Emerging markets' vaccine challenge
The World Health Organization says vaccine hoarding would be a catastrophic moral failure that would keep the pandemic burning and result in a very slow global economic recovery. Yet many emerging markets still find themselves at the back of the vaccine queue, heaping further pressure on countries that are already suffering from high debt levels, soaring unemployment and growing social unrest. Until now, investors have been relatively unfazed by these risks, pouring billions into emerging market bonds and driving credit spreads close to record lows. But will that continue? ING's Sovereign Debt Strategist Trieu Pham discusses.