For emerging market debt bankers and borrowers, 2012 started well and just got better. In every sector and almost every country yields plummeted and issuance records were smashed as investors dived into dedicated funds in unprecedented numbers in an increasingly desperate hunt for returns.
By the end of October, data provider EPFR Global put cumulative inflows into foreign-currency emerging market mutual funds at more than $48 billion, and total flows into developing-world funds were widely tipped to hit a record $85 billion by the year-end.
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