Earlier this year, the International Monetary Fund recently issued a warning on corporate debt of nonfinancial firms across the emerging economies as the highly leveraged firms have quadrupled their debt load over the past 10 years to $18 trillion as of the end of 2014. Emerging market corporate debt to gross domestic product increased 26 percentage points in the past decade to 74%.

Controversial spots are concentrated in some markets, such as Brazil where spreads between yields of Brazilian corporate debt and U.S. Treasuries have widened to nine percentage points as foreign investors exited the market amid signs of rising political and economic problems.

“What’s rich or cheap? Most country and sectors are now shown as cheap again following the recent widening. Real estate and transport are the only sectors which trade rich on a 6m basis. Russian corporates are now only shown as slightly rich,” adds Morgan Stanley in the note posted by Barron’s.

iShares Emerging Markets Corporate Bond ETF