asian-bonds-tumble-as-stocks-plunge

Asian bonds tumble as stocks plunge

More doom and gloom for the Asian credit market expected this week as US stocks suffer their worst fall since February.
A global sell-off in equities led Asian bond prices to drop to new lows last week amid on-going fears of a housing slump and a potential credit-crunch.

Following a 2.3% slide in the blue-chip Dow Jones index at the end of last week, the region saw TokyoÆs Nikkei fall 2.7% and the MSCI û a measure of share performance elsewhere in the region û drop 4%. The benchmark Hang Seng Index ended at 22,570.41.

Asian investment-grade names across the board widened by 10bp-15bp, with high-yield names losing 30bp-40bp. Philippine bonds lost 2bp-3bp while Philippine credit default swaps CDS widened by 50bp. KoreaÆs CDS increased to 35bp on Friday, up from 20bp at close of day...
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