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The iShares JP Morgan USD Emerging Market Bond ETF (EMB), which invests in USD denominated government bonds from EM countries, saw its biggest weekly outflows last week, $781mn for the week ended September 24, the largest since early March this year. Guido Chamorro, co-head of emerging-market hard-currency debt at Pictet Asset Management said, “The recovery in emerging market bonds that started in April 2021, I believe, is taking a healthy pause and small correction. I see it as a bit of indigestion with two big risk events that took place last week: U.S. Fed and Evergrande.” On an overall basis, EM bond funds saw outflows of $82.8mn while EM stock ETFs saw inflows of $256.3mn, making it a fifth week of net inflows into ETFs that invest in EM assets.