In addition, the shift to a more relaxed monetary stance by most central banks in the developed world continues to support sovereign creditworthiness globally, but more so in the emerging markets. Less than a year ago, the question was not so much "when" the next tightening in monetary policy was coming but by "how much" and "how many times." Today's reality shifted almost 180 degrees, with market forecasts going from one to three U.S. Federal Reserve rate cuts over the reminder of the year. Low--and even negative--interest rates in many developed market sovereigns will likely continue to sustain sovereign debt dynamics and liquidity in the asset class over the next six to nine months. In this context of volatility in
