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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation

Malaysian bonds bounce back as 1MDB fears fade

Posted on 27 October 2015

A potential rating cut is still deterring investors, according to Jonathan Lemco, senior sovereign analyst and principal at Vanguard, which runs the world’s biggest bond fund. Fitch Ratings earlier this year pointed at the possibility as Malaysia’s trade balance worsened and amid concerns related to 1Malaysia Development Bhd., a sovereign wealth fund at the center of a political scandal that has prompted street demonstrations calling for Najib’s resignation.
The downgrade threat has since lessened after Fitch changed the outlook for the nation’s credit score to ‘stable’ from ‘negative’ on June 30. Among the reasons were improved fiscal finances and the fact that even the current-account surplus is above the median of nations with a similar A- rating to Malaysia’s, it said………………………………………..Full Article: Source


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