Credit risk fell in reaction to Donald Trump’s US presidential win, even though his presidency may be marred by tariffs and possible trade wars.

The prospect of global interest rates remaining higher for longer is tipping the case for many investors to switch into bonds from stocks.

Investors have been taking refuge from the Chinese real estate debt crisis in pockets of the broader Asian credit market, and cite India among opportunities that are relatively insulated from the historic turmoil.

Concern is mounting in corporate credit markets globally as longer-term Treasury yields continue to rise, leading borrowers from New York to Tokyo to delay bond sales and strategists to warn of trouble ahead.