Dollar-denominated emerging market (EM) government bonds fared badly in 2013. The JP Morgan EMBI+ returned around minus 8%, which was the second worst annual performance since 1998. While we do not expect this year to be as disappointing, we doubt it will be a good vintage either.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.