Climate change and online hacking could substantially affect the allure of US municipal bonds, despite their current appeal. Asset owners will need to be warier as they invest.
Facing a world where generating returns could become more challenging, investors are increasingly eyeing new opportunities in emerging markets.
The backdrop for Hong Kong dollar bonds appears supportive for those investors seeking tried-and-tested assets to weather the uncertain macro outlook.
Beijing's rescue of the collapsed Baoshang Bank has led some investors to seek out bond investments, relying on the implicit desire of the government to prevent a credit crisis.
Asian investors have focused mostly on bringing environmental, social and governance factors into equities. The next step is to add them in their fixed-income investments.
The mounting trade war between China and the US has caused equity corrections, but fund managers say regional debt could perform best if a favourable trade deal is struck.