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Funds see end to emerging market bond rally as currencies tumble

Foreign investors pulling out of domestic debt as interest rate reductions have cut yields, lowering spreads

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The last time developing nations' local bonds were this expensive relative to their dollar debt, the biggest losses on record ensued.

Singapore

THE last time developing nations' local bonds were this expensive relative to their dollar debt, the biggest losses on record ensued. Some of the world's largest fund managers say another selloff may be in the offing now.

Domestic notes sold by emerging-market governments