Michele Leung

Director, Fixed Income Indices
S&P Dow Jones Indices
Biography

Michele Leung is Director, Fixed Income Indices, at S&P Dow Jones Indices (S&P DJI). With over 10 years of investment experience, Michele has solid product knowledge across different asset classes and particularly in fixed income. Michele oversees the creation and management of S&P DJI’s Asian fixed income indices.

S&P Dow Jones Indices has launched a variety of fixed income indices for different regions in Asia, including Pan Asia, onshore and offshore China, Australia, India, and global Islamic. Michele assists in promoting the existing indices, while continuing to build out S&P DJI’s fixed income capabilities in Asia.

Michele currently provides marketing collateral and blogs, which are available on www.spdji.com.

Prior to joining S&P DJI, Michele was senior associate at China International Capital Corporation. Previously, Michele was the fixed income product specialist at J.P. Morgan Private Bank. Michele is also a chartered Financial Risk Manager (FRM).

Michele holds a Bachelor of Applied Science in Civil Engineering from the University of British Columbia and a Master of Science in Investment Management from the University of Science and Technology.

Author Archives: Michele Leung

Sukuk Market in 2017: Year in Review

In 2017, the USD sukuk market expanded at its quickest pace in the past five years. As tracked by the Dow Jones Sukuk Total Return Index (ex-Reinvestment), which seeks to track U.S. dollar-denominated, investment-grade sukuk, the market added 13 new sukuk with a total par amount of USD 20.75 billion. According to the index, sovereign Read more […]

Asian Fixed Income: 2017 Pan Asia Report Card

The S&P Pan Asia Bond Index, which seeks to track local currency bonds in 10 countries and is calculated in USD, reversed its loss in 2016 and delivered a total return of 7.86% in 2017. Meanwhile, its yield-to-maturity widened 123 bps to 4.64% YTD. The S&P Pan Asia Corporate Bond Index outperformed the S&P Pan Read more […]

Investing in the U.S. Corporate Bond Market From an Asian Perspective

As Asian market participants have become more aware of the importance of portfolio diversification, they have been paying more attention to the U.S. corporate bond market. The S&P 500 Bond Index seeks to measure the broad and relatively liquid U.S. corporate bond market, and it is designed to be a corporate-bond counterpart to the iconic Read more […]

Rising Rate Implications for Japanese Investors

The Fed raised rates for the third time this year, bringing the benchmark Fed Fund Target Rate to 1.25%-1.50%, as expected. U.S. Treasuries outperformed Japanese sovereign bonds in 2017, while U.S. Treasuries’ volatility also came down to one-half of the previous level. As of Dec. 13, 2017, the S&P U.S. Treasury Bond Current 10-Year Index Read more […]

Asian Fixed Income: Indonesian Sovereign Bonds Were the Big Winners in 2017

With the growing appetite for emerging market debt and in the hunt for better yields, Indonesian sovereign bonds have been popular this year. The strong rally has continued since the first quarter (see a previous piece here). The S&P Indonesia Sovereign Bond Index, which seeks to track the local currency denominated sovereign bonds, jumped 15.24% Read more […]

Asian Fixed Income: China Was the Worst-Performing Country in the Pan Asian Bond Market

China’s lackluster performance has made it the worst-performing country in the Pan Asian bond market this year.  While China has been among the top three outperforming regions in the past few years, it has significantly lagged its peers in 2017.  Indonesia, as represented by the S&P Indonesia Bond Index, rose 12.6% YTD as of Nov. Read more […]

U.S. Preferred Stocks Gaining Popularity in Asia

The total return of U.S. preferred stocks, represented by the S&P U.S. Preferred Stock Index, gained 8.57% YTD as of Oct. 20, 2017.  U.S. preferred stocks are perceived to be an attractive investment, as they have historically offered higher yields than other asset classes, especially when the global rates remain low.  The indicative yield of Read more […]

Asian Fixed Income: Two Growth Segments in China’s Bond Market

China’s bond market continued to expand in 2017.  The local currency bond market, as tracked by the S&P China Bond Index, grew over 19% in the past year.  As of June 30, 2017, the S&P China Bond Index tracked 9,342 bonds with a market value of CNY 51 billion.  Two segments that recorded robust growth Read more […]

Strong USD Sukuk Issuance in 2017

The U.S. dollar-denominated, investment-grade sukuk market that the Dow Jones Sukuk Total Return Index (ex-Reinvestment) seeks to track has continued to expand.  As of Aug. 10, 2017, the Dow Jones Sukuk Total Return Index (ex-Reinvestment) tracked 73 sukuk with a market value of USD 74 billion, which represented a growth of 20% YTD.  A total Read more […]

Asian Fixed Income: The Birth of Bond Connect

As a follow up to the previous article, Bond Connect officially launched on July 3, 2017. Bond Connect allows international market participants to trade China’s interbank bonds through the Hong Kong Stock Exchange.  It marked a milestone in China to further open up its capital market, following the China Interbank Bond Market (CIBM) announcement last Read more […]