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The Handbook of Fixed Income Securities, Eighth Edition, 8th Edition by Steven V. Mann, Frank J. Fabozzi

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CHAPTERTWENTYEMERGING MARKETS DEBT

JANE SACHAR BRAUER

DirectorMerrill Lynch

Emerging markets are comprised of nations whose economies are viewed as developing, or emerging, from underdevelopment. It usually includes most or all of Africa, eastern Europe, Latin America, Russia, the Middle East, and Asia (excluding Japan). Additionally, some investors use credit rating as a criterion, viewing an investment-grade credit rating as an indication that the country has fully emerged. Some of these emerging economies are heavily dependent on commodity exports, whereas others have extensive service and manufacturing sectors. Emerging markets debt includes sovereign bonds and loans issued by governments, as well as fixed income securities issued by public ...

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