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Cyrus Ng, CFA, CAIA
Senior Research Analyst, Bond Research
Aspial Lifestyle: A hidden gem in the SGD bond market
Strong earnings, resilient pawnbroking and attractive carry support Aspial’s 2029 notes, with further upside from Malaysia and secured lending.
Investment Grade Bonds 2H26 Outlook: Slow, steady, and selective
Investment-grade bonds remain attractive for steady carry, though tight spreads and heavier issuance call for careful credit and duration selection.
Top Bond Funds 1H26: Duration was no free lunch, but carry helped meaningfully
Carry led 1H26 bond fund returns, while Asian local-currency bonds lagged as higher local yields and weaker FX hurt performance.
Olam Group announces repurchase exercise for its 5.375% perpetuals
We recommend investors hold on to their 5.375% perpetuals until the next call date in January 2027. Investors should not participate in this exercise.
Amova Short Term Bond Fund: A step up from cash, without reaching too far
Amova Short Term Bond Fund offers investors diversified short-term bond exposure, aiming to outperform SGD cash rates through a defensive portfolio.
Perennial Holdings: Refinancing risk remains despite promise of healthcare ramp-up
Perennial’s healthcare ramp-up offers longer-term upside, but weak cash flow, short maturities, high encumbrance and JV look-through leverage keep us selective.
First REIT launches consent solicitation for 2027 bonds
We recommend accepting this consent solicitation exercise, given the fair terms and early consent fee. If the consent solicitation passes, First REIT has stated it will call the bonds within 60 business days after completion of the proposed divestments.
June Fed recap: Warsh opens with a rate-hold and a new Fed playbook
The Fed held rates steady again, but the bigger story was the change in leadership, communication style and policy framework. Read on for our recap of the recent June Fed meeting.
China tightens cross-border investing: Equity noise but limited credit impact
China’s cross-border investment curbs may slow new client inflows for HK financials, but credit impact appears contained for Standard Chartered, HSBC, and FWD.
Thinking differently about high-yield bonds: A senior-secured bond strategy for income investors
The Barings Global Senior Secured Bond Fund offers selective high-yield exposure with added structural protection through collateral backing, with around 9% distributions in USD terms.
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