[private]
Michael Ganske, Fixed Income Portfolio Specialist of the
T. Rowe Price Emerging Markets Corporate Bond
Emerging Markets Corporate Bond
The T. Rowe Price Emerging Markets Corporate Bond Fund is invested at least 80% in a diversified portfolio of corporate bonds from emerging markets issuers in hard currencies. The strategy maintains the latitude to invest in non-benchmark sectors with a max. 15% in sovereign and 10% in local debt.
The rating focus ranges mainly between BBB and B where markets are the most inefficient. It results a constant slight overweight exposure on HY names vs. the benchmark.
In the corporate debt universe, the BBB to B emerging markets corporates are typically the less followed names and offer the best opportunities to generate alpha. Although constantly overexposed to this segment, the fund remains a core strategy for an allocation in the EM corporate debt. Thanks to a reasonably diversified portfolio (100 – 150 securities), a sensible over/underweight country and sector allocation and a monitored tracking error.
With a Yield-to-Maturity north of 5% for a BB+ average credit quality, the credit risk remains correctly remunerated and the asset class still offers an attractive relative value vs. developed markets corporate debt.
We hope to have the pleasure of welcoming you to this conference which will be an opportunity to strengthen our relationships and discuss with Michael Ganske your Emerging markets debt investments.
Conference will take place at our office: 12 rue Verdaine, 3rd floor, Geneva, from 8:30 to 10:00 am
Presentation will be held in english and a breakfast will be served.
Please confirm your attendance before 24 February 2020,
or contact us at 022 316 16 80