High Yield, Global Corporate Bonds, Emerging Market Debt Seen as Attractive Fixed Income Investments, According to Standish

 High Yield, Global Corporate Bonds, Emerging Market Debt Seen as Attractive
               Fixed Income Investments, According to Standish

BNY Mellon Investment Manager Says Global Macro Risks Have Diminished and
Securities Selection Becomes Increasingly Important

PR Newswire

NEW YORK and LONDON, Feb. 26, 2013

NEW YORK and LONDON, Feb. 26, 2013 /PRNewswire/ --High yield bonds, global
corporate bonds and emerging market debt are among the areas of opportunity
for fixed income investors in 2013, according to Standish Mellon Asset
Management Company LLC, the fixed income specialist for BNY Mellon.

Standish's observations recently were published in Security Selection and
Liquidity Key for Bonds in 2013, Standish Global Bond Market Outlook.

The report notes that Standish believes global macro risks have diminished
over the last year. "Hopefully, we are moving from a market dominated by fear
to one where fundamentals once again drive returns," said David Leduc, chief
investment officer for Standish and the author of the report.

The report cautions, however, that returns are likely to be lower for fixed
income in 2013 than they were in 2012. It cites the potential for rising
inflation. It also notes that current low yields could significantly reduce
the potential for capital appreciation.

Standish expects global growth will be muted in 2013 as developed economies
continue to deleverage and inflation remains in check. This would normally
provide a favorable environment for fixed income investments. However, Leduc
added, "We believe valuations have become stretched in a number of sectors, so
investors will need to be in the right sectors and in the right securities.
An important driver of excess returns will be security selections within the

One factor expected to drive emerging market local currency debt will be
strengthening in some Asian and Latin American currencies as better economic
fundamentals attract capital, according to the report. In global corporate
credit, Standish said it favors high yield over investment grade bonds, as
there appears to be less room for price appreciation because of economic

Standish also said some sovereign debt in the European periphery could provide
opportunities, as the European Central Bank has taken steps to reduce the
possibility of a eurozone breakup.

Other areas, such as U.S. Treasuries and German bunds, could become more
vulnerable to inflation, the report said. Standish notes that the inflation
threat to these investments could rise as investors begin to anticipate more
stable economic activity in the second half of 2013.

Notes to Editors:

Standish Mellon Asset Management Company LLC, with approximately $167 billion
as of January 1, 2013 (all other BNY Mellon AUM numbers are as of December 31,
2012) of assets under management, provides investment management services
across a broad spectrum of fixed income asset classes. These include corporate
credit, emerging markets debt (dollar-denominated and local currency), core /
core plus, tax–sensitive, short duration, stable value and opportunistic (U.S.
and global) strategies. Standish also offers full service capabilities in
insurance client strategies and liability driven investing. The firm includes
assets managed by Standish personnel acting as dual officers of The Dreyfus
Corporation and The Bank of New York Mellon and Alcentra NY, LLC personnel
acting as dual officers of Standish.

BNY Mellon Investment Management is one of the world's leading investment
management organizations and one of the top U.S. wealth managers, with $1.4
trillion in assets under management. It encompasses BNY Mellon's affiliated
investment management firms, wealth management services and global
distribution companies. More information can be found at www.bnymellon.com.

BNY Mellon is a global investments company dedicated to helping its clients
manage and service their financial assets throughout the investment lifecycle.
Whether providing financial services for institutions, corporations or
individual investors, BNY Mellon delivers informed investment management and
investment services in 36 countries and more than 100 markets. As of December
31, 2012, BNY Mellon had $26.7 trillion in assets under custody and
administration, and $1.4 trillion in assets under management. BNY Mellon can
act as a single point of contact for clients looking to create, trade, hold,
manage, service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
Additional information is available on www.bnymellon.com, or follow us on
Twitter @BNYMellon.

All information source BNY Mellon as of December 31, 2012. This press release
is qualified for issuance in the UK and US and is for information purposes
only. It does not constitute an offer or solicitation of securities or
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Website: http://www.bnymellon.com
Contact: Mike Dunn, +1-212-922-7859, mike.g.dunn@bnymellon.com, or Sarah
Deutscher, +44 20 763 2744, sarah.deutscher@bnymellon.com
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