EM exit brings benefits

By Francesca Young
31 Jan 2014

It has been a trying week for emerging market bankers and issuers, but both fund flows and credit spreads indicate that it wasn’t a shocking one. And the flight from EM funds into the European periphery that has been underway for some time will benefit both markets.

Despite EM bankers' protestations that the money flowing into the asset class was sticky as investors converted to its religion, EPFR Global data shows that buyers have left the emerging markets over the last few months for fear of rising rates. Instead, they have re-entered the European periphery, ...

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