Asian credit: Down but not out

Asian credit markets will outperform in the second half of 2008 as investors put their subprime fears to one side and return to the markets with a greater appetite for risk.Presenting their outlook for Asia in 2008, strategists at Calyon said that most of the bad news left in the system should come out during the next six months and that Asian credits in particular stand to benefit, thanks to the region's stronger economic fundamentals and greater credit quality."Credit is still a dir…