(Bloomberg) -- Dollar bond spreads for Asia’s top-rated issuers have narrowed to a record low after a blitz of monetary and fiscal stimulus measures by Chinese policymakers boosted the appeal of the region’s debt.

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The average yield premium on the Asian bonds tightened to 74.6 basis points on Wednesday, dropping under the previous low of 75.5 basis points reached in late May, according to data in a Bloomberg index stretching back to 2009. Notes of Chinese issuers are leading the moves over the last month since the People’s Bank of China rolled out steps to support banks’ lending and government leaders pledged forceful measures to bolster a stuttering economy.

The spread tightening in Asia is part of a global decline in risk premiums investors can earn from holding corporate debt, as a pivot by many central banks to shore up economic growth offers a boost to companies and their ability to service debt. Spreads on high-grade US corporate debt compressed to their lowest since 2005 earlier this month, a Bloomberg index shows, and while they’ve widened a few basis points in the meantime, investors still expect more rate cuts by the Federal Reserve through 2025 to spur demand for the additional yields on credit.

“We have two of the world’s largest economies, China and the US, both showing signs of supportive policy,” said Leonard Kwan, a portfolio manager at T. Rowe Price in Hong Kong. A firming growth outlook and monetary easing make for “a very supportive environment for credit and for spreads,” he said.

While doubts linger about the long-term impact of China’s latest stimulus measures, spreads on Chinese high-grade dollar bonds have tightened about 15 basis points so far this month. That compares with an 11 basis-point decline in yield premiums for comparable bonds from the region as a whole, Bloomberg indexes show.

“A lot of client conversations are now about China, whereas for much of this year it has been non-China,” said Goldman Sachs Group Inc. head of Asia credit strategy research Kenneth Ho in a Bloomberg TV interview earlier this month. “We’ve seen this policy put in terms of ensuring better China growth and we think to a large extent that is already reflected in the credit markets,” he said, citing tighter spreads.