LONDON (Reuters) - Investors are buying up debt of everything from Brazilian airlines to Indian ports, hastened by a hunt for yield and default levels among emerging market (EM) companies below that of U.S. peers.
In a sign of the sector's growing appeal, year-to-date flows into emerging bonds have turned positive for the first time in eight months, with $3.5 billion flowing in during the week to Nov 18, the fourth largest inflows ever, according to Bank of America (BofA), citing Emerging Portfolio Fund Research (EPFR) Global data.
A breakdown of the push into emerging market corporate debt is not available, but fund managers see signs of growing interest as the passing of the U.S. election and progress on COVID-19 vaccines reawakens investors' appetite for risk.
EM corporate fixed income offers a year-to-date return of 5.6%, less than 30-year Treasury bonds, but more than other fixed income peers like U.S. corporate high-yield and emerging market sovereign, according to BofA.
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