Looking East for salvation

Looking East for salvation

rob-davies-v2-credit-2009

I am penning this month’s letter from Hong Kong, a place where I spent three years at the start of the last decade covering the Asian bond markets. Certainly there was a perception back then that investors from the region, starved of new issues, would happily buy anything with a bit of yield, regardless of the relative risk involved.

It always seemed a fairly sweeping generalisation: after all, name me an investor who doesn’t like yield. Yet several years on, there are some in the European

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