주요 인사이트 & 웨비나
The inflation threat is now clear and present. And while equities may tolerate rising US inflation for a while longer, the Developed Market bond markets are highly vulnerable.
May 26, 2021
China’s tough new regulations on its tech giants will result in competitive gains for consumers, level the playing field for small and medium enterprises, and generate productivity gains for the economy.
May 24, 2021
KOSPI and TWSE outperformed the S&P 500 over 6 months and 12 months. South Korea’s KOSPI and Taiwan’s TWSE indices have outperformed the S&P 500 over the past 6 months and 12 months. However, on a year-to-date basis, the S&P 500 has done better than the KOSPI but continues to lag the TWSE by a long way.
May 06, 2021
It is inevitable that the traditional 60/40 asset allocation split between bond and equity no longer work well as the fixed income portion is not generating sufficient stable income.
May 06, 2021
As our Senior Advisor Sayboon Lim stated in the article “Gimme shelter” that it is essential for investors to have China sovereign bonds in their asset allocation, it would be timely for us to introduce the newly launched Premia China Treasury and Policy Bank Bond Long Duration ETF for your consideration.
Apr 28, 2021
Index provider FTSE Russell will add Chinese Government Bonds (CGBs) to the FTSE World Government Bond Index (WGBI) over three years from the end of October – a move that is expected to draw billions of Dollars of new portfolio inflows. Already, there has been a sharp increase in foreign inflows into RMB bonds over the past 12 months, accelerating soon after the start of the pandemic. In this 2-part series, our Senior Advisor Say Boon Lim highlights the drivers for new demand for CGBs and the reasons to own them.
Apr 22, 2021
A popular media narrative for the recent correction in Chinese equities was that it was caused by tightening of financial conditions in China.
Mar 31, 2021
Being the first-in-first-out, China has been the first one to reopen and recover from the pandemic last year. While the recovery has been uneven and is still underway going into 2021, in Q4 we observed sector and factor rotation started to kick in, with Value and LowRisk being the best performers toward the year end.
Mar 23, 2021
Economic policy settings between the United States and China – which have been diverging since the onset of the COVID-19 pandemic – are now on stark display as a result of the recent outcomes of the annual plenary session of the National People’s Congress.
Mar 18, 2021
The great divergence between economic growth in China versus the rest of the Emerging Markets post-COVID-19 has increased the likelihood of a parting of ways between China and EM in asset allocations.
Mar 09, 2021
토픽별
주간 차트
David Lai , CFA
CFA
With US trade policy still in flux, markets are grappling to assess its immediate impact on credit profiles and spreads. In this context, Asia’s investment-grade (IG) dollar bonds appear well-positioned. Despite many regional economies running substantial current account surpluses with the US, companies issuing in the offshore USD bond market are typically less exposed to this trade dynamic. Analysts suggest the intensifying trade war could see 10-year US Treasury yields fall towards 3.5%, with US credit spreads likely to widen by the end of the year. While this would put pressure on Asian credit spreads, investors need not adopt an overly bearish outlook. The relatively high headline yields provide a useful buffer against mark-to-market volatility. According to HSBC estimates, Asia’s credit market would only face losses if headline yields rise above 6% by year-end, a scenario requiring both wider spreads and a sharp increase in Treasury yields — a combination unlikely unless the US experiences stagflation. If the decline of American exceptionalism persists, it will disproportionately affect US assets. On the other hand, Asia’s credit market benefits from several key advantages: shorter spread duration, robust regional investor demand, and a lower beta issuer profile compared to other emerging markets. These factors suggest that excess returns in Asia’s IG dollar bonds will likely continue to outperform their global peers.
Apr 07, 2025
