Emerging market investors, including Aegon USA Investment Management and JPMorgan Asset Management, are cutting their riskiest bond bets, Bloomberg Markets reported. The intensifying global credit market sell-off could hinder the strong performance of developing nation bonds. Despite recent market turmoil pushing US government bond yields to near two-decade highs, emerging market dollar bonds have still returned 1.4% over the past year. However, with oil prices breaking above $100 a barrel and investors expecting global interest rates to remain high for longer, credit spreads have narrowed to their tightest level since 2007, prompting caution from money managers who believe bonds are poised for a sell-off.