【 出版时间及名称】：2010年1月9日
      【作者】：苏格兰皇家RBS
      【文件格式】：pdf
      【页数】：33
      【目录或简介】： 一起抵制外行报告高价行为！！！2009 was a vintage year for credit investment. We are bullish entering 2010 but clearly returns will not match last year. The backdrop for credit investment in Asia Pacific remains positive given the low government bond yields, ongoing macro policy accommodation, high equity market ratings, lack of artificial support for credit spreads and a strong economic picture Out-performance in 2010 will be an alpha rather than beta game. Favour higher yielding parts of IG universe from an allocation perspective, although this is playing out quickly! Senior financials to out-perform higher rated corporates More rapid and/or aggressive than expected withdrawal of liquidity conditions and/or a major sovereign debt crisis in the West are the key threats to our view. We suspect this will be an H2 2010 event however and investors need not position for it yet. In the meantime, we are wary of high cash price or “off the run” issues given limited liquidity. Take largest bets in liquid deals Expect Asia to out-perform Western credit markets