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Perasso: local-currency investors need good knowledge of borrowers’ political and economic systems |
PUT A GROUP of analysts and traders together and you can be pretty certain to find disagreement on virtually any topic you care to mention. Not so at emerging-market trade body Emta’s summer forum in London at the end of June, where investors in emerging markets showed a remarkable consensus in their preference for opportunities in local-currency bonds over external debt.
This evolution away from paper denominated in hard currency in favour of issues in zloty, peso and won has been a gradual process and shows few signs of being a passing trend.
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