend. That will give us a new era of investment into china and hong kong. Its an ongoing process, so we are still monitoring, and we try to bring interesting products to our clients. Yvonne youre definitely feeling that change. I want to get your take on whats been going on with crypto. Csop decided not to launch a spot crypto etf this time around. Given the lackluster performance in some of these etfs that launched, are you happy with this decision right now . Ding there always will come new ideas to the market. Unfortunately, at csop we cannot introduce the physical spot bitcoin etf on the market, but we are glad there is three other peers introducing products. For us the problem is we are still closely working with our counterparties due that. To do that. To provide a successful etf cannot only rely on fund managers, you still need custodians, market makers. Everybody on the same page, but for us, unfortunately, a lot of our other counterparties are not ready yet. By the way, actually we launched a futurebased bitcoin etf in 2022, which has performed very well. Using the future is to check the price changes. Yvonne is it a matter of if or when . Is it delayed, are you thinking in a few months time you might actually longform . Launch one . Ding it depends on how ready we are. We are prudent and we have duty to fulfill, if we are not ready, we are not ready. If we are ready, we will do it. Yvonne that was the csop Asset Management ceo joining us at the Capital Markets forum at the hong kong is change. Haslinda she talks about prudence, not a bad thing. Great conversations. Ernst young india shares their outlook on the renewables sector. Hear how the outcome of the elections could impact the industrys growth. That is next. This is bloomberg. Haslinda youre watching india focus pay lets check indian markets. We are down on a day which is lackluster when it comes to the stock market. When it comes to india, it is the gauge of volatility, the vix index that has risen in his longest streak even underscoring growing uncertainty over the outcome of the nations general elections polling is into its final phase. It is kicking off in line with the rest of the region under pressure, sensex down zero point into percent, Nifty Bank Index also under pressure there. Lets stay with india. Indias Political Parties are betting big on renewables in their election manifestoes. Prime minister modi is promising to ensure Energy Independence by 2047 and to reduce petroleum imports. Lets discuss Indias Energy transition and Renewables Outlook with someone who has worked extensively on transactions in conventional as well as Renewable Power and infrastructure. Srishti ahuja is a partner at ernst young india joining us from new delhi. Good to happy with us. When it comes to a possible third term of modis government, what policies would push renewables the right way . Srishti thank you for having me on the show. What we have seen is renewables by itself just based on commercial merit demands a lot of investment. Because it does today offer the lowest level cost of energy. India today is the fourthlargest largest are noble Energy Market. Based on the contracted capacity, it will be the thirdlargest market. We are seeing there is a lot of investment going into the sector. Decarbonization is a global megatrend for investment. But Government Policies that are supporting that growth. Whether it comes to the kind of benefits they are giving to longterm investors for waiver of transmission charges, concessional tax rate, increasing allocation for Renewable Energy sector, all of these bode well for the renaud low Energy Market in india. Haslinda how much of that renewable push in india is contingent on modis government getting reelected . Srishti what has happened is the Modi Government has put up a machinery which is now fueling itself. It is a bit like a nuclear reaction, once you have set it in place, it is propelling itself. The Renewable Energy market is in that space. The other interesting thing is Renewables Today is a much larger theme. It covers Green Hydrogen where india set an ambition of being one of the largest exporters globally. Whether it is biofuels which encompasses renewable natural gas. All of these areas today, a lot of investment has gone in. We are starting from a good bass so we feel regardless of the outcome of elections, the sector is in a good space. Haslinda are there risks to that renewable push if another government were to come into power . Srishti there are two things i would say. The first being evacuation. Evacuation infrastructure today is the biggest bottleneck in setting up capacity on the ground. All the other factors are well taken care of. The government has planned a very large Investment Scheme into evacuation but that remains one big bottleneck. The second bottleneck is the supply chain. In india today, there is a manufacturing capacity of 10 giga a lot of modules, another 30 coming up, but most of this depends on the import of cells. That supply chain could be the second constraint. The third constraint would be availability of project finance. Given the recent rbi circular draft for provisioning, we could see some pickups around that. These three aspects, when they are addressed, the sector will be in good position to attract more investment. Haslinda talk to us about the deals you are seeing so far in terms of flows . Have you seen marquis deals in recent months . Srishti a lot of deal activity. There are different types of drivers. On supplyside, the homegrown platforms, while all these platforms are already backed by large investors, because there is huge capacity coming online for setting up, there is a constant need of capital. Thats one big driver on the supplyside. When it comes to International Utilities who are very active in india, they have a constraint that they cannot consolidate to too much debt. They are setting a project, monetizing them, then setting up additional capacity. These are the two big drivers on the supply side. On the demand side, sovereign wealth and Pension Funds are very active in india because renewables offer a good defensive asset class. The only missing piece is the tariffs are not linked to inflation so it is not hedge currency risk, but other than that. Similarly for private asset managers, there is a lot of capital for decarbonization. The sector offers visible growth, which then is right for yield contraction. That is the second driver for demand of these deals. Given this kind of supply and demand, were seeing a lot of deal activity. Im the last three years, 100 deals have got consummated in the market. Im also seeing there is a healthy competition on deals. On each transaction, there are multiple bids but it is not too stiff that investors become uncomfortable. Haslinda recently, we had the rbi on its direction on project financing. Im wondering how that might impact renewables. Srishti it will definitely have a bearing, you are absolutely right. What will happen, if i try to convert this into the impact on cost of borrowing, my assessment as it will add it will add to 50hundred bips. It will make it more difficult for under Construction Projects to get financing because provisioning amounts of increased. There is a minimum prescribed refinancing which is considered part for the course for the sector, will become more difficult. But the good thing is that Big Government has set up institutions like the finance corporation, Renewable Energy corporation, which is specialized in Renewable Energy lending. To a certain extent, the risks will be mitigated but for sure it will have a bearing. Yvonne thank you for your insights. Srishti ahuja, ernst young india. Plenty more ahead. This is bloomberg. Haslinda nomura is limiting dealings with segantii which is facing charges in hong kong of insider dealing. It wont add more levers to its dealings. The fund, its founder and a former dealers say they will vigorously defend themselves against the charges. Shares tumbled in late trading after the firm give a lukewarm sales forecast. The chip designer sees sales of 3. 8 to 4. 1 billion for the period come with analysts predicting sales of just over 4 billion, the forecast raises concerns the tech industrys ai spending spree might be slowing. Intel is warning its secondquarter sales will fall below the midpoint of its projections due to a new u. S. Ban on ship exports to huawei. The chipmaker is maintaining its guided range of 12. 513 . 5 billion. Intel expects sales and earnings per share to grow this year. Sources. Lets look at markets and u. K. Assets as we come down to the boe decision. It is set to stand pat. Keeping rates at 5. 25 . Traders looking for clues on whether governor bailey will start cutting rates at the next meetings in june and august after a double shift in tone. He faces a divided committee on when to actually cut rates. That is it from Bloomberg Markets asia. Horizons middle east and africa is next. This is bloomberg. And theyre all coming . Those who are still with us, yes. Grandpa whats this . Your wings. Light em up gentlemen, its a beautiful. Day to fly. The following is a paid pr