中银国际固定收益研究报告.PDFVIP

中银国际固定收益研究 Fixed Income Research 中银国际固定收益研究 利率、汇率、信用 中国固定收益研究 BOCI Fixed Income Research Rates, Currencies Credits China Fixed Income Research China USD IG Strategy Viewpoints 2017. 08. 08  Further strength in the Asia ex-Japan USD IG credit market has recently pushed the region’s USD IG spreads to multi-year lows.  We remain positive on Chinese credits amid improving macro fundamentals. Spread valuations in the Asia ex-Japan IG credit space look stretched but have improved markedly vs. those in the US. Within the Asia ex-Japan Wu Qiong ( 吴琼), CFA universe, BBB rated Chinese IG names remain cheap. (852) 3988 6926 qiong.wu@  On the risk side, the market appears to be underestimating the potential for Treasury yield rises.  The Asia ex-Japan USD market has witnessed record-breaking USD corporate supply YTD with a series of large, multi-tranche deals from repeated issuers and many new names hitting the market. With relatively tight valuations and sustained pipeline in the coming months, we expect to see opportunities in the primary market and believe selected new issues (by