Markets hold up in turbulent times

It has been a tough few months for credit markets. Emerging markets have not escaped the turbulence seen across markets in recent weeks as a combination of weak data in the US and the downgrades of GM and Ford got the better of investors. Emerging markets have also suffered from uncertainty surrounding the conclusion of the debt restructuring deal in Argentina - legal challenges in the US courts delayed the closure of the deal from the planned 1 April exchange date and this weighed heavily on asset prices in March and April. Against this backdrop, emerging market spreads have sold off si...