LONDON: International bonds issued by smaller, riskier emerging markets rallied on Thursday, after US President Donald Trump’s stunning decision to pause the hefty duties he had just imposed on dozens of countries.

Sri Lanka’s dollar-denominated bonds — which had been at the forefront of recent declines — rallied more than 6 cents, while Nigeria saw its debt rally 5 cents, Tradeweb data showed. Angola and Pakistan gained around 3 cents.

Debt issued by so-called frontier markets had suffered some big falls and sharp swings since Trump announced sweeping tariffs last Wednesday. The latest gains see many of the bonds claw back around half of the losses they had suffered since April 2 ‘Liberation Day’.