, Columnist
Emerging-Market Debt Loses Some Local Appeal
Strengthening dollar could cause tourist investors to flee.
This article is for subscribers only.
One of this year’s biggest debt-market winners is facing a big test.
Local-currency debt of developing nations has hit a rough spot after gaining nearly 12 percent during the first nine months of the year. It has fallen nearly 3 percent since Sept. 8 even as other riskier assets such as U.S. high-yield bonds and stocks gained value.