The flight to quality
Global bond investors are seeking out the highest-rated sovereigns amid the liquidity freeze. But, while the investment-grade corporate markets stall, emerging market debt is proving remarkably resilient. By Daniel Andrews
It began in August; we started getting calls from a number of our hedge fund clients. In one case, a very large client called us in mid-August to say they wanted us to liquidate or remove any bank risk from their portfolio," says Mark Morris, a principal and portfolio director at Payden & Rygel.
Fast forward to the autumn and Citigroup announced that it may have to write down $11 billion in assets
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