2019 Top 400 ranking: 161
While China is still intent on broad deleveraging over the long term, it has embarked on a modest program of releveraging to avert a slowdown.
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While trade frictions attracted the most attention, the primary and outsize drag on global growth in 2018 was the self-imposed slowdown China began in mid-2017. Intended as a gentle cooling, the deleveraging and derisking program overshot; China’s private sector — 60% of its economy — iced up.
Credit spreads came under pressure in November from issues plaguing markets throughout the year — geopolitical worries about Italy and Brexit, expectations of slower growth and inflation, US-China trade tensions, and a hawkish Fed.
Fixed Income Asset Allocation Insights is a monthly publication that brings together the cross-sector fixed income views of PineBridge Investments.
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