Fixed income strategy: 2022 in review – annus horribilis

  • It’s been a brutal year for most financial assets, including EM, dominated by one main issue – inflation

  • EM sovereign bonds have seen a return of -16% YTD, heading for worst year since data began, but late rally offers hope

  • EM yields have risen, sovereign issuance has fallen, one-third of the index in distress; but defaults remain contained

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