Emerging markets debt

Managing Emerging Market bonds since 2011, we seek to add value over the medium term through active management of allocation across the Emerging Market debt universe.

Our edge

  • Our highly experienced team has navigated through different market cycles and major market events, including the European sovereign debt crisis in late 2011, taper tantrum in 2013, as well as the oil market sell-off in 2015-2016.
  • The Emerging Market debt team sits within the broader Fixed Income team in Singapore, benefitting from the combined investment expertise and insights of a well-resourced and experienced team.
  • As one of the largest fixed income managers in Asia, our scale allows us to establish a strong presence in the market that helps facilitate good primary deal allocation.

Team

  • The highly experienced team has been managing Eastspring’s Emerging Market bond strategy since April 2011 and is part of a well-resourced and stable Fixed Income team, consisting of 17 investment professionals and 1 quantitative analyst.
  • The Emerging Market Bond team leverages on the research efforts of the broader team where different members focus on analysing global macro, commodities, Asian interest rates and currencies, credits as well as industry trends.
Chief Investment Officer, Fixed Income

Guan Yi Low joined Eastspring Investments, the Asian asset management business of Prudential plc, in August 2007.


 

As CIO of the Fixed Income team, Guan Yi is responsible for overseeing the management of the firm’s fixed income strategies. She is also the lead Portfolio Manager for Eastspring’s Asian local currency and total return bond funds.


 

Prior to joining Eastspring Investments, Guan Yi was managing Asian local currency and credit portfolios at Bank Pictet et Cie Asia Ltd, Fullerton Fund Management Company and at Standard Chartered Bank Singapore. Guan Yi has more than 20 years of investment experience.


 

Guan Yi holds a Bachelor of Business from Nanyang Technological University, Singapore. She is also a CFA charterholder.

Director – Fixed Income Local Rates

Wei Ming Cheong joined Eastspring Investments, the Asian asset management business of Prudential plc, in November 2005.

 

Wei Ming is a Portfolio Manager in the Fixed Income team and is responsible for managing and overseeing local currency fixed income strategies, including our regional Asia, Singapore, Indonesia and RMB local currency fixed income funds.

 

Prior to joining Eastspring Investments, Wei Ming was a Senior Dealer in China Construction Bank where he handled asset-liability management, foreign exchange, and helped to manage the bank’s ACU / DBU fixed income book. Wei Ming has 23 years of investment experience.


Wei Ming holds a Master degree in Finance from RMIT, Australia, and a Bachelor of Accountancy from Nanyang Technological University, Singapore.

Assistant Director – Fixed Income,  Emerging Market Credits

Eric Fang joined Eastspring Investments, the Asian asset management business of Prudential plc, in November 2007.


Eric has been involved in the research coverage and management of the Eastspring Investments-Global Emerging Markets Bond Fund since the Fund’s inception. He has been the lead portfolio manager of the Fund since Dec 2014. Eric is also responsible for managing selected credit-focused portfolios.


Prior to joining Eastspring Investments, he was a Senior Analyst with AmInvestment Management where he carried out credit research and was responsible for managing fixed income and balanced funds. Prior to that, he was a Senior Fixed Income Analyst with KAF Investment Bank where he was responsible for buy and sell side credit research and strategy. Eric has 15 years of investment experience.


Eric holds a Bachelor of Business in Banking & IT at Charles Sturt University, Australia.

Assistant Director Fixed Income, Emerging Market Local Rates

Guilherme joined the Fixed Income team in September 2018. Guilherme is responsible for the macroeconomic research coverage of various Global Emerging Markets and is involved in the formulation of local interest rate strategies.


Guilherme has 13 years of research and investment experience in Global EM local rates and currencies. Prior to joining Eastspring Investments, he worked with Itau BBA, Sao Paulo, managing their EM local rates and FX strategy. He has also managed Emerging Market Fixed Income and FX with Advis Investimentos, Lombard Odier Investment Managers and Fortis Investments.


Guilherme holds a Master of Science in Engineering from Ecole Nationale des Ponts et Chaussees (Paris, France). He was awarded a scholarship by the French Ministry of Foreign Affairs: the “Bourse d’Excellence Eiffel”. He is also a CFA charterholder.

Senior Manager – Fixed income

Elvin joined the Fixed Income team in September 2018 and is responsible for credit research of Emerging Market corporates and banks.


Elvin has over 13 years of working experience in credit analysis and investments. Prior to joining Eastspring Investments, he worked at Fosun covering credit research and managing a fixed income portfolio of European and LATAM credits for an insurance subsidiary. He has also previously spent 4 years with Aventicum (a joint venture between Credit Suisse and Qatar Holding) on a credit research role with a focus on LATAM and Asia. He started his career in managing corporate loans with HSBC Singapore and later transited into an investment role with the Credit Suisse group in London.


Elvin is a CFA charterholder and has a 2nd Upper class Honours Banking & Finance degree from University of London.

Client Portfolio Manager

Tricia Wong joined Eastspring Investments, the Asian asset management business of Prudential plc, as Client Portfolio Manager, in May 2010.

 

She is part of the Fixed Income team and is responsible for articulating the strategy, process, positioning and performances of our various fixed income strategies. Tricia is also responsible for supporting sales and marketing activity as she works closely with the portfolio managers to develop and communicate information about the investment team, process, and performance to both institutional and retail audiences.

 

Prior to joining Eastspring Investments, she was a Business Manager, Product and Client Support at Schroders. She was mainly responsible for providing product and account management support for accounts investing in Asian Fixed Income and Equity products. She has also previously worked at SG Asset Management (Marketing and Product Development) and OCBC. Tricia has 17 years of financial industry experience.

 

Tricia holds a Bachelor of Business (majoring in Banking and Finance) from the Nanyang Technological University, Singapore.

Investment Philosophy

  • We invest with a medium-term view.
  • We believe that investing on the back of fundamental, valuation and technical analysis can generate superior long-term returns.
  • Cyclical extremities in interest rates and credit spreads give rise to opportunities.
  • Shifts in investor risk perception can also create opportunities as assets get mispriced, relative to their fundamentals.

Investment Process

eastspring
  • 1. We conduct macroeconomic and market research to determine the investment outlook and establish the fair value of the broad interest rate, credit and currency markets.
  • 2. We combine fundamental, valuation and technical analyses of relevant markets to determine the portfolios’ country/ sector allocation, duration and yield curve strategy, as well as currency positioning.
  • 3. Combining both top-down and bottom-up analysis, we construct portfolios that reflect the team’s duration/yield curve, sector, credit and currency risk preferences within the permitted risk parameters.
  • 4. We review portfolio risk exposures on an ongoing basis, with portfolio actions discussed with the broader investment team on a regular basis.

ESG

We incorporate ESG issues into our fundamental analysis of companies and assess their impact on an issuer’s financial performance, default risk and bond valuations. The process involves assessing the quality of the company’s corporate governance by taking into account its level of corporate transparency, track record of business integrity, and audit practices. We also consider the severity of allegations and reputational risks. A company’s preparedness in dealing with ESG issues is also key. Our credit analysts determine the materiality of these issues and the appropriate risk premium to be priced. We make use of both information gathered from public sources as well as directly through our interactions with the companies in our assessment and monitoring.