It's hard to argue that Indonesia is a better credit than Spain

Indonesia: better than Spain?

You don’t have to be Einstein to conclude that as bad as 2010 has been for peripheral European countries, it has been a defining and positive year for emerging market debt. According to EPFR Global, EM bond funds reported net inflows of $40 billion in the first nine months of the year; more than four times as much as the previous full-year record in 2005. If the official sizes of the order books for any new issues of EM debt – sovereign and corporate – are to be believed, the allocation shift se