Remember When Investors Were Worried About Emerging Market Debt?
No one else seems to.
Sheep and goats graze in a field in Tuv province, Mongolia.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
How quickly things change in emerging markets.
In early 2016, EM asset prices tanked as investors fretted about developing countries' and corporations' ability to service their debts, especially those denominated in U.S. dollars, with warnings emanating the Bank for International Settlements and prominent analysts. Fast forward nine months, and EM investors seem to have given birth to a fresh bout of optimism thanks in part to a stable greenback and ultra-low interest rates in developed markets — all of which have combined to help ease pressure on emerging market counterparts.