Was it only April when investors stampeded to get a piece of Rwanda's $400M 10-year note sale,...
Was it only April when investors stampeded to get a piece of Rwanda's $400M 10-year note sale, priced to yield just 6.87%? Two months later it's a different story. Romania yesterday rejected all bids at a 7-year sale, joining failed auctions from South Korea, Russia, Colombia, and even China in the last 2 weeks. EMB is off nearly 12% since the Rwanda bell-ringer.
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