Despite the volatility and declines in Emerging Market equities and currencies over the last couple of weeks, a few of the financial bubbles outside of the developed world continue to persist.

As of this morning, Rwandan 10-year government bonds are still only yielding 7.25%.

Perhaps this is because Rwanda is considered a “Frontier” Market (a notch or two below your typical Emerging Market) and this sector has not gotten attention yet.  Or, maybe it was missed because the $400 million USD size of the bond issue is too small to get noticed on the trading desks in New York and London.

However, one thing that this certainly indicates is how casually investors are continuing to invest in something for a minor pickup in yield.

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