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…
Are Formosa bonds being issued in Taiwan?
Mark Melin
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.