Not so long ago, emerging market debt mainly consisted of plain vanilla, dollar-denominated sovereign bonds, with a light sprinkling of highly rated, government-controlled companies.
These days, developing debt markets are far richer in variety and boast a wide spectrum of corporate securities – ranging from short-term Chinese property company junk bonds to rock-solid, highly rated 30-year paper by emerging market corporate champions.
“The asset class is expanding extremely rapidly,” says Jerome Booth, head of research at Ashmore Investment Management. “Bond markets have been a vital source of finance in the west for some time, and that is now catching on in emerging markets as well.”
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