EM Debt Risk: The Devil Is in the Detail

Investors in US dollar-denominated bonds issued by emerging-market (EM) corporates are worried that the greenback’s rise, together with a broad decline in EM currencies, could increase the risk of defaults on their holdings. How worried should they be?

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Global Bonds: Avoiding Unintended Consequences

More and more, global bonds are being used as core portfolios for investors seeking an anchor to windward for their stock investments. While this is generally a good thing, some investors are discovering that the decision to go global can have unintended consequences: certain global bond portfolios have much higher volatility than is usually associated [...]

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