Back in August 2011, the European debt drama kicked into a higher gear, sending investors scrambling for safety and punishing emerging-market bonds and currencies. By October that year, the premium paid on developing-world dollar bonds over Treasuries hit 447 basis points, a mark topped only in 2020 at the height of Covid. That spread is around 189 basis points now. Contagion fears have crept back as the gap investors require to own French government bonds instead of German ones climbed to its widest since 2011. A run-up in oil prices tied to the wars in the Middle East and Ukraine has added fuel to the worry list.
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