The Ledger
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Haugaard: Hard Currency EM Debt Is a $1.3 Trillion Asset Class
“Hot currency as an asset class constitutes around 1.3 trillion USD. It's very comparable in size to the US high yield market.”
Haugaard: Over 80 Countries Now Issue Hard Currency Emerging Market Debt
“You find more than 80 countries issuing hot currency. And that number of countries has more than doubled in the last 20 years.”
Haugaard: Top 10 Countries Make Up 42% of EMBI vs. 86% of GBI-EM
“I think if you take the top 10 countries in the MB, the hard currency index, they constitute around 42% of the total index. If you take top 10 names in the local currency index, it's around 86% of the index.”
Haugaard: China Constitutes Only 4.5% of the Hard Currency EMBI Benchmark
“In the hard currency investment universe, and in the MB, there's probably around 4.5%. So China is a much smaller part than it is in most asset classes”