Fixed Income


February 2016

Asian Local Government Bond Outlook 2016

In 2015, the US Federal Reserve began the process of interest rate normalisation. Short-term bonds underperformed long duration bonds, on expectations of the ongoing US economic recovery remaining weak, and US inflation being anchored at current low levels.

Asian Fixed Income Monthly Outlook

US Treasuries registered gains in January. Global investors again focused on China at the start of the period, as successive weaker USDCNY fixings.

January 2016

Market Commentary - Recent Volatility in the RMB Market

The current depreciation trend of the RMB against USD should be seen as a broad-based depreciation of the RMB and not bilaterally to the USD. The trend started from the second week of November 205 and it is clear that the move was planned well ahead.

Asian Credit Outlook 2016

2015 has been a tumultuous year with a plethora of risk events spurring significant volatility across most asset classes. Against this background, Asia USD credit delivered a modest return compared to 2014, but still a decent one when compared to other asset classes.

Asian Fixed Income Monthly Outlook

USTs ended lower in December, trading in a relatively tight range over the period. The US Fed began the process of interest rate normalisation.