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 DJI 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, she 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 2016: Year in Review

Global currency sukuk continued to expand in 2016. Increasing issuances were observed in U.S. dollar, Indonesian rupiah, and Pakistani rupee sukuk, though there were decreases in Malaysian ringgit and Bangladesh taka sukuk compared with last year.[1] The U.S. dollar and Malaysian ringgit sukuk continued to dominate the sukuk market. The Dow Jones Sukuk Index, which Read more […]

Asian Fixed Income: Chinese Bond Market Was Slow in 2016

The performance of China’s fixed income market has lagged other Asian countries this year.  According to the S&P China Bond Index, the fixed income market delivered a YTD total return of 3.57% as of Oct. 11, 2016.  China was one of the top three outperforming countries in the S&P Pan Asia Bond Index last year; Read more […]

How a Negative Interest Rate Affected the Japanese Bond Market

Since the Bank of Japan announced a negative interest rate policy earlier this year, both government and corporate bond yields have decreased (see Exhibit 1).  After hitting a record low yield of -0.23% on July 8, 2016, the S&P Japan Government Bond Index rebounded following a modest stimulus announcement later that month.  As of Sept. Read more […]

Japanese Market Participants Accessing U.S. Treasuries (Part 2)

Japanese market participants looking to access U.S. Treasury bonds or any other international bond market may need to be aware of fixed income risk and currency volatility.  Depending on their investment view, Japanese market participants may choose to hedge currency risk or remain unhedged. Either way, market participants may be exposed to additional returns or Read more […]

Japanese Market Participants Accessing U.S. Treasuries (Part 1)

Since the negative interest rate policy was announced by the Bank of Japan, the yield of the S&P Japan Sovereign Bond Index has tightened 33 bps to -0.07%, as of Aug. 23, 2016.  As the quantitative and qualitative easing program continues, some Japanese market participants seek investments that diversify their portfolios.  U.S. treasury bonds have Read more […]

Asian Fixed Income: The Philippines After the Key Overnight Rate Cut

The Central Bank of the Philippines unexpectedly lowered the key overnight rate to 3% from 4% on June 3, 2016, as it shifted to an interest rate corridor system to “improve the transmission of monetary policy.”[1]  Sovereign bonds have had a strong rally since then; the total return rose 10.82% YTD, while the yield-to-maturity tightened Read more […]

Asian Fixed Income: Sovereign Yields

The story of Asian fixed income remains compelling, and select Asian bond markets recorded strong growth and solid performance in 2016.  Most Asian currencies strengthened with the news of the Brexit, which may further improve sentiment among market participants.  Asian bond yields, though tightened, are still at an elevated level compared with their global peers. Read more […]

Asian Fixed Income: Indonesian Bonds Rally

Despite hawkish FOMC minutes and a stronger U.S. dollar, Indonesian bonds rallied 10.15% year-to-date (YTD), outperforming the other nine countries tracked by the S&P Pan Asia Bond Index, data as of Jun 7, 2016. The S&P Indonesia Bond Index tracks the performance of local currency denominated government and corporate bonds from Indonesia and with a Read more […]

Asian Fixed Income: A Quest for High-Quality Chinese Corporate Bonds

In a previous piece, we highlighted the emerging credit risk in Chinese corporates. Nevertheless, a recent survey reinforced the belief in the long-term future of China’s onshore bond market and pointed to an expected increase in exposure to Chinese bonds.[1]  As China’s bond market continues to grow, it may be important for market participants to Read more […]

Asian Fixed Income: Chinese Corporates’ Spread Widened With Headline Risk

According to the S&P China Corporate Bond Index, the market value of Chinese corporate bonds was approximately CNY 26.4 trillion and represented 36% of the overall China bond market as of May 5, 2016.  It is a robust expansion compared with the mere 6.7% exposure in 2007 (see Exhibit 1). The yield-to-maturity of the S&P Read more […]