Junk Bonds Are All the Rage as Emerging-Market Growth Lures Investors

July 10, 2024 at 9:55AM EDT --

“There is no systemic sovereign default cycle in EM, and even the EM corp default rate YTD is well below trend,” said Uday Patnaik, head of emerging-market fixed income at Legal & General Investment Management Ltd. “EM relative to developed markets have been doing well in terms of growth, particularly the growth differential, FX reserves are at highs and significantly cover maturities and amortisations due this year.

Egypt has become a darling of investors ever since it bagged more than $57 billion in rescue funds from partners including the UAE and IMF. That, combined with a currency devaluation and interest-rate hike, fueled a rush into the carry-trade potential in Egyptian local assets.

مصر أحدث الأخبار, مصر عناوين

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