马来西亚债券市场是新兴经济体中最具吸引力的市场

Malaysia's bond market among most attractive in emerging economies@New Straits Times

一家全球投资管理集团表示，马来西亚债券市场是新兴经济体中最具吸引力的市场之一，受到强劲的基本面、经常账户盈余和商品价格上涨的推动。

Aberdeen资产管理亚洲主权债务负责人Kenneth Akintewe表示，与大多数受大宗商品价格上涨负面影响的新兴市场不同，马来西亚得益于该国积极的商品出口。

“它实际上正在为基础市场估值提供一定程度的积极刺激和支持，”他在今天的2018年投资会议期间对记者说。马来西亚债券市场也变得非常便宜，原因是对先前事件的纠正，例如限制无本金交割远期和最近令人意外的选举结果。与其他新兴市场相比，该国的债券市场也非常稳定。“这提供了相当多的多样化，远离美国国债式（收益率较低）的升值，远离其他更大的新兴市场类型风险和他们（投资者）投资组合的某种程度的稳定性。”

关于马来西亚的债务，他表示，“马来西亚以及许多亚洲经济体的债务期限非常好，外债相对较低，短期债务覆盖率很高，外汇储备水平也很高。”

从长远来看，该地区强劲的经济增长环境有望提高政府和政策制定者降低债务水平的能力。

这个为期半天的会议以“多元化：重新定义的观点”为主题，讨论了当前气候在一系列资产类别中的机会。🇲🇾@New Straits Times

The Malaysian bond market is one of the most attractive among the emerging economies, driven by robust fundamentals, current account surplus and rising commodity prices, a global investment management group said.

Aberdeen Asset Management Asia Ltd Head of Asian Sovereign Debt, Kenneth Akintewe said unlike the majority of emerging markets which are negatively impacted by the increase in commodity prices, Malaysia had benefited from the situation due the country’s positive commodity exports.

“It is actually providing some degree of positive stimulus and support to the underlying market valuations,” he told reporters on the sidelines of the Investment Conference 2018 here today.

He said the Malaysian bond market had also become very cheap due to corrections to previous events such as such as restriction non-deliverable forwards and the surprise recent election result.

“But when you compared the valuation with some of the valuations you see in the past few years, it looks very, very cheap.

“Because of that, you are also able to take position in anything from 10 to 20-year bond,” he said.

He said the country’s bond market was also very stable as compared to other emerging markets and had a low exposure to US treasury yields.

“This provides quite a bit of diversification away from US treasury-like rise, away from other big broader emerging markets-type risk and some degree of stability in their (investors) portfolio,” he said.

On Malaysia’s debt, he said the government’s effort on fiscal consolidation and managing the debt should not just focus on absolute debt level but also composition of debt such as short-term and external debts.

“Malaysia, as well as many Asian economies, has a very good debt maturity profile, relatively low external debt, good coverage of short-term debt and a very high level of foreign exchange reserves,” he said.

He said over the long term, the robust economic growth environment in the region was expected to increase the ability of government and policymakers to bring down the debt level.

Themed“Diversification: Redefining Perspectives“, the half-day conference discusses opportunities in the current climate across a suite of asset classes.

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