Despite ongoing geopolitical uncertainty and elevated energy prices caused by tensions in the Middle East, emerging markets (“EM”) debt indices rebounded during April. Yields on hard currency sovereign and corporate credit fell by 0.41% and 0.33%, respectively, versus similar-maturity U.S. Treasuries. Local currency bond markets kept pace with hard currency markets, with EM currencies rallying against the U.S. dollar, while interest rates came down moderately from the recent peak levels reached in late March.

Read | Emerging Markets April Commentary

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Payden & Rygel is one of the largest privately-owned global investment advisers. Founded in 1983, they manage fixed income and equity portfolios through domestic and international solutions.

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