Selling muted in EM but Brexit threatens stability in CEE

Emerging markets1_230
By Virginia Furness
24 Jun 2016

Emerging market bond bankers called Britain’s decision to leave the EU on Friday "madness" but while the fundamental implications for most EM credit are expected to be limited, bankers are fiercely debating how instability in the European Union will affect eastern Europe.

After the initial panic on Friday morning, selling was muted. Although credit default swaps were noticeably wider, cash prices, contained by the rally in US Treasuries, had only fallen by around one percentage point. Nevertheless, all the gains made over the last week, as the market moved to ...

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