Emerging markets are global bond winners

Rising curve: A man wearing a protective mask walks near an electronic board displaying the market index in Jakarta. Analysts are positive on the debt of Indonesia. — Reuters

SINGAPORE: Emerging-market bonds were supposed to be dragged down this year as central banks moved toward withdrawing stimulus. Instead, the best-performing global debt was all from developing nations.

Sovereign bonds issued by South Africa, China, Indonesia, India and Croatia topped the rankings of 46 markets around the world in 2021, according to data compiled by Bloomberg through Dec. 23.