India and Indonesia Shine as Former Fragile Five Members Undertake Successful Reforms

India and Indonesia were once part of the "Fragile Five" grouping vulnerable emerging economies, but are now favorites with investors due to economic reforms
India's credit default swaps have dropped 85% and Indonesia's 70% over the past decade as credit quality improved
India's bonds rallied on prospects of global index inclusion and lower-than-expected borrowing
Indonesia has kept fiscal deficits low and continued economic reforms despite elections
Investors poured $14 billion into Indian and Indonesian bonds last year amid emerging market outflows