M&G's Calich: The opportunities in hard currency debt

Going into the second half of 2016, much attention remained focused on the implications of the UK referendum result to leave the European Union, writes M&G's Claudia Calich.

These included the prospect of slower economic growth in the UK and Europe, and the possibility that this could lead to weaker global growth, including in emerging market economies. Any moves towards trade protectionism in the post-referendum environment would also be a particular concern in the outlook for emerging markets. Are investors looking at another goldilocks scenario with EM debt? However, amid the increased uncertainty following the vote, US interest rates appear more likely to stay at their current low levels for longer. In addition, the European Central Bank's (ECB)...