2021: A year for the bulls. Our total return1 forecasts are 5% for the iBoxx ADBI, 5.4% for ADBI IG and 11.5% for AHBI-Corp. We expect the best returns in 1Q21 due to spread compression, but we think 4Q21 will also be strong as tourist-related enterprises finally start to benefit from rising confidence among consumers and businesses. We feel China’s high-yield issuers are set to be the big winners next year. The sweet spot is issuers in the 5-10% yield bucket that accounts for about 50% of the iBoxx AHBI-Corp index by weighting. We estimate that these issuers can generate average total returns of 12% from spread compression and coupon accrual over the course of 2021. Those looking to be more conservative could still generate around 7% by targeting issuers in the 4-5% yield bucket, in our view.