Asia Fixed Income Needs a Bigger Map

Morgan Stanley says Asia fixed income's problem is a too-narrow investable universe, not weak regional fundamentals.

• Dollar credit shrinking: Asia-dollar credit is on track for a fifth straight year of negative net supply as issuers shift to cheaper local-currency financing.
• Valuations stretched: Asia investment-grade spreads have tightened to 55 basis points, making it the most tightly valued major credit market globally.

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