Asian bond spreads hit 14-month highs last week as Greece's debt crisis spread around the world, and the ill effects could be here to stay according to respondents to our web poll last week.
Almost three-quarters of our readers said that Europe's debt crisis will hurt the appetite for Asia's sovereign borrowers, which has certainly been the case in the short term -- and it's not just the sovereign names that are suffering. The iTraxx Asia ex-Japan investment grade index had widened to 150bp by last Friday, which is its highest level since June last year.
Indonesia and the Philippines, both regular borrowers in the dollar market, also hit their highest levels since last summer....
¬ Haymarket Media Limited. All rights reserved.
