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27

Contrarian Koreans Start Emerging Debt Funds in Midst of Turmoil

By Tony Seruga

Developing nation high-yield debt off to worst start since ’99
Mirae says `not a great time to invest’ so buying selectively

South Korean fund managers are boosting investments in emerging-market bonds during the worst start to a year for such debt since 1999.

Mirae Asset Global Investments Co. this month opened a fund for developing nation U.S. currency corporate debt with target returns of about 5 percent. That’s more than double the near record low 2.04 percent yield on 10-year local sovereign notes. Korea Investment Management Co., which started a fund for dollar debt from China last year, is looking for opportunities in Asian emerging nations…

Contrarian Koreans Start Emerging Debt Funds in Midst of Turmoil

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