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COMMENTARY
Mar 07, 2023
iBoxx Asian Local Currency Monthly Commentary: February 2022
February 2023 Commentary |
February saw losses across major equity and fixed income markets, a reversal of the gains made in January. The S&P 500® dropped 2.61% as market participants fret about the possibility of higher interest rates backed by persistent inflation and a strong labor market. At the same time, the 10-2 Year Treasury Yield Spread —a recession indicator—fell to -0.89%, its lowest level since the 1980s, sending mixed signals to the market. iBoxx ALBI
Similar to the U.S., Asian local currency bond markets—as represented by the iBoxx Asian Local Bond Index (ALBI) (unhedged in USD)—declined 4.33% in February, effectively erasing gains from January. Losses were widespread across numerous markets, and at the same time, the U.S. dollar appreciated against all underlying currencies. iBoxx ABF
Similar to the iBoxx ALBI, the iBoxx ABF Pan-Asia (unhedged in USD) was also deep in negative territory, posting -4.56%. Apart from Indonesia (up 0.17%) and China (up 0.06%), all other markets were in the red last month. Among the top losers were South Korea (-2.62%) and Singapore (-2.04%). iBoxx SGD
Singapore bonds—as represented by the iBoxx SGD Overall—were down 1.44% in February. Investors generally preferred corporate bonds (up 0.67%) with higher credit risk over safer government issues (down 2.04%) last month. This observation was consistent in the rating subindices, as lower-rated bonds outperformed their higher-grade counterparts. |
S&P Global provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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