EM credit sell-off unlocks pockets of value, but more pain could be in store
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EM credit has sold off sharply this month amid rising US yields and EM spreads, with high-yielders leading the sell-off
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EM spreads are still relatively well-contained despite rising global recession risk, meaning more pain could be in store
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Sell-off has unlocked pockets of value in higher-yielding frontier markets, if investors can avoid default landmines
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.