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Asia Bond Watch: Hard or local currency bonds?
2018 has so far been a challenging period for local and US dollar-denominated Asian debt markets. However, as State Street Global Advisors' Kheng-Siang Ng explains, hard and local currency bond markets continue to present a varied and differentiated opportunity set to investors.
Kheng-Siang Ng
Asian local currency government bonds, as measured by the Markit iBoxx ABF Pan-Asia Unhedged Total Return Index, delivered 10% returns in 2017 but lost ground in the six-month period to the end of June this year at -2%1. Similarly, Asian hard currency government bonds, as measured by the J.P. Morgan JACI Sovereigns Total Return Index, returned 9% last year but have underperformed local currency markets in the first half of 2018, recording a negative return of …
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