Viktor Hjort News
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Nomura Holdings Inc. is recommending dollar-denominated bonds of five Chinese developers for 2013 as a recovery in sales boosts cash flow, contrasting with Morgan Stanley that has twice cut its outlook on the debt since August.
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Viktor Hjort, the Hong Kong-based head of fixed income-research at Morgan Stanley Asia Ltd., spoke about Asia’s credit outlook at a forum in Singapore today.
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Investors should buy bullish options on Taiwan’s benchmark stock index because it will extend gains as Chinese trade and tourism increase and rising technology sales boost corporate profits, Morgan Stanley said.
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Investors should sell speculative- grade debt of government-backed Asian companies and buy property or commodity bonds as economic growth in the region justifies more risk-taking, according to Morgan Stanley.
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Foreign currency bonds issued by Chinese property companies may receive a “terrific boost” after China signaled the end of a two-year currency peg to the dollar, reducing the chance of higher borrowing costs, Morgan Stanley said.
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Investors should buy put options on Australian real estate and bank shares to profit from the likely bursting of the country’s housing market bubble, Morgan Stanley said.
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Companies in the Asia-Pacific region slowed dollar bond sales to the least in five weeks amid economic data from China that may encourage policy makers to boost stimulus measures. Bond risk fell in Asia.
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Asia-Pacific borrowers sold the lowest amount of bonds for 18 months in May as investors shunned risk and shed assets amid Europe’s sovereign debt crisis.
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Bondholders of PT Bumi Resources, Korea National Housing Corp. and SK Energy Co. are most at risk should Europe’s debt crisis spread into Asia, according to Morgan Stanley.
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Companies in Korea, Thailand and Indonesia are the most at risk of default in Asia should a worsening debt crisis in Europe dry up dollar flows into the region, according to Morgan Stanley.
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