As an environment of global deflation persists, money looking for yield continues to flow into emerging-market bond funds. Funds that have never invested in central and eastern European debt are now queuing up to do so. One banker in Poland says even Australian investors now hold Polish debt.
This is great news for the debt agencies in convergence countries. As Edward Basinski, head of foreign debt at the Polish ministry of finance, likes to say: “We have now effectively converged.”
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