Investors debate whether flows to EM debt represent secular shift

In November, sovereign debt from the likes of Indonesia and the Philippines was trading inside that of peripheral European countries such as Spain. But should that be taken as a sign of how the risks of investing in EM debt have changed, or a sign of dangerous overheating?

Emerging markets: hot money?

Emerging markets have been the target of increasing investor interest ever since China joined the World Trade Organisation in 2001. But until recently, money flows into emerging market bonds were restrained by fears over the sustainability of growth and by the limits on both market access and investor understanding.

This year, however, amid widespread concerns over the economic health of the developed world, money has poured into markets across Asia, Latin America and Africa and much of it is