Debt investors seen bracing for “fallen angels”
Asian investment-grade bonds may be less at risk of downgrades to junk than those elsewhere, but asset owners – particularly insurers – are being advised to take precautions.
A wave of “fallen angel” bonds – those issued by investment-grade companies that have since been downgraded to junk status – has started to break amid the coronavirus outbreak, and more are expected in the coming months.
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