Goldman Sachs has been a buyer of emerging market bonds (EMB) amid the worst rout since 2008,...


Goldman Sachs has been a buyer of emerging market bonds (EMB) amid the worst rout since 2008, says Michael Swell, co-head of global bond portfolios. Two "sweet spots" are the short-dated paper of Brazil pricing in big interest rate hikes, and long-dated paper of Mexico yielding north of 7% with inflation below 5% and falling. At the same time, Swell is cutting exposure to U.S. Treasurys and expects the 10-year to migrate towards 3.75-4% once the Fed exits.

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