In high yield, spreads are close to 400bps but have tightened year-to-date to below the long-term median of 473bps. As Figure 1 shows, adding this credit spread onto risk-free Treasuries results in all-in yields of 5.7% in investment grade and 8.5% in high yield, both of whic...
since 2018 it has gradually responded to strong demands for deregulation. Since this was a period when US President Donald Trump accelerated a trade war with China, Beijing’s aim was likely to win Wall Street over to its side
making them an attractive investment target. In contrast, the yield of US Treasuries is two percentage points higher nowadays. Once home to many attractive picks, China’s stock market has cooled due to the Xi administration’s crackdown on private companies such as Alibaba and the high-tech Si...