EM investors should be wary of currency movements, says Payden & Rygel

Thailand: beautiful country, shame about the yields

Yield-hungry bond investors should be wary of indiscriminately investing in emerging market local currency debt, according to senior managers at investment firm Payden & Rygel.

In an interview with Credit, managing principals Robin Creswell and Kristin Ceva said investors must be prepared to accept higher volatility when opting for EM local currency debt over deals issued in hard currencies.

“We have seen quite an indiscriminate take-up of the theme of local currency. Potential investors are

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