With a first-half loss of 7 percent when measured in euro, the GBI-EM Global Diversified Index, the benchmark for emerging market bonds, was by no means the worst student in its class.
The past six months have been one of the toughest for bonds ever. Especially long-dated bonds have taken a beating. The Bloomberg Euro Aggregate 10+ Year index fell by no less than 23.6 percent while the Bloomberg Euro Aggregate 1-3 Year index was “only” 2.9 percent lower.
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