. Read more at straitstimes.com.
Strong credit fundamentals and favourable technicals built over recent years have helped Asian fixed income mitigate the sudden shock from the Covid-19 pandemic. Asian US dollar bonds have not only withstood the worst of the Covid-19 volatility, but have also come out as compelling as ever, demonstrating yet again its resiliency in the face of severe market stress.
Mr Arthur Lau, head of Asia ex Japan Fixed Income at PineBridge Investments, shares his views on some of the factors that support Asian investment grade: Four factors supporting Asian investment grade We believe four key factors underpin the performance of the Asian IG bond market:As the chart below shows, Asian IG, for instance, offers 81 bps higher than global IG and 46 bps over US IG. Durations are also lower, positioning the asset class as an attractive diversifier in a global portfolio.
4. Fallen angel risk remains benign at 4 per cent3, even as the default rate in Asian bonds is expected to edge up as more vulnerable sectors face credit downgrade pressures.
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