Are Formosa bonds being issued in Taiwan?

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Mark Melin
Published on
Updated on

The million dollar question in the Asian credit markets have to do with Formosa bonds – for the uneducated here, Formosa was formerly the name of Taiwan, which for the more uneducated is an Island off of China, which for the more uneducated is a country where Mulan took place 🙂 High-grade index spreads are steadily declining, Bank of America Merrill Lynch’s Hans Mikkelsen notes, as a global correlation divergence is at work. In a report titled “Perfect storm=bump on the road,” Mikkelsen looks at the global supply and demand balance and concludes that recent flow of corporate bond supply…

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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.