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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
Editorial
China’s asset-management companies (AMCs) are facing a number of challenges, including
squeezed profitability, poor asset quality, and a high debt burden, which we discuss in this
month’s Overview. However, they retain their strategic role in China’s financial system. We
believe more prudent financial management will help them deleverage and returning to their
traditional distressed asset management business will improve their long-term operating
performance. Under the shadow of COVID-19, onshore funding conditions should improve fo
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