They also offer something you can't get with most developed-market government bonds: yield. The payouts might not be astronomical, but they are much better than those offered by Treasurys, Mr. Stein s
They also offer something you can't get with most developed-market government bonds: yield. The payouts might not be astronomical, but they are much better than those offered by Treasurys, Mr. Stein says, whose $6.4 billion Eaton Vance Global Macro Absolute Return fund owns the bonds of Malaysia, the Philippines and Mexico. The fund has returned 2.02% so far this year and has a yield of 3.64%.
新兴市场债券还能提供绝大多数发达国家政府债券所欠缺的东西：收益率。斯坦恩说，虽然新兴市场债券的收益率不算太高，但也比美国国债好得多。他管理的64亿美元规模的伊顿万斯全球宏观绝对收益基金(Eaton Vance Global Macro Absolute Return fund)持有马来西亚、菲律宾和墨西哥的债券。该基金本年至今的投资回报率是2.02%，债券收益率为3.64%。
So far this year, emerging-market bonds denominated in U.S. dollars have returned close to 12%, nearly four percentage points more than such bonds denominated in local currencies.
今年至今，以美元计价的新兴市场债券的回报率接近12%，比以当地货币计价的此类债券高出近四个百分点。
That might be about to change. David Rolley, co-head of the global fixed-income group at money manager Loomis Sayles, says local currency bonds offer more opportunity than those denominated in U.S. dollars, though investors should expect more volatile price swings. 'Some have been very volatile,' he says. 'But there's better value in local currency bonds.'
这种情况可能即将发生变化。资产管理公司Loomis Sayles的全球固定收益联席经理戴维 罗利(David Rolley)说，以当地货币计价的新兴市场债券有更大的投资机会，当然，其价格波动性可能也更大。罗利说，“有些债券波动性非常大，但更具投资价值。”
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