In emerging markets where economies are healthier, investor demand has pushed the spread of bonds denominated in U.S. dollars over Treasuries below 300 basis points. But until they are hit with their own crises, and we see how they respond, emerging market security remains suspect, regardless of the present euphoria. "Whenever you have so much global interest suddenly focused on a relatively small bond market, that gives reason for caution," warns T. Rowe Price's Christopher Dillon.

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