Equity vs. Credit    Most risk asset classes globally have had an amazing run so far this year.Same is true for Asia dollar credit though unsurprisingly, it hasunderperformed regional equity (Figure 1). Despite such a strong performancewe will not be surprised if Asian equity keeps outperforming dollar creditespecially given backdrop of stable to improving regional as well as globalgrowth sentiments. Even estimated dividend yield (per Bloomberg) in selectpockets of our market (Figure 4) exceeds dollar bond yield. We must caveatthat this comparison is not adjusted for currency exposure though strongerlocal currency and weaker USD (Figure 2) further strengthen the argument forequities vs. credit. This is also in-line with recent feedback from some of theinvestors, mostly hedge fund, of going long equities either outright or versusshorting credit.

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