Pimco Says Debt Losing Allure in Emerging World: Poland Credit
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The lure of Polish zloty debt is receding for Pacific Investment Management Co., the world’s biggest bond-fund manager, which sees better opportunities in emerging markets such as Brazil and Mexico.
Domestic bonds, fresh off their best annual return since 2004, have lost 1.1 percent in dollars this year, the worst performance after South Africa and Colombia among emerging-market peers tracked by JPMorgan & Chase Co. The 3.73 percent yield on Polish government notes compares with the 5.36 percent average for global developing nations, the smallest difference in three months, JPMorgan data shows.