Asian Fixed Income
Asia (ex Japan) continues to be the fastest growing region in the world. Its financial markets have seen a significant increase in breadth and depth in recent years. The size of the Asian bond market, in particular, has more than doubled since December 2005. Considerable improvements in market liquidity, corporate governance and supportive policy initiatives have also encouraged more investors to participate in the bond market. Equally, economic growth, capital needs and increased reliance on debt markets are expected to fuel further growth of bond issuances, especially in the corporate bond sector.
Despite this growth, allocation to the asset class remains low. The market as a whole is still less efficient compared to developed markets. This can result in pricing inefficiencies which offer skilled managers opportunities to identify substantial value investments.
ASIAN FIXED INCOME: BUSTING COMMON MYTHS
The current low to negative interest rate environment has intensified the search for yield. Asia remains in a 'sweet spot' as the region's bond markets offer reasonably attractive income backed by sound economic fundamentals. The asset class however, is frequently misunderstood. Here we will dispel some long-held misconceptions.
OUR ASIAN FIXED INCOME FUNDS
At Eastspring Investments we have a suite of Asian fixed income solutions that meet different investor needs.
OUR FIXED INCOME CAPABILITIES
Eastspring Investments has a 20-year history of investing in Asian fixed income. Today, we are one of the largest Asian bond managers with USD33 billion3 of assets under management. Our fixed income expertise is guided by a highly experienced and cohesive team based in Singapore.
The team manages single country and regional Asian fixed income strategies in local and hard currencies, as well as capabilities in G7 government bond portfolios and customised fixed income solutions. An in-depth knowledge of Asian bonds and close proximity to local markets strengthens the team’s ability to identify and optimise value opportunities.
Awards and Accolades5
The Fixed Income team has received numerous industry awards and accolades as a testament to the depth and stability of the investment team and their robust performance track record.
“BEST OF THE BEST”
CIO of the year in Asia,
Ooi Boon Peng
Best Asian Fixed Income,
ASIAN PRIVATE BANKER
Best Fund Provider -
“BEST OF THE BEST”
Asian Bond House
CIO of the year in Asia
Ooi Boon Peng
Best Asian Bond Fund
Eastspring Investments –
Asian Bond Fund ADQ6
Guan Yi Low
Guan Yi joined Eastspring Investments as Portfolio Manager with the Fixed Income team in 2007.
She is currently the lead Portfolio Manager for Pan-Asian local currency bond portfolios, as well as single-country Philippines and Thai bond portfolios.
Prior to joining Eastspring Investments, Guan Yi was a portfolio manager at Bank Pictet et Cie Asia Ltd, where she helped to launch and manage the Asian local currency fund. Before that, she was managing Asian local currency and credit portfolios at Fullerton Fund Management Company and at Standard Chartered Bank Singapore. Guan Yi has over 17 years of investment experience.
Guan Yi holds a Bachelor of Business from Nanyang Technological University, Singapore and is a Chartered Financial Analyst charterholder.
David joined Eastspring Investments as Portfolio Manager of the fixed income team in March 2009.
He is currently the lead Portfolio Manager for Asian hard currency fixed income portfolios. He is also responsible for managing customised fixed income portfolios investing primarily in USD-denominated assets.
Prior to joining Eastspring Investments, David was a fixed income Portfolio Manager with Aberdeen Asset Management. Before that, he worked in various positions in fixed income credit research with HSBC Asset Management, Société Générale Asia and Daiwa Securities. David has 21 years of investment experience.
David holds a Master of Business Administration from the University of Western Ontario and a Bachelor of Business Administration from the Chinese University of Hong Kong. He is a member of the American Institute of Certified Public Accountants (1999) and a Chartered Financial Analyst charterholder. He is also a Certified Financial Risk Manager.
Wai Mei Leong
Wai Mei joined Eastspring Investments as a Credit Analyst with the Fixed Income team in September 2007.
She currently holds a dual role as a Portfolio Manager and Credit Manager. She is responsible for managing Asian High Yield and single-country Philippines US$ bond portfolios. As Credit Manager, she is also responsible for the oversight of the credit team and the research coverage of Philippine corporates.
Prior to joining Eastspring Investments, Wai Mei has worked in various capacities in relation to credit including holding positions as Senior Analyst at the Bank of Nova Scotia Asia Ltd, Commerce International Merchant Bankers (CIMB), Malaysia and ABN AMRO Bank, Singapore. Wai Mei has over 16 years of investment experience.
Wai Mei holds a Postgraduate Diploma (Finance) from Melbourne University and Bachelor of Business (Accounting) from RMIT, Australia. She is a Certified Public Accountant (1996).
Danny Tan joined Eastspring Investments, the Asian asset management business of Prudential plc, in February 2004 and is currently a Portfolio Manager with the Fixed Income team.
Danny is responsible for managing credit-focussed portfolios as well as customised fixed income solutions. Before joining the Fixed Income team in 2010, Danny has also worked as Portfolio Manager and Analyst with other investment teams, where he has built up extensive investment experience in a wide range of asset classes, including fixed income, structured credits and equities.
Prior to joining Eastspring Investments, Danny worked as an Investment Analyst with Tecity Management, covering equity and fixed income research. In all, he has more than 15 years of investment experience.
Danny is a CFA charterholder and holds a Bachelor of Business (Financial Analysis), Second Class Upper Honours Degree from Nanyang Technological University, Singapore.
ABOUT EASTSPRING INVESTMENTS
Eastspring Investments is a leading asset manager in Asia that manages over USD140 billion (as at 30 June 2016) of assets on behalf of institutional and retail clients. Operating in Asia since 1994, Eastspring is the Asian asset management business of Prudential plc, one of the world’s largest financial services companies.
- 1Asian High Yield Corp and Asian USD Bonds as represented by JACI Non-investment grade corporate and JACI index respectively, Asia Local Bonds as represented by HSBC Asian Local Bond index, Developed Government bonds represented by Citigroup World Government Bond index and Japanese Government bonds represented by BofA Merrill Lynch Japanese Government Bond index. Euro High Yield Corp, Euro Investment Grade Corp, US High Yield Corp and US Investment Grade Corp represented by BofA Merrill Lynch Euro High Yield, BofA Merrill Lynch Euro Investment Grade, BofA Merrill Lynch US High Yield and BofA Merrill Lynch US Investment Grade Indices respectively.
- 2Various markets are represented by following indexes : Asian High Yield Credits – JACI High Yield Index, Asian Credits – JACI Asia Credit Index, Asian Local Bonds – HSBC Asian Local Bond Index, US Government Bonds – Citi US Treasury/Agency, Global Government Bonds – Citi World Government Bond, US High Yield Credits – BofAML US High Yield, US Investment Grade Credits – BofAML US Investment Grade, Global Emerging Market Bonds – JPM EMBIG, Asian Equities – MSCI Asia Ex Japan, Global Equities – MSCI AC World USD, Europe Investment Grade Credits – BofAML Euro Corporate, Europe High Yield Credits – BofAML Euro High Yield. Note: The chart is included for illustrative purposes only, and may not be indicative of the future or likely performance of the markets.
- 3AUM for Asian Fixed Income team is internally calculated and includes discretionary advisory mandates as at 30 June 2016.
- 4As at 31 July 2016
- 5Eastspring Investments, Asia Asset Management 2015, as at January 2016. AsianInvestor Asset Management Awards 2015, as at June 2015. Asian Private Banker Asset Management Awards 2014/2015 as at June 2015. Asia Asset Management 2014, as at March 2015. Morningstar 2014 as at March 2014.
- 6Quarterly distribution share class (USD).