The Peregrine mafia: volume three

What have been the key trends in fixed income research in the last year or so?
There has been a polarization of Asian credits. It is like a dumbbell. There are plenty of investment grade companies, and then you have the other extreme which is very high-yielding names, such as the distressed names in Thailand and Indonesia. Some of these are yielding over 20% or even 30%. In the middle is the conventional high yield names, which I will define as BB rated or high single B. But there are only half a dozen of these.