Author profile

Nick Smallwood

EM Financials Credit Strategist

Years in the bond markets: 13

Specialist subjects: Financial credit, Corporate credit, Emerging Markets

Likes: Football, tennis, funk/jazz, travel, history, languages

Heroes: Alexander the Great, Simon de Montfort, James Bond

Are EM Bank Bonds a Defensive Play?

Emerging market (EM) banks appear to be a defensive asset class – who’d have thought it? It certainly goes against everything we learned in the Great Financial Crisis (GFC). Surely banks are pro-cyclical beasts whose performance surges in times of economic plenty and struggles in more recessionary periods? In the world of Emerging Markets credit, however, things seem different. At least for se…

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