Fundamental Credit Strategy: Markets
A. Why we are not fans of Asian public credit markets investing ?
-12.40%
 -10.56%
 0.98%
 2.28%
 3.78%
-9.11%
 -9.32%
 0.37%
 1.71%
 3.61%
-15.96%
-29.86%
-6.73%
-2.78%
3.09%
Bloomberg US Aggregate Baa Index
Bloomberg Asia ex-Japan USD Credit Corporate IG Index
Bloomberg Asia ex-Japan USD Credit Corporate HY Index
Year to Date
1 Year
3 Years (Annualized)
5 Years (Annualized)
10 Years (Annualized)
 Data as of 31st May 2022Â
Asian public credit markets offer no risk premium, rather they offer a risk discount compared to developed market credits (both Investment Grade and High Yield).
​
This is primarily due to frequent episodic and idiosyncratic credit events that lead to underwhelming returns for investors focused solely on Asian credits.
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