Group 1 - The core viewpoint is that Asian bonds are emerging as a resilient and rewarding alternative to traditional safe-haven assets, especially in the context of political and macroeconomic uncertainties [1] - Asian local currency bonds offer attractive real yields and potential for currency appreciation, making them appealing for investors looking to diversify away from dollar-denominated assets [1][11] - Asian dollar bonds are expected to provide higher returns and a more stable policy environment compared to developed market bonds, despite the narrower credit spreads relative to historical levels [1][7] Group 2 - The U.S. dollar index has decreased by 6.3% year-to-date, influenced by factors such as the expanding U.S. fiscal deficit and potential changes in Federal Reserve leadership, leading to uncertainty in the dollar's long-term trajectory [4] - Despite the large scale of foreign-held U.S. investment portfolio assets, the desire for investors to significantly increase their holdings in U.S. dollars and assets may be diminishing [4][6] - The supply of U.S. bonds is increasing, and inflation is rising, prompting U.S. fixed income investors to seek sufficient returns to compensate for duration risk, indicating potential upward pressure on long-term bond yields [6] Group 3 - Asian emerging markets are experiencing higher real yields, with countries like India showing nominal bond yields exceeding the latest inflation rates by over 420 basis points, indicating strong investment opportunities [11] - The demand for Asian local currency bonds is supported by lower inflation and higher real yields, which provide a strong investment rationale for these assets [11] - The offshore RMB market has undergone structural changes, with increased demand and improved liquidity, making offshore RMB bonds a preferred choice for investors seeking to enhance yield and extend credit duration [13]
瀚亚投资：亚洲债券兼具韧性与回报 成为投资组合的重要部分
Zhi Tong Cai Jing·2025-09-02 11:53