HS-亚太地区-信贷策略-亚洲债券市场观察-2020.5.pdf

Fixed Income Asia Credit May 2020 By: HSBC Asia credit research team The VIEW Asia’s Bond Markets Onshore funding conditions should improve for China AMCs, while asset quality may deteriorate. We believe equity funding is a good option to drive growth Also inside Credit strategy: wobbly foundation in place The extensive credit shock across multiple economies has resulted in a record amount of downward rating actions, deepening the divide among credit profiles Play video with Shiwen Ding Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Fixed Income ● Asia Credit May 2020 THIS CONTENT MAY NOT BE DISTRIBUTED TO MAINLAND CHINA China AMCs: Pressure on asset quality to crimp growth  There are concerns about profits, asset quality and debt, but AMCs can recover by returning to their core business of distressed assets  Onshore funding conditions should improve in 2020, but asset