Regime shifts in EM amid dual shocks

Regime shifts in EM amid dual shocks

It is noteworthy that Emerging Markets largely escaped the 2009 Global Financial Crisis in a relatively unscathed manner. Debt levels were much lower, and China turned into aggressive growth mode. Commodities experienced a sharp bounce as a result, and the rising tide buoyed all commodity-heavy EM credits. We think this time is different though. EMs will not emerge unscathed from this crisis as the balance sheet damage even from a transient shock could still be significant.

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Coronavirus spread turns into a global risk

Coronavirus spread turns into a global risk

Our views on the impact of COVID-19 remain fluid and are watching the resumption in China carefully to calibrate economic damage from the virus outbreak. 

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2020 Asian equities: risk, response and opportunity

2020 Asian equities: risk, response and opportunity

As with 2019, there are a variety of risks but also opportunities in Asia, the region accounting for the majority of global growth. Asian equities continue to look attractive in 2020, in our opinion, due to ongoing earnings growth and undemanding valuations.

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2020 Asian credit: finding safer, reasonable yields

2020 Asian credit: finding safer, reasonable yields

Where could investors find safer and reasonable yielding investments in 2020? Imbalances in global high-grade markets and technical factors lead us to expect supportive conditions for Asian hard currency credit.

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The case for Asian markets

The case for Asian markets

The attractiveness of Asia to foreign investors has been steadily improving over the years and will only grow stronger in the coming years in our view. We believe this is the right time for investors to increase allocations into the region.

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Asian credit valuations: mind the gap

Asian credit valuations: mind the gap

Asian credit denominated in USD offers valuation advantages currently compared to other major bond markets, in our opinion. Both investment grade and high yield present opportunities.  

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Asian credit: emergence of a new asset class

Asian credit: emergence of a new asset class

As Asian borrowers increasingly tap into the international, USD-denominated debt markets, opportunities are multiplying in corporate bonds. We believe global credit investors should build a dedicated allocation to Asian credit.

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