EM investors beware: Iceland is different
Iceland is planning its first international bond since the crisis. But even though it is likely to offer the kind of yield that gets emerging market investors interested, they should be wary of jumping in at the wrong price.
Iceland is preparing the way for its first public bond since 2008, when its banking system bloated beyond the capacity of its government to support it was ravaged amid the financial crisis. The question for investors is: what are the comps?
It is tempting to liken the
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