For 110 basis points, we believe it's not worth getting into high yield. On average, you're sliding six notches in the credit rating.

The 30-year is a bit of a surprise, but it follows the other sovereigns that have managed 30 years in Asia, including Indonesia recently.

What I mean by that is that they have all the necessary skills to come up with good cars and good price.

Investors are also getting a bit tired of these tight spreads and they are not sure if they should invest at those spreads, particularly with the Treasury yields heading up.

There's a lot of money chasing these (Asian) high-yield bonds, but we think it's temporary.

The optimism is overdone, and there's going to be a correction. Growth is going to slow.