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 – Looking Behind the Numbers

The growing popularity of sukuk is reflected in the recent strong index performance.The Dow Jones Sukuk Index delivered a total return of 7.08% year-on-year (Y-o-Y) and 5.26% year-to-date (YTD), as of August 18, 2014. The index’s yield-to-maturity also tightened by 51bps YTD to 2.55%. Noticeably, the yield of the S&P MENA Sukuk Index dropped 55bps Read more […]

Where to Find Yields in Japan?

As tracked by the S&P Japan Bond Index, a broad base benchmark that measures the performance of the government and corporate local currency bonds in Japan, the total outstanding par amount have reached over 1,070 trillion Yen this August. Not surprisingly, over 92% of them are government debts, which expanded 3.7 times since the index first valued on Read more […]

The Dim Sum Bond Market Expanded 57% YTD in 2014

On the back of strong issuance this year, the size of the dim sum (as known as Offshore Renminbi) bond market, that tracked by the S&P/DB ORBIT Index, rose 57% year-to-date (YTD) to currently CNH 264 billion. As shown in Exhibit 1, 68% of the dim sum bond market is composed of the credit issuers.  Note that the index Read more […]

How Did The Chinese Bonds Perform in 1H 2014?

As the Chinese bond market rapidly expands, reaching almost CNY 30 trillion, it has gained an increasing amount of attention from global investors.  Tracked by the S&P China Bond Index, the total return of the CNY-denominated bonds rose 5.7% in the 1H of 2014. While the risk of default put downward pressure to the Chinese corporates Read more […]

The Rise of China’s Corporate Bond Market

The size of the local-currency-denominated corporate bond market in China, as measured by the S&P China Corporate Bond Index, currently stands at CNY 7.58 trillion, representing an expansion by more than 14 times since December 2009. The strong issuance was driven by the country’s robust economic growth and tighter liquidity conditions. The corporate bond sector Read more […]

Getting there – China Municipal Bond Market

China has recently announced some potential changes in its municipal bond market, which will allow the local governments to sell bond on their own credits, as opposed to the majority of local government bonds that are currently issued by the Ministry of Finance. The coverage is targeted to expand to Beijing, Jiangxi, Ningxie and Qingdao, in Read more […]

A Misconception about the Asian Bond Markets

Recently at a panel discussion that I participated, one topic we talked about was if the bond price volatility in Asia is an obstacle to the investors. I believe it is a common misconception in the market. A volatility analysis was run on the local currency denominated bonds of the 10 countries that tracked by the Read more […]

A Comparison of Two Corporate Bond Markets

The possibility of interest rates remaining low means investors will continue to search for yield while also looking to diversify market exposures.  Below we offer a snapshot of two corporate bond landscapes: the U.S. corporate bond market and the Chinese corporate bond market, which has expanded rapidly in recent years. Size Tracked by the S&P Read more […]

A Glance at the Liquidity of the Sukuk Market

Despite the challenging global environment and the shrinkage in sukuk issuance in 2013, the liquidity of the sukuk market, as tracked by the Dow Jones Sukuk Index, showed a slight improvement in the same period. The Dow Jones Sukuk Index is designed as an independent benchmark to measure the performance of the U.S.-dollar-denominated, investment-grade sukuk Read more […]

Surprises Come With Attractive Yields

Despite the headline news on India’s high deficits and low economic growth, the Indian bonds remain very popular among investors who hunt for yields. Let’s be realistic, while a 10 year U.S. Treasury Bond pays 2.7%, a similar maturity of Indian sovereign Bond is offering a yield of 8.8%! The S&P BSE India 10 Year Read more […]