Asian bonds may still be a pupil in the broader Emerging Market (EM) asset class, but they are far from a monolithic entity. While some markets, such as China and Indonesia, are often referred to as EM, others like Korea, Hong Kong and Singapore are commonly considered Developed Markets (DM). As such, Asian fixed income possesses both EM and DM characteristics — but in many ways, it has already pulled ahead of many of its contemporaries and may soon graduate from the EM school.

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