The spread according to Fan

Fan Jiang, Goldman Sachs head of fixed income research, explains why he thinks MTR and Hutch are mispriced.

What's the basic difference between fixed income research in New York and in Asia

I used to be a credit analyst in New York, and I mostly had to know the company well and the industry well. But, here, everything is very macro-driven, and if you don't get the macro-economics right, plus get the sovereign and even the demographics right, you might get the company wrong in the end. That's the lesson I've learned from being in Asia for seven years.

Do you think the quality of fixed income research in Asia is as high now as in the US

No. There are many reasons why. The first problem is the lack of a credit...

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