Amid huge divergence in fund managers' views about the US Federal Reserve's first rate hike in nine years, Asia is widely seen as better placed than other emerging-market regions.
Emerging market hard-currency bonds generally seem a better buy now than their local-currency equivalents, says Sergio Trigo-Paz, the US fund house's head of EM debt.
But this approach by developed-country governments is allowing emerging-market banks to take the lead in servicing investors in their local debt markets, argues Jan Dehn.