Deleveraging gathers pace as Asian investors favour cash and liquid assets

Increased risk aversion and a more negative outlook have spurred offloading of risk and deleveraging among Asian investors, who are now opting for liquid assets such as cash bonds and shorter-dated products

Amit Agarwal, Barclays Capital

Although one popular trend for individual investors at the beginning of the year was to try and gain from directional views and volatility through structured products, they have started to cut back on their exposure, says Amit Agarwal, head of fixed income structuring for Asia-Pacific at Barclays Capital in Hong Kong.

"What we see is different responses from different categories of investors," says Agarwal. "There's been an amount of deleveraging and unwinding has picked up especially in the

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