High-yielders lead EM rally but volatility likely to continue

  • EMBI spreads have rallied by 30bps since 20 May, but are still 60bps wider YTD

  • The rally has been led by credits that performed worse in the 5 April to 20 May sell-off

  • Higher-yielding credits will outperform if the rally continues but underperform if not; EM volatility likely to persist
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