Finance / Algeria
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Treading Cautiously
November 2005 | Bond Sentiment IndexSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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One word characterises EM debt of late: resilience. Indeed, the asset class has withstood a number of potentially negative influences, ranging from a sustained US tightening cycle to combat inflationary pressures, to a 45bps rise in the 10-year US Treasury yield over the past two months. EM political noise has also increased of late, most prominently surrounding the recent Polish general election and the corruption scandals in Brazil. Indeed, the fate of Brazilian Finance Minister Antonio Palocci still hangs somewhat in the balance, while President Luiz Inacio Lula da Silva (Lula)’s approval rating has dropped to a record low of