摩根士丹利：亚洲信贷策略-转向防御策略的最后时机

M Idea Last Chance to Turn Defensive We don't expect the Asia IG spread to stay as resilient as it has been recently. Tariff risk and weaker demand technicals should drive the Asia IG spread wider. We believe that Asia credit investors have limited time to take advantage of the current compressed spreads to turn defensive. Key Takeaways Exhibit 1: Asia credit investors can still switch out of Asia IG into lower-beta Japan IG without losing spread (20) 5 30 55 80 105 Jan-13 Jul-13 Feb-14 Aug-14 Mar-15 Oct-15 ...