| 29.02.2012 Other Voices – Inefficiencies in the Emerging Markets High Yield Debt Asset Class |
| From André Simon, Galloway Capital (www.gallowaycapital.com): There is a common belief that Emerging Markets High Yield (EM HY) should pay a higher yield than their US HY peers (difference is currently around 200bps) because of EM’s lack of Rule of Law, which in turn affects EM’s recovery rate in case of a default. We at Galloway do not entirely agree with this common belief and instead argu |