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e-fundresearch: "Which fundamental factors are currently the most important ones when you assess global emerging markets bonds?"

Sébastien Unger, Senior Product Specialist for Fixed Income and Balanced Products, "Pictet-Emerging Local Currency Debt-P USD" (20.09.2011): "One of the most important factors is to assess the current economic slowdown and the impact on EM markets as the latter may imply some monetary policy changes leading to currency adjustments. Commodities are also closely followed as weaker commodity prices may impact EM currencies negatively."

Ernesto Bettoni, Investment Spezialist Emerging Markets, "BNP Paribas L1 Bond World Emerging Local C C" (20.09.2011): "They change every quarter, today they are Inflows, global growth, EU crisis, US fiscal woes and global inflation and QE type of strategies."

Jacob Elbækgaard Jensen, Portfolio Manager, "Jyske Invest Emerging Local Market Bonds" (20.09.2011): "Looking at Emerging Bonds we have a close look on three areas:
• Fiscal budget
• Inflation and monetary policy
• Balance of payments

These three factors are all very relevant for a country to deliver long term progress. We look at the level, but also the scope for improvement."

David Dowsett, Portfolio Manager, "BlueBay Emerging Market Local Curr Bd USD Base" (21.09.2011): "We look at a number of factors when investing in emerging market debt. Emerging market economies are growing strongly and we believe the overall fundamental improvements in emerging market economies should allow for continued growth. Meanwhile credit ratings are on an upward trajectory and we expect further rating improvements to be driven by strong economic growth and increased levels of foreign exchange reserves. Both Peru and Brazil received sovereign upgrades in July. We also believe improving fundamentals on the sovereign side could result in corporate upgrades. Investors are becoming increasingly attracted to the positive growth story as well as the higher yields offered by emerging markets issuers. This is in stark contrast to the lower yields and deteriorating fundamentals of many developed markets. Also, current market capitalisation does not match economic output and we believe this will need to grow as emerging market growth outperformance occurs. We would expect to see especially large increases in local currency and corporate debt issuance to match the liabilities of sovereigns and the high capital needs of domestic corporates looking to benefit from strong internal growth."