La visión de Thornburg Investment Management

Calma después de la tormenta: oportunidades para la renta fija asiática en 2021

Fecha:

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Pixabay CC0 Public DomainNiño con linterna. Emergentes
  1. While the glut of liquidity on the back of Covid has been good for investment grade names that are lowering their average funding costs, some companies are biding their time on a lifeline that isn’t going to last forever. The main concern with this whole dynamic is a potential reversal of flows and reversal of economic variables over the next 12 months, particularly inflation.
  2. There's value in names in the region that are tied to the global commodity cycle because those risks are typically aligned with higher commodity prices and goods demand; for example, a ports operator who has solid take-or-pay contracts.
  3. The technology space remains comfortable with large cash positions. Low leverage and awe-inspiring equity cushions benefit semiconductor makers in Taiwan and South Korea and ecommerce and social media companies in China.