Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Fidelity Funds - Asian High Yield Fund / Debt Capital Markets

Fidelity Funds - Asian High Yield Fund (FFASIAU LX)

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<li>The Fed hiked 25 bps to 3.75-4.00% on 16-Sep as WTI returned near USD100/bbl; we expect Asian USD bond yields to stay elevated and spreads to widen into year-end. </li>
<li>We keep Asian USD bonds at Neutral at best and advise investors to favor floating rate bonds, Bond Laddering, duration below five years, and swap hedges on fixed rate positions. </li>
<li>We remain positive on Asian credit fundamentals and list 10 fixed rate picks yielding 7.4-10.8%, led by Avation at +233 bps over B-rated peers; we exclude China property.</li>
</ul>


The Fed hiked 25 bps to 3.75-4.00% on 16-Sep as WTI returned near USD100/bbl; we expect Asian USD bond yields to stay elevated and spreads to widen into year-end. 
We keep Asian USD bonds at Neutral at best and advise investors to favor floating rate bonds, Bond Laddering, duration below five years, and swap hedges on fixed rate positions. 
We remain positive on Asian credit fundamentals and list 10 fixed rate picks yielding 7.4-10.8%, led by Avation at +233 bps over B-rated peers; we exclude China property.


Luxembourg

Fidelity Funds - Asian High Yield Fund IS AN OPEN END FUND INCORPORATED IN LUXEMBOURG

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Fidelity Funds - Asian High Yield Fund (FFASIAU LX)

Asian Bond Monitor: Stay A-Float

The Fed hikes into an oil shock near USD100/bbl. We expect Asian USD bond yields to keep rising. Stay Neutral, favor floaters and ladder short...

Bondcritic

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