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longer-run historical perspective, nothing appears to have changed that would materially alter the prospects for investing in emerging markets. The recent market volatility and currency crises in emerging nations are by no means extraordinaryâindeed, the currencies of many developing countries fall routinely. What distinguishes the Mexican and Thai currency crises from such run-of-the-mill devaluations is that both governments resisted the inevitable until market forces brought about a crash. In the authorsâ words, âThe recent emerging market currency crises should be viewed as more or less predictable âroad bumpsâ that can be expected when the policymakers of emerging economies graduallyâand grudginglyârelinquish their power to the markets.â In âYankee Bonds and Cross-Border Private Placements,â Bank of Americaâs Greg Johnson and Thomas Funkhouser explain why cross-border U.S. bond issuance is at record levels, and why the U.S. bond markets are more and more frequently the markets of choice for international issuers. Overseas issuers have three basic choices when tapping U.S. longterm debt markets: publicly traded âYankeeâ bonds, traditional private placements, and underwritten Rule 144A private placements. In discussing the advantages and drawbacks of each, the authors note that although Yankee bonds are typically the most efficient vehicle for large, investmentgrade issuers,
Journal of Applied Corporate Finance – Wiley
Published: Sep 1, 1997
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