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

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 […]

60% of Japanese Sovereign Bonds Are Experiencing Negative Yields

In our last piece, we discussed the Bank of Japan’s (BoJ) monetary policy and how the yields of Japanese sovereign bonds have responded since 2016. The latest BoJ minutes released on June 26, 2017, reiterated that it “should continue with the current monetary policy,” while it also stated that it is “necessary to reduce the Read more […]

Asian Fixed Income: An Update on the Indian Bond Market

As of June 5, 2017, the yield of Indian sovereign bonds, as tracked by the S&P BSE India Sovereign Bond Index, stood at 7.03%—the second-highest sovereign bond yield among the Pan Asian countries, following that of Indonesia, at 7.09%. The yield of the S&P BSE India Sovereign Bond Index climbed 19 bps YTD as of Read more […]

Have We Seen the Bottom in Japanese Bond Yields?

While the idea of reflation is picking up steam in global markets, Japan’s core consumer price index rose 0.2% in February 2017, which remained far below the target of 2% set by the Bank of Japan (BoJ). The BoJ kept monetary policy steady in March 2017, continuing the diverging policy paths of central banks. In Read more […]

Asian Fixed Income: Continuing Rally for Indonesian Bonds

Indonesian bonds, as tracked by the S&P Indonesia Bond Index, gained 5.59% YTD as of April 5, 2017. This is a continuation of the strong growth trend observed in 2016, when the index increased 13.7% owing to the Bank Indonesia’s cut in interest rates on six occasions throughout the year. Indonesia has been one of Read more […]

Asian Fixed Income: From Implicit Guarantees to Bond Defaults

Chinese authorities will allow market participants to buy onshore bonds through transactions carried out in Hong Kong, which will further broaden foreign access to China’s onshore bond market. While no additional details have been provided, a “bond connect” scheme that provides cross-border cash bond trading is anticipated by market participants. Despite currency volatilities, China bonds Read more […]

Longer-Maturity and Lower-Rated Sukuk Continue to Outperform

The Dow Jones Sukuk Total Return Index (ex-Reinvestment), which seeks to track USD-denominated, investment-grade sukuk, had a great start in 2017 and rose 1.24% year-to-date (YTD) as of Feb. 10, 2017. A total of 19 sukuk with total outstanding par of USD 15.75 billion were added into the index last year; however, no new sukuk Read more […]

Asian Fixed Income: 2016 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, continued to be weighed down by the weakness of local currencies in 2016, dropping 1.86% for the year.  Meanwhile, its yield-to-maturity widened 38 bps to 3.75% YTD.  Reversing the trend seen in 2015, the Read more […]