“From a relative value perspective, Asian securitised credit remains compelling.”
— Jennifer Siu, Head of Structured Credit, First Plus Asset Management

Jennifer Siu, Head of Structured Credit at First Plus Asset Management, was recently interviewed by Structured Credit Investor, a well-established industry publication covering global structured credit markets, on the evolving landscape of Asian structured credit. Drawing on her experience across securitised and specialty finance markets, she highlighted why the asset class continues to attract investor interest despite a changing macro and regulatory environment.

According to Siu, Asian structured credit remains attractive on a relative value basis, even amid spread tightening in recent months. She noted that securitised credit in the region continues to offer a spread premium compared with similarly rated corporate bonds, which has been a key factor underpinning sustained investor interest.

Siu also observed that market liquidity has proven more resilient than often perceived. She pointed out that the Asian securitised market has continued to function through periods of macroeconomic and geopolitical volatility, enabling investors to actively manage portfolios without significant disruption.

From an allocation perspective, Siu highlighted growing interest in Australian residential mortgage-backed securities (RMBS). She sees a more compelling risk–return profile in this segment compared with certain other ABS sectors that have experienced sharper spread compression, with stable collateral performance further supporting investor confidence.

Looking ahead, Siu emphasised that the long-term development of Asian structured credit will depend on broader investor participation and deeper secondary market activity. She also underscored that Asia is not a single, homogenous market, with differing legal and regulatory frameworks reinforcing the importance of local structuring and credit expertise.

For First Plus Asset Management, structured credit remains an important area of focus. Siu explained that the firm’s investment approach prioritises disciplined credit analysis, thoughtful structuring and robust risk management, with the aim of navigating market fragmentation while identifying attractive opportunities for investors.

She concluded that, while challenges remain, Asian structured credit continues to play a meaningful role within diversified fixed-income portfolios, particularly for investors seeking differentiated sources of return underpinned by credit fundamentals.

To read the full interview, please visit Structured Credit Investor here: Asian structured credit demand grows, but fragmentation caps market depth