Bonds tank with no one to catch EM falling knives
Emerging market bond conditions got worse and worse this week as investors struggled to sell bonds quickly enough to keep up with outflows. Though some investors said they had lined up a shopping list of cheap purchases, it could be some time before they decide to pounce.
“I have been in the market a long time and never seen anything like it,” said one US-based EM bond manager. “It is far worse than 2008, even with a pretty immediate policy response.”Hit first by the Covid-19 outbreak, then the slump in commodity — in particular ...
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