Contrarian: where are the bright spots for value hounds?

I think we can charitably say most financial assets are ‘fairly valued’ at best (a wonderful euphemism) and ‘expensive’ at worst. In fact, bond markets have largely moved beyond this terminology, switching instead to a simple question – what is the yield and, if it is above 3%, please can I have lashings of it sir? Cue the Rwandan government successfully getting away $3.5bn at 6.875% – that yield is actually not much more than the coupon on Slovenia’s recent 10-year paper. And just in case you thought Rwanda was a flash in the pan, consider other recent issuance from Bolivia (10 years...