Investors Dive Back Into Frontier Markets After April Rally

Investors are piling back into some of the riskiest markets, as demand for frontier assets picks up after an initial war-driven selloff.

The MSCI Frontier Markets Index of equities is up about 10% in dollar terms in April, its best month since 2009, outpacing gains of roughly 9% in the S&P 500. In debt markets, Pakistan raised the size of its dollar-bond sale this month, while the Democratic Republic of Congo attracted bids worth four times the $1.25 billion it raised in its debut issuance.