Asset managers weigh the impact of China being included in key global debt indices, which they expect to start seeing this year, after the mainland bond market opened further last month.
Hedge funds, urged by banks to buy big into EM debt ahead of Japanese institutions, were left high and dry, says the UK fund house's co-head of research.
But this approach by developed-country governments is allowing emerging-market banks to take the lead in servicing investors in their local debt markets, argues Jan Dehn.