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

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.

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