Investors are flocking to the local currency bonds of one-time emerging market pariahs such as Kenya and Pakistan, attracted by these countries’ economic turnarounds and higher interest rates.
Egyptian, Pakistani, Nigerian, Kenyan and other countries’ local currency debts have been some of the most unloved assets — short of outright defaulted debt — in emerging markets in recent years, as currency crises have ravaged their economies.
But such bonds are now making a comeback, helped by as a series of interest rate rises and moves to liberalise currency markets, as these countries bid to repair their damaged economies.
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