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For the emerging-market debt community, it’s back to the future. Fears over the debt-servicing capacity of Chinese property firms, Ukrainian corporates and Latin American oil producers are rocking the asset class.
A perfect storm – a relentless surge in the dollar as well as the death of both the commodity super-cycle and US monetary stimulus on steroids – threatens the health of EM economies. Defaults are staging an uptick as the spectre of a cost-of-capital crisis for large swathes of the emerging market private sector looms.
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