Argentine T-bills: Accessing an improving credit story

As the 'lower for longer' yield mentality in developed markets appears to be morphing into 'lower forever', the higher yields available in emerging market fixed income may offer an alternative, writes Claudio Da Gama Rose, associate portfolio manager at BlueBay Asset Management.

One such alternative, which was available for a limited time, was the possibility of investing in Argentine T-Bills, known locally as Lebacs. Emerging market debt (EMD) encompasses more than 60 countries at different stages of their economic and political cycles, and can offer investors a range of investment opportunities.   It is a common assumption that EM countries are riskier places to invest, both politically and economically. 'Lower for longer' has received new momentum with Brexit However, we believe we are witnessing a positive shift in the political landscape within som...