This Is Increasingly Looking Like An Emerging Market Bond Meltdown

The massive sell-off across emerging markets continues in force today. One of the big themes in global markets over the past month has been the rise in U.S. Treasury yields and the attendant strength in the U.S. dollar. This has caused a big unwind in emerging markets, as EM currencies depreciate against the dollar and higher-yielding EM government bonds look less attractive relative to Treasuries. The 10-year Turkish government bond yield rose 22 basis points today to 4.22%. In South Africa, 10...