Publications
August 14, 2018
Emerging Markets Corporate High Yield Turkey - Opportunities in the Crisis?
For a number of years, Turkey has run a monetary policy of easy money and low interest rates. This has resulted in persistent inflation and devaluation of the Turkish Lira, with the significant drop of over 20% in the last three days ignited by the recent tensions with the United States and announced sanctions on metals’ exports. The sanctions affect only 5% of Turkey’s overall exports and around 10% of Turkey’s exports in the sanctioned trade categories. We believe that the announced sanctions alone are not a sufficient reason to account for the extent of the exchange rate volatility.
July 12, 2018
Emerging Markets High Yield Update - July 2018
Markets are calming down overall after recent sell-offs. Multiple factors were driving a risk off mentality; in developed markets in Q1, in particular, uncertainty surrounding the formation of a new Italian government hit sentiment across core Europe and made developed market investors more cautious generally.
In EM specifically, upsets in Argentina and then Turkey where the lira hit historic lows sparking emergency interest rate hikes raised fears of emerging markets contagion. This prompted indiscriminate selling that has hit high quality credits along with the wider market.
In fact, we believe that these rises look now to be subsiding.
March 19, 2018
Emerging Markets Corporate High Yield - A Market That Has Come of Age?
Emerging Markets High Yield Corporate Debt is at the point where the US high yield market was 20 years ago – on the brink of widespread investor acceptance as a serious asset class. Once regarded as illiquid and exotic, the asset class is fast becoming a “must-have” component of any diversified investment portfolio, offering attractive value at acceptable levels of risk.

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