Maintain exposure to assets that can benefit from both deflationary (high credit quality bonds) and inflationary (equities, commodities) pressures.

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As the supply of investments that offer high credit quality and good yields in the US has disappeared, many institutions are expanding their horizons to include emerging market debt.

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In a nutshell, credit availability for high quality borrowers is good today and should be good for at least another two years.

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"Structurally this could become a technical tailwind for Asian credit, " and high-quality bonds are likely to be the first beneficiary, he said in a recent report.

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Last year's subprime-fueled gridlock in the credit markets even spread to high-quality debt, however, as investors realized that the re-packaging and re-distribution of risky loans could signify a ticking time bomb in all corners of credit.

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Of course, second-lien debt is a niche product for issuers that require higher leverage than is usually available in the first-lien market, but that in many cases are locked out of the regular-way high-yield bond market because of size, credit quality, or complexity.

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By choosing to acquire fundamentally sound revenue drivers, Realty Income invests in high-quality stand-alone real estate leased to credit-worthy tenants with business models that are all differentiated by strong sources of operational cash flow and profitability.

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If credit conditions deteriorated, active investors could move to very high quality bonds, including Treasurys.

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