Pimco says EM debt offers shelter from bank crisis

"If we do get into that sort of credit crunch and a subsequent default cycle," Mr Dhawan said, "there is a logical question for investors to ask: Have we been overallocated to US corporate credit and are we underallocated to other forms of investment-grade credit?" Among those countries, Mexico benefits from strong remittances and stands to win big from plans by Tesla and others to build factories closer to US consumers, a trend known as nearshoring. The nation is "invariably a local currency story," supported by high interest rates at 11.25 per cent and a credible central bank. Meanwhile, India…