【出版时间及名称】：2010年4月全球资产配置报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：26
        【目录或简介】：

Outperformance of swaps won’t last
The tightening of swap spreads has been fuelled by supply
and demand issues as well as Sovereign credit risk concerns,
and has now become so extreme that some swap yields are
lower than those of government bonds. HSBC anticipates
that swap spreads will ‘normalise’, and yields rise back
above their Sovereign debt equivalents, once interest rates
start to rise or fiscal policy moves to retrenchment mode,
probably starting by the second half of this year.
Greek drama keeps Sovereign credit risk on the agenda
Greece’s debt woes have helped to keep the issue of
Sovereign credit risk at the forefront of the market’s
attention, especially now that the Eurozone governments and
the International Monetary Fund have become involved.
HSBC’s view that the Eurozone nations won’t permit a
default by one of their members has been reinforced by this
development. The risk aversion that has benefited Bunds
should start to unwind, provided the details of the rescue
plan are positively received.
Emerging market rally not over yet
Although emerging market debt yields have reached their
lowest ever levels, spreads should remain tight. HSBC
believes that plentiful global liquidity, coupled with stillsluggish
global economic growth and little inflationary
pressure in developed markets, will support demand for the
bonds of emerging nations.
Euromoney Fixed Income Research Survey: Simply cast
your vote via: www.euromoney.com/FixedIncome2010.
Please click on the link - Next, then fill out your details and
submit. Tick the issuer types, for example 'Sovereigns' and
'Supranational & Agencies' from the list provided. The
deadline for voting is Friday 23 April.