What does "timing" mean here?

Question

Does it mean "the timing of announcing the letter" or "the timing of going ahead with the proposal"? I used this link: http://www.oxfordlearnersdictionaries.com/definition/english/timing?q=timing

"Other market players have noted that the timing could be interesting, especially given how expensive corporate bonds are trading as well as the price of Asian low-yielding bonds — specifically in Singapore and South Korea. Announcements like these also serve to highlight there may still be value in owning U.S. and European fixed income should another recession strike."

Source: The world's biggest sovereign wealth fund wants to alter its strategy — the effects could be global

Answer 1

The timing of going ahead with the proposal to shift where Norway invests its sovereign wealth fund. There are two ways that lead to this conclusion:

First, they are using could be to speculate about a possible future action. Since the letter has already been announced, if the sentence were talking about that, they would say the timing is interesting.

Second, when using a potentially ambiguous subject without a prepositional phrase to clarify, it's typically understood to imply the overall topic of conversation, which is the potential shift of Norway's investment strategy.

If this sentence were to be written about the announcement itself, it would typically be written more like:

"Other market players have noted that the timing of the announcement is interesting, especially given how expensive corporate bonds are trading as well as the price of Asian low-yielding bonds — specifically in Singapore and South Korea. Announcements like these also serve to highlight there may still be value in owning U.S. and European fixed income should another recession strike."