Man Group Joins Russia Local Bond Bulls After Ruble's Plunge
- OFZs are among best bets in emerging markets, strategist says
- Guillermo Osses also likes local debt in Brazil, Chile
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Russia’s local-currency bonds are among the worst performers in developing nations this year. A strategist for the world’s largest publicly-traded hedge fund manager sees them as some of the best bets in emerging markets.
Guillermo Osses, the head of emerging-market debt strategies at a unit of Man Group Plc who previously oversaw more than $20 billion at HSBC Global Asset Management, joins a growing list of bulls predicting a rebound in the country’s local bonds. The so-called OFZs have posted an average decline of 1.4 percent in 2016 in dollar terms, compared with a mean return of 1.4 percent across developing nations.