Vekstmarkedsobligasjoner: forsiktig med landminer

En eksotisk verdensturne med Templetons William Ledward gjennom obligasjoner utstedt av selskaper og stater i vekstmarkedene. "Det er fortsatt en veldig attraktiv aktivaklasse."

Maarten van der Pas 25.02.2013 | 12:32

In their hunt for return, investors will this year also arrive at, among other things, government and corporate bonds from emerging countries (emerging market debt or EMD). The interest rate in developed economies has only decreased in recent years. The expectation is that this can now only increase, after perhaps an initial period of being kept artificially low in order to stimulate the economy. For an acceptable return, therefore, investors are forced to look elsewhere in the world, although the spreads on EMD have actually been decreased. In this context, emerging countries and companies in these economies would love to see bond investors come to them. They want to grow and need financing.

World tour

Investing in emerging market debt is just like travelling. The fact that you can now fly relatively easily and cheaply to every corner of the world does not mean that you should always do this. Where a traveller avoids unsafe areas or encounters problems with a visa, the bond investor also encounters obstacles. They do not always have easy access to local credit markets of emerging countries, there are sometimes capital restrictions for foreign investors, there may be withholding tax levied and there can be other legal and regulatory obstacles.

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Maarten van der Pas

Maarten van der Pas  er finansmarkedsredaktør for Morningstar Benelux

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