Bonds from India, Philippines most at risk amid threat from Omicron

Bonds from India and the Philippines look to be most vulnerable to further economic slowdowns in Asia as the threat from a new coronavirus variant revives virus resurgence fears. 

The two nations have the steepest yield curves among seven Asian countries, which means any additional fiscal stimulus would come at a higher cost for the governments. Their scope for monetary easing would also be limited by higher inflation, with lower vaccination rates compounding the stress on their economies. 

News on the omicron variant roiled global markets this week as travel bans and doubts about the effectiveness of existing vaccines on