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Emerging Market Distressed Debt Loses Most Since 2008

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Losses in emerging market distressed debt have mounted to the worst since the global financial crisis led by Indonesian coal miner PT Bumi Resources and ZAO Russian Standard Bank.

Bank of America Merrill Lynch’s distressed emerging markets corporate index tumbled 2.7 percent yesterday after a 5.6 percent drop in November. The gauge, which tracks 108 dollar-and euro-denominated debentures from Russia to China and Brazil, has retreated 9.8 percent this year, the most since a 36.8 percent slide in 2008.