EM credit sell-off unlocks pockets of value, but more pain could be in store

  • EM credit has sold off sharply this month amid rising US yields and EM spreads, with high-yielders leading the sell-off

  • EM spreads are still relatively well-contained despite rising global recession risk, meaning more pain could be in store

  • Sell-off has unlocked pockets of value in higher-yielding frontier markets, if investors can avoid default landmines
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