Trading Fixed Income and FX in Emerging Markets : A Practitioner's Guide

Cover -- Title Page -- Copyright -- Contents -- List of Figures -- List of Tables -- Introduction -- Acknowledgements -- Acronyms -- CHAPTER 1 EMFX and Fixed Income: Where the Opportunities Lie -- 1.1 EM Debt - Growing Too Fast to Ignore -- 1.2 Returns Too Attractive to Ignore -- 1.3 EM as an Alpha Opportunity -- 1.4 Scope for Even More Alpha -- 1.5 Summary -- CHAPTER 2 Global Macro Rules -- 2.1 What You Need to Get Right: 65% Global, 35% Local -- 2.2 When the US Sneezes, the World (Still) Catches a Cold -- 2.3 EM Central Banks Stimulate as Fast as Markets Allow -- 2.4 When Bullish on US Rates, EM Rates Outperform EM Credit -- 2.5 When Bullish on EUR, Overweight CEEMEA Over Asia -- 2.6 When Bullish on Commodities, Overweight Latam Over Asia -- 2.7 Risk Aversion Barely Hurts EM Rates -- 2.8 Rising US HY Spreads Worse than Rising VIX -- 2.9 Summary -- CHAPTER 3 China: The Only Emerging Market that Counts -- 3.1 Global Business Cycle Made in China -- 3.2 The Commodity Link -- 3.3 On Leverage -- 3.4 Current Account Surpluses No More -- 3.5 Enter the Capital Account -- 3.6 Reading the CNY Tea Leaves -- 3.7 CGBs: The JGBs for Millennials -- 3.8 The Grand Decoupling? -- 3.9 Summary -- CHAPTER 4 How to Trade EMFX -- 4.1 Only the JPY is Special -- 4.2 No Helping Hand from EM Rates -- 4.3 Carry Works - if You Are Japanese -- 4.4 Current Accounts: Measuring Risk the Old‐fashioned Way -- 4.5 Going for Growth -- 4.6 Modest Value in Valuation -- 4.7 Terms of Trade -- 4.8 Technicals to the Rescue -- 4.9 Flows Follow -- Don't Follow the Flows -- 4.10 Positioning with Positions -- 4.11 Going with the Seasons -- 4.12 Volatility: Foe, Not Friend -- 4.13 Summary -- CHAPTER 5 How to Trade EMFX: Event Guide -- 5.1 Chaining the FX Vigilantes -- 5.2 Intervention at Work -- 5.3 Emergency Rate Hikes - Only for Emergencies -- 5.4 Capital Controls, IMF, or … China.