Asian bonds: imbalances persist

Heavy issuance clouds relative value perceptions in secondary markets as the gap widens between the fortunes of investment grade and high yield transactions.

Asian bonds: imbalances persist

Asia’s international bond markets are witnessing a bifurcation that is opening up opportunities for the region’s higher rated issuers - but not for its lower rated ones - as investors become ever more selective in the run up to the year-end.

The trend became evident after market participants returned from their summer break, and bankers and fixed income analysts predict that it is likely to continue through October at the very least.

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