1st June 2017
Falling default rates and high yields. Too good to be true?
With only one issuer defaulting in the first quarter of 2017 (compared to eight in the same period 12 months ago), the emerging market (EM) hard currency corporate bond asset class has until now met expectations that its default rate could be significantly lower in 2017. Improvements in both macro and corporate fundamentals have helped this outcome, providing relief for many EM bond managers who recently had to navigate through a particularly punishing time.
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