Good business in emerging markets

In a world of declining returns, emerging market bonds stand out, argues ABN Amro.

Raphael Kassin, London-based head of emerging-market fixed income at ABN Amro Asset Management, says his global portfolio can generate at least 10-15% over the next six to 12 months, attributing 8-9% to the coupon and the rest to trading.

What other asset class can give you this kind of return he asks.

Kassin acknowledges the asset class has a cowboy image, derived from the revolving door of emerging market crises, but believes this is outdated, and that emerging market bonds' track record suggests a much more mainstream profile. Cumulative returns of the EMBI Global index over the past decade have outstripped US and global bond indices, as...

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