Capital IdeasTM
Investment insights from Capital Group
Categories
債券
Hard and local currency bonds provide different routes to returns
Jeremy Cunningham
2024年3月14日
Emerging market (EM) bonds are increasingly becoming a strategic holding for many investors but a key consideration in this is the different attributes of hard- and local currency-denominated bonds — the two broad sets of investments available in the asset class — and understanding the benefits each can bring to a portfolio.
Geographic representation across local and dollar sovereign bonds
Data as at 29 February 2024. Local bonds refers to the JPMorgan GBI-EM Global Diversified Total Return index. Dollar bonds refers to the JPMorgan EMBI Global Diversified index. Source: JPMorgan
Hard currency bonds are a credit asset where risk-adjusted returns compare favourably with both high-yield and developed market investment-grade debt. Local currency bonds, on the other hand, can be an attractive investment for investors seeking to diversify their currency exposure and willing to accept the investment risks associated with monetary and fiscal policymaking in the developing world. Local bond investments provide access to an increasingly diverse set of countries whose interest rate cycles are largely uncorrelated and whose markets are supported by a growing local institutional investor base.
Overall, a research-based approach can help find value within both hard and local currency debt, particularly during volatile markets.
過去の実績は将来の成果を保証するものではありません。投資の価値および投資収益は減少することも増加することもあり、当初投資額の一部または全部を失うことがあります。本情報は投資、税務もしくはその他の助言の提供、または証券の売買の勧誘を意図するものではありません。
個人に帰属する記述は、その個人の出版日現在の意見を述べたものであり、必ずしもキャピタル・グループまたはその関連会社の意見を反映したものではありません。特に明記がない限り、すべての情報は記載された日付現在のものです。一部の情報は第三者から取得したものであり、そのため、かかる情報の信頼性については保証いたしません。