Which of the following is the most accurate statement related to international credit markets?

A. Fixed exchange-rate regimes among emerging markets usually reduce the likelihood of financial distress because the domestic currency is tied to a major foreign currency.

B. Although many emerging economies have domestic bond markets that include sovereign, financial, and corporate issuers, investments across these bonds offer less diversification than similar investments in developed markets.

C. Higher domestic currency YTMs among emerging versus developed markets are due to expected currency appreciation resulting from higher economic growth.