Ukraine’s benchmark dollar debt gained for the first time in four days after Franklin Resources Inc., the biggest holder of the notes, said it was encouraged by the government’s policies to deal with an economic crisis.
For Michael Hasenstab , manager of the top-rated and best-selling Templeton Global Bond Fund , Greece is the latest example of why investors should avoid countries that rely too heavily on borrowed money.
Franklin Resources Inc.’s biggest funds purchased Ukrainian bonds in the fourth quarter, adding to holdings that made the asset manager the country’s largest debtholder before growing violence spurred unprecedented losses.
Templeton Global Bond Fund rejoined the top-performing fixed-income funds following last year’s underperformance by scooping up distressed Irish bonds and keeping bets that the Asian currencies will rise.
Markets from Hungary to Poland and Russia are suffering contagion from the violence rocking Ukraine’s capital, sending bond yields higher and currencies lower as the turbulence afflicting developing nations deepens.
Kyle Bass says there’s still money to be made lending to Argentina, a deadbeat country with few peers in history. The hedge-fund manager is the latest example of international investors pursuing riches where crises over 200 years ruined most of its citizens.