Microsoft's landmark $3.75 billion bond issue this week may be a sign that credit markets are beginning to thaw. With an array of other issuers rushing to lock in cheap funding, investors are now assessing their options and are sticking to high-grade corporate bonds.

"Our fixed income team is more positive in the investment-grade space, although the high-yield space tends to move with the investment-grade space; they're more comfortable finding better opportunities in the higher investment-grade space," Peter Elston, chief strategist at Aberdeen Asset Management Asia said on CNBC Asia Pacific's Protect Your Wealth.

Elston noted that the market will also see a lot of new government bond issues over the next couple of years. "Given the amount of issuance that you're going to be seeing, my guess is that one would have to be more bearish than bullish. But it's very hard to say," he said.

In the equities market, Elston advised investors to "dribble into the markets" and benefit from the long term appreciation as the market still remains unpredictable.

"If you do look at the fundamentals, whether that's in terms of what's going on in the economy or in terms of valuations, I think it's pretty likely that we're going to see some sort of pull-back," Elston remarked.

"But again its very very hard to say and at the end of the day, our advice to investors is -- don't try to time these things, particularly when you have such a turbulent environment, and things are so difficult to predict."

Comments? Questions? Send them in here.

Catch "Protect Your Wealth" on CNBC's Asia Pacific network every Tuesday on "CNBC's Cash Flow," Wednesday on "Asia Squawk Box" and Thursday on "Capital Connection."

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