West pushing “valueless” state debt as policy: Ashmore

Western governments are purposefully seeking to get institutions to buy their “valueless” bonds – rather than those of less-indebted emerging markets – by introducing rules such as Basel III and Solvency II, says Jan Dehn, co-head of research at fund house Ashmore. Yet these regulations are giving local EM banks a leg up over global rivals in terms of providing services to investors in their domestic debt markets, he adds. This is resulting in international investment banks less a…