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Mongolia, Anyone? Junkiest Sovereign Debt Now Pays Less Than 6% www.bloomberg.com
As recently as 1999, investors seeking a 6 percent yield on a government bond could have bought 10-year U.S. Treasuries. These days they can’t even get that from Mongolia.
Central-bank bond buying has compressed yields in developed markets to unprecedented levels, pushing investors further down the risk spectrum in a hunt for higher returns. Yields on Mongolian dollar bonds maturing in 2021 fell below 6 percent for the first time on record late last month after dropping 3.5 percentage points this year.
Yields on 2019-maturity Ukrainian debt and seven-year Belarussian bonds issued in June have also moved below 6 percent in the past two months. All three former Communist nations have a Bloomberg Composite rating of CCC+, or seven levels below investment grade. In a Bloomberg index of emerging-market sovereign dollar debt, only El Salvador, Barbados and Venezuela are rated lower.
Published Date:2017-08-23
