Strategy Note /
Global

Fixed income strategy: 2021 in review

  • Taper tantrum concerns from higher US rates and pandemic developments have dominated EM sentiment this year

  • EM hard currency sovereign bonds have seen a total return of -1.7% YTD, underperforming most other asset classes

  • EM yields have risen although sovereign bond issuance has been robust and defaults are contained; yet distress lurks

Fixed income strategy: 2021 in review
Stuart Culverhouse
Stuart Culverhouse

Head of Sovereign & Fixed Income Research

Patrick Curran
Tellimer Research
15 December 2021
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