Foreign buyers attracted to the local currency debt of former pariahs such as Kenya and Pakistan
Investors are flocking to the local currency bonds of one-time emerging market pariahs such as Kenya and Pakistan, attracted by these countries’ economic turnarounds and higher interest rates. Egyptian, Pakistani, Nigerian, Kenyan and other countries’ local currency debts have been some of the most unloved assets — short of outright defaulted debt — in emerging markets in recent years, as currency crises have ravaged their economies.
Trades in the currencies of some larger emerging markets have also misfired recently, for instance in the sharp sell-off in the Mexican peso after this month’s election. Jonny Goulden, head of emerging-markets fixed-income strategy at JPMorgan, said investors are trying to avoid just betting on when the Fed will cut rates.
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