Fixed income strategy: 2022 in review – annus horribilis
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It’s been a brutal year for most financial assets, including EM, dominated by one main issue – inflation
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EM sovereign bonds have seen a return of -16% YTD, heading for worst year since data began, but late rally offers hope
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EM yields have risen, sovereign issuance has fallen, one-third of the index in distress; but defaults remain contained
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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.