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Analysis: Asia's junk bond rally near exhaustion

An employee counts 100 Chinese yuan banknotes at a bank in Hefei, Anhui province, January 21, 2013. Yield-chasing investors, whose hunger for income powered a long rally in Asian junk-rated bonds, are finally feeling the first symptoms of indigestion after a year-long binge. To match Analysis ASIA-MARKETS/CREDIT REUTERS/Stringer (CHINA - Tags: BUSINESS)

An employee counts 100 Chinese yuan banknotes at a bank in Hefei, Anhui province, January 21, 2013. Yield-chasing investors, whose hunger for income powered a long rally in Asian junk-rated bonds, are finally feeling the first symptoms of indigestion...more

An employee counts 100 Chinese yuan banknotes at a bank in Hefei, Anhui province, January 21, 2013. Yield-chasing investors, whose hunger for income powered a long rally in Asian junk-rated bonds, are finally feeling the first symptoms of indigestion after a year-long binge. To match Analysis ASIA-MARKETS/CREDIT REUTERS/Stringer (CHINA - Tags: BUSINESS)
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An employee counts 100 Chinese yuan banknotes at a bank in Hefei, Anhui province, January 21, 2013. Yield-chasing investors, whose hunger for income powered a long rally in Asian junk-rated bonds, are finally feeling the first symptoms of indigestion after a year-long binge. To match Analysis ASIA-MARKETS/CREDIT REUTERS/Stringer (CHINA - Tags: BUSINESS)

An employee counts 100 Chinese yuan banknotes at a bank in Hefei, Anhui province, January 21, 2013. Yield-chasing investors, whose hunger for income powered a long rally in Asian junk-rated bonds, are finally feeling the first symptoms of indigestion...more

An employee counts 100 Chinese yuan banknotes at a bank in Hefei, Anhui province, January 21, 2013. Yield-chasing investors, whose hunger for income powered a long rally in Asian junk-rated bonds, are finally feeling the first symptoms of indigestion after a year-long binge. To match Analysis ASIA-MARKETS/CREDIT REUTERS/Stringer (CHINA - Tags: BUSINESS)
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