By Michael R. Rosenburg, Lee R. Thomas III, Ronald Layard-Liesching, David Anthony, Lev Dynkin, Peter Rappoport, William L. Nemerever
The U.S. bond markets are one of the best on this planet, so bond portfolio managers's look for alpha needs to expand open air the USA. This complaints updates managers and traders approximately 4 severe subject matters regarding including worldwide bonds to a fixed-income portfolio: the usefulness of going worldwide, adjustments within the strategies for assessing sovereign possibility, foreign money in an international bond portfolio, and worldwide benchmarks.
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Additional info for Global Bond Management II: The Search for Alpha
If you really believe that a country is committed to meeting its obligations, and there are certain countries that are, you may make a quick buck, but it is a risky venture overall. Prudence on the part of individual investors about emerging market investing will reduce the likelihood of a 1980stype crisis. Growth and price stability can mask a host of underlying problems. For example, the reports might forecast that next year ©2000, Association for Investment Management and Research 41 Global Bond Management II emerging Asia will grow at 6 percent, Latin America will rebound at 4 percent, and eastern Europe will grow at 4 percent.
All of these factors affect the analysis of debt risk. The domestic capital base has been strengthened in many emerging economies, which has given most emerging market governments the ability to tap a certain amount of domestic capital. Foreign investors, however, are often a less expensive and more flexible financing source. Sovereign debt risk analysis also must take into account innovations in the international environment. Hedge funds, pension funds, and new forms of investment funds are participating in the developing country markets.
The final maturities are some way off for most Brady bonds, but the grace periods of lower interest payments have mostly ended. The Brady bonds’ unique structure— in which interest payments on outstanding bonds increase as the grace period, typically six years, expires—is causing difficulties now for sovereigns that are still following imprudent economic and financial policies. These growing interest payments, combined with external shocks, can push financially tottering sovereigns into default.
Global Bond Management II: The Search for Alpha by Michael R. Rosenburg, Lee R. Thomas III, Ronald Layard-Liesching, David Anthony, Lev Dynkin, Peter Rappoport, William L. Nemerever