Evolution of Emerging Markets Debt Investing
梳理了新兴市场债务作为资产类别过去30年的结构性演变，指出其非单一性对战略投资者是优势而非缺陷，并划分了市场准入、繁荣和创新三个阶段，预测未来将转向定制化投资。
1. Chia Liang Lian 1. is the head of Emerging Markets Debt at Western Asset Management in Pasadena, CA. (chialiang.lian{at}westernasset.com) As an asset class, emerging market (EM) debt has undergone a structural evolution to cover more than 70 countries in the past 30 years. One unintended consequence of this asset class’s multifarious attribute is that it is prone to being misunderstood. In this article, the author postulates that for the strategic investor, the nonmonolithic attribute of EMs represents a compelling feature rather than an inherent flaw. The investment proposition for the asset class has witnessed dynamic shifts at different points of the market cycle. During this period, the author suggests that there are three discrete stages of development in the manner by which investors interact with EMs: market access in the 1990s, market boom in the postmillennium decade, and market innovation presently. The author expects a future trend of increased customization to align investment exposures with intended objectives and a secular shift away from an off-the-shelf, index-based approach.