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ASR’s Adam Wolfe in IFR News : Awful year for EM opens door to default

30th SEPT. 2022

In conversation with Refinitiv’s Robert Hogg, ASR’s EM and China Economist Adam Wolfe commented, "I think increasingly defaulting is going to look like the least worst option for several EMs”… 

Adam notes that "Many don’t have market access to roll over their bonds, and China is unlikely to restructure its loans without forcing the same conditions on bondholders."

Hogg observes: “The pain felt by a large number of EM sovereigns during a dreadful year for the asset class has sent yields spiking and put the sanctuary of market access well beyond the reach of many, calling into question whether stressed issuers can escape default….”

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