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Weekly investor research
23 February 2015
Developed Markets bonds offer negative yields, suffer from poor long-term macroeconomic policies and have exposure to
debt levels that pose major risks for bond holders in the future, in our view. By contrast, Emerging Markets (EM) fixed income
is not only relatively cheap, but also backed by much stronger economic dynamics and far less debt. We quantify the yield
differentials in the market right now.