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Boye: Western investors and the hunt for Asian corporate bonds
Low yields in Europe are likely to send fixed income investors hunting for yields in Asia. Saxo Bank Fixed Income trader Michael Boye is targeting two corporate bonds, which he thinks offer worthwhile yields: Delhi International Airport and Country Garden Holdings.
Michael Boye says continued economic growth in Asia supports the case for investing in Asian corporate bonds. He highlights the first bond issued by Delhi International Airport. Even though the bond was oversubscribed 17 times, it offers a yield of around 5.2%, and trades at a price of around USD 105.25. The price of the bond has been pushed up because of the airport’s exposure to India’s growing economy, demographics and plans to expand the airport.
China may be seeing a slowdown at the moment, but with the People’s Bank of China saying it is willing to act on rates or to introduce measures to boost growth, there is reason to invest in Chinese corporate bonds. This makes investing in real estate bonds particular interesting as the sector would benefit from further monetary easing, says Michael Boye. Particularly interesting is Country Garden Holding’s 5-year USD bond, issued in March, which has a price of around 100.75 and yield of 7.3%
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