February 4, 2019 / 11:17 AM / 5 months ago

BlueBay ramps up exposure to local currency emerging market debt

LONDON, Feb 4 (Reuters) - BlueBay Asset Management said on Monday it had increased its exposure to local currency emerging market debt and in ‘hard currency’ EM credit now preferred sovereign debt over corporate debt due to relative valuations.

“With the Fed on ‘pause’, the backdrop is supportive for emerging market (EM) assets to outperform. In our multi-asset credit strategies, exposure to EM debt has been raised, notably local currency debt,” BlueBay’s chief investment strategist, David Riley, wrote in a note to clients.

Reporting by Marc Jones, editing by Karin Strohecker

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