Worries about the Eurozone continue to accelerate, driven by uncertainty surrounding the financial health of Greece, Portugal, Italy, and now Spain. Market Vectors’ international high-yield corporate bond portfolio manager Fran Rodilosso today commented on what he sees to be the key differences between what is taking place today and what the markets saw in 2008. This is a comparison many are trying to make as volatility seems ready to return to mid-crisis levels.

“It does not make it any less painful, but worse news from Europe is anticipated by the markets. In my opinion, the financial system is perhaps set up to function better this time around,” said Rodilosso. “I believe there may be buyers of last resort more ready, willing and able than they were in 2008, when the world was caught off guard.”

“The differences between today and the beginning of 2008 are many,” continued Rodilosso. “No doubt sovereign balance sheets among developed countries are in bad shape. But in many of those same countries, corporate balance sheets are no worse off or possibly even better. Consumer debt, while higher in peripheral Europe and France, is lower in the US, UK and Germany. Emerging markets sovereign and corporate balance sheets are still quite healthy.”

Rodilosso also noted that there are pools of capital forming in order to take advantage of asset sales, particularly in Europe. “Be it private equity and distressed funds, collateralized loan obligations or Chinese enterprises looking to expand abroad, there are buyers of assets at lower levels than current valuations,” he added. “Those levels might not please the banks or shareholders who are forced to sell, but I think the system is set up in a different way this time. Unfortunately, one of the main problems today is that sovereigns and central banks have fired so many bullets. They are less capable and less credible backstops themselves.”

Mr. Rodilosso joined the Market Vectors team earlier this year bringing with him more than 20 years of senior level experience in emerging market, high-yield debt research and portfolio management.

Mr. Rodilosso currently manages three Market Vectors high-yield corporate bond ETFs, Fallen Angel High Yield Bond ETF (NYSE Arca: ANGL), International High Yield Bond ETF (NYSE Arca: IHY) and the most recent addition to this fund family, Emerging Markets High Yield Bond ETF (NYSE Arca: HYEM).

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Please note that the information herein represents the opinion of the author and these opinions may change at any time and from time to time. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Non-Van Eck Global proprietary information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

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About Market Vectors ETFs

Market Vectors exchange-traded products have been offered since 2006 and span many asset classes, including equities, fixed income (municipal and international bonds) and currency markets. The Market Vectors family currently totals $25.1 billion in assets under management, making it the fifth largest ETP family in the U.S. and eighth largest worldwide as of March 31, 2012.

Market Vectors ETFs are distributed by Van Eck Global. Founded in 1955, Van Eck Global was among the first U.S. money managers helping investors achieve greater diversification through global investing. Today, the firm continues this tradition by offering innovative, actively managed investment choices in hard assets, emerging markets, precious metals including gold, and other alternative asset classes. Van Eck Global has offices around the world and manages approximately $34.8 billion in investor assets as of March 31, 2012.

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