What Does The CDS Market Know About EM That The Cash Market Doesn’t?

So, I’m going to go ahead and assume that some of this is hedging, but be that as it may, this…

CDXEMProtectionBought

…seems to be at least somewhat at odds (in terms of what it conveys about sentiment towards EM) with this…

EMFlowsCiti

…and that assessment seems to supported by this…

CDXVsCashEM

Go think on that…

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