[营销星球]汇丰银行-亚太地区债券市场展望-2019.3-167页

www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.TheVIEWMarch2019FixedIncome//AsiaCreditPlayinterviewwithDilipShahaniFixedIncomeAsiaCreditMarch2019By:HSBCAsiacreditresearchteamTheVIEWWebelievetheAsiancreditmarkets?willfaceafewspeedbumpsalongthewaytoimpressive?full-yearreturnsAlsoinsideWehaveadoptedamoreneutralstancetowardstheUSDChinaLGFVbondspace,andbelieveanoffshorebonddefaultisunlikelyintheshort?termWeseeahat-trickinthemakingforChinapropertyHYandexpectathirdconsecutiverecordyearofissuanceAsia’sBondMarketshttps://www.research.hsbc.com/R/20/HJKVxzJ1FixedIncome●AsiaCreditMarch2019IntheOverviewforAsiacreditstrategy,weexplainwhywethinkthestellarperformanceoftheAsiancred