ESMA points to HY, EM risk to fund redemption shock

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ESMA points to HY, EM risk to fund redemption shock

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High-yield bond funds are a lot more exposed to a liquidity shortfall than funds for other asset classes, according to a stress test developed by the European Securities and Markets Authority (ESMA). The publication of ESMA’s results came in the same week as a Bank of England official discussed solutions to fund fire-sales.

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