Tag Archives: S&P China Bond Index
Asian Fixed Income: China and the Global Bond Market
In a previous piece, we discussed that China’s lackluster performance had made it the worst-performing country in the Pan Asian bond market in 2017, and that it was the only country that closed the year in negative territory. The one-year total return of the S&P China Bond Index fell 0.29% last year (see Exhibit 1),…
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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…
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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….
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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…
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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…
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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;…
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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…
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Asian Fixed Income: PBOC Has Widened Access to China’s Onshore Bond Market for Foreign Investors
On Feb. 24, 2016, the People’s Bank of China announced that offshore commercial banks, insurance companies, securities companies, fund management companies, and pension funds are free to invest in China’s interbank bond market. Previously, foreign investors could only access China’s onshore bond market through a QFII or RQFII quota. The removal of the quota system…
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Asian Fixed Income: 2015 Pan Asia Report Card
Despite the weakness in local currencies, the S&P Pan Asia Bond Index, which is designed to track local currency bonds in 10 countries and is calculated in USD, delivered a total return of 1.45% for 2015. The S&P Pan Asia Corporate Bond Index rose 2.54% in the same period, outperforming the S&P Pan Asia Government…
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The Volatility of Bond Markets
China’s onshore bond market recorded strong growth in the first 11 months of 2015 and its total return has increased 6.98% year-to-date (YTD), as measured by the S&P China Bond Index. The S&P China Composite Select Bond Index, an investable index that tracks the performance of Chinese sovereign bonds, agency bonds and bonds issued by…
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