Sovereign bonds issued by South Africa, China, Indonesia, India and Croatia topped the rankings of 46 markets around the world in 2021, according to data compiled by Bloomberg through last week. They alone managed to shrug off the biggest annual jump in U.S. Treasury yields since 2013, a shock that was powerful enough to upend currency carry trades and emerging-market stocks.
Emerging-market bonds as a whole have dropped 1.3% in 2021, a separate Bloomberg index shows. That is still far better than they did during the so-called taper tantrum of 2013, when the Fed’s signal it would cut asset purchases saw them decline 3.8% over the year, including a slump of 11% from a high in May to a low three months later.
South Africa’s bonds have been the global pacesetters this year with a total return of 8.7%, despite the nation being the first to identify the omicron variant of the coronavirus in November. A coupon gain of 9.02% has offset a 0.79% loss caused by drops in bond prices, Bloomberg data showed.
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