Emerging-Market Local Bonds Draw Record Funds on Currency Gains
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Global investors are pumping record amounts of money into developing nations’ domestic bonds this year, attracted by improving economies and currency gains.
Funds investing in emerging-market local-currency debt have attracted $16.9 billion of net inflows so far, more than triple the record annual intake of $5 billion recorded in 2007, according to Cambridge, Massachusetts-based EPFR Global. The International Monetary Fund last month forecast economic growth for developing countries of 6.8 percent this year, compared with