23-03-2025
Investors Seeking New EM Frontiers Switch Global Risks for Local
The rally in emerging-market local-currency bonds is getting more exotic, as investors seek to shield themselves from US-induced risks by venturing deeper into lesser-known frontier nations.
William Blair has bought bonds in Jamaican dollars, Dominican Republic peso, Pakistani rupee, and Zambian kwacha. Meanwhile, AXA Investment is holding securities in the Kazakh tenge, Ninety One is mulling Ugandan shilling notes, Pinebridge is evaluating Uzbekistani soum bonds, and BlackRock Inc. has added Serbian dinar debt to its portfolio.
