EM misses out on rally

摘要

As other sectors establish new benchmarks -Finland, for example, set a new low yield for a primary issuance last week - one area to have missed out on the bond market rally is emerging markets. A collapse in rates is usually taken as a positive signal by investors to seek higher-yielding assets, but the price action in secondary, together with recent fund flow data, suggest that they are taking a more cautious approach.