Banks see surging bond volumes in Asia as virus sparks flight to safety [Reuters]
WESFARMERS LTD UNSP/ADR (WFAFY)
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Source: Reuters
Banks see surging bond volumes in Asia as virus sparks flight to safety * Deutsche posts 50% jump in credit volume this week * Citi Australia posts 208% y/y rise By Tom Westbrook SINGAPORE, March 11 (Reuters) - Trading volume has surged for Asian fixed income desks this week, major banks say, as the fast spread of the coronavirus around the world prompts investors to dump equities for the safety of bonds. Deutsche Bank told Reuters that Asia-Pacific credit trading volumes spiked more than 50% this week, while Citi Australia said it had seen a 208% rise in year-on-year investment-grade credit transactions through 2020 so far. Neither bank provided dollar figures or further details. Yet the surge illustrates the speed and breadth of investors’ rush into the safer end of fixed-income markets, and offers banks a much needed boost after a long spell of low volatility and lacklustre volumes squeezed profits. “There’s market opportunities for investors in this environment,” said Vishal Goenk
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