Bitcoin and gold hit record highs as investors flee the dollar. Citadel’s Ken Griffin warns of a “debasement trade.” | Credit: Getty Images. Key Takeaways Citadel founder Ken Griffin warns of a “debasement trade” as investors seek safety outside the U.S. dollar. Gold hit $3,900 and Bitcoin surged past $126,000 in October, both setting new all-time highs. Analysts say macro conditions are driving capital into scarce, non-sovereign assets like BTC and gold. A growing investor exodus from the U.S. d ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **CNH bond market** and its recent trends, particularly focusing on the **Asia credit market** and the **Hong Kong property sector**. Core Insights and Arguments 1. **Carry Motives and Market Conditions**: The Asia credit market is currently characterized by a search for carry motives, with credit spreads tightening and a favorable "Summer Goldilocks" environment expected to persist. Maintaining hedges is advised due to lower volatility across global risk assets [1][6][4]. 2. **CNH Bond Issuance Trends**: - As of June, there were **RMB 1.4 trillion** of CNH bonds outstanding, with **50%** issued by financials, **19%** by sovereign and quasi-sovereign entities, and **31%** from corporates [2][11]. - The CNH bond market has seen a resurgence in issuance since **2021**, driven by lower rates in China, higher USD rates, and increased interest in local currency bonds due to "De-Dollarization" [10][11]. - The average annual issuance from **2022 to 2024** was **RMB 643 billion**, significantly higher than the **RMB 195 billion** from **2015 to 2021** [11]. 3. **Issuer Composition**: - **80%** of bonds issued in 2025 were from Mainland China issuers, indicating a concentration in the market. However, the market is maturing with a rise in longer-dated issuances [5][16]. - Corporate issuance has increased from **7%** in **2021** to **34%** in **2024**, reflecting a shift in the type of issuers [21][24]. 4. **Hong Kong Property Market**: - The Hong Kong property market is showing early signs of stabilization after seven years of decline, with rising rents and falling interest rates providing confidence for future price increases starting in **2026** [7][4]. - HK BBB subordinated bank debts are viewed as attractive investments due to the expected recovery in the property sector [7]. 5. **Investment Preferences**: - Preference for **front-end BBB** and **7-10 year A** rated securities, particularly bank capital securities over corporates. Specific interest in HK Property BBB and HK subordinated bank capital is noted [8][9]. - In the high-yield segment, preference is given to **BB rated** bonds, especially from India and Indonesia, with a focus on China BB corporates [9]. Additional Important Insights - The CNH bond market is becoming more diversified, with a notable increase in non-rated issuers, reflecting the rise in corporate issuance [21]. - The maturity profile of new issuances is lengthening, with only **43%** of new issuances having a maturity of less than **3 years** in 2025, down from **75%** in 2021 [16][20]. - The report emphasizes that investors should consider these insights as part of a broader investment strategy, highlighting the importance of market conditions and issuer diversification [3]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and trends in the CNH bond market and the Asia credit landscape.