Manila don't love me no more

Is Barclays more focused on the sub-investment grade part of the curve or the high yield area?
It depends on the credit cycle. We try to make our research transactional, so we tend to switch our focus between high yield and high grade depending on our overall view of the credit risk dynamics within the region. There are times when we feel the credit cycle is improving or that liquidity dynamics are supportive of Asian credit markets and we look at spread compression and moving down the credit curve. Otherwise, during times of event shock we will be focusing on safe haven high grade credits.