High cash levels numb EM bonds to Covid-19

By Francesca Young
26 Feb 2020

High bond fund inflows since the start of this year are helping to insulate emerging market trading from a Covid-19 panic, with paper marked wider but little real selling, according to investors and syndicate bankers in London.

“We’re all busy becoming experts on coronavirus very quickly,” said one EM investor in London. “But in terms of actual activity in the secondary markets, there isn’t a lot going on. Bond prices are being marked down, but the selling is actually very minimal. The market is undoubtedly ...

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