fixed income: positioned for outperformance?
Asia’s growth outlook is more resilient than in developed markets, thanks to a tech cycle rebound and greater capacity for fiscal support. Asian central banks can ease monetary policy at a slower pace than developed market counterparts, which could mean higher yields and capital inflows. Corporate fundamentals look favourable, with most sectors in the recovery phase of the credit cycle which tends to feature improving margins and decreasing leverage. We believe investors can look through negative headlines around China’s property sector, and we see some of the biggest alpha opportunities in China high yield bonds.
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