Morgan Stanley sees once-in-a-decade opportunity for credit

What will be the key macro trends for Asian fixed income this year
The past two years were the most volatile on record. For example, if you bought a portfolio of corporate bonds at the end of World War II, by the end of 2008 you would've lost your entire cumulated excess returns, only to recoup them again in 2009. That volatility won't return and it's mathematically impossible to beat the kind of returns we had in 2009.

Going forward it is best to focus on the most interesting parts of the markets. We view financial institutions, the high-yield markets and the lessons learnt from Dubai last year, as the main points of interest...