The fall-out from the oil shock drop has quickly attracted commentary as to potential contagion in the US debt markets and its approximate $200 billion of high yield bonds. But contagion does not respect country borders….
Check out the spreads on high yield debt in emerging markets courtesy of Pension Partners. Yip, spreads are about to cruise through 1000bps and the chart below illustrates how such levels usually coincide with pretty significant macro events:
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