Emerging market bond prices on Friday hit a record high in comparison with US government debt as investors, struggling with low interest rates, continued to diversify into higher-yielding securities.

Yield spreads on emerging market government bonds fell to just 3.45 percentage points over US Treasuries. This represents a fall of 13.5 percentage points on JPMorgan's EMBI+ index from their record level after Russia's 1998 financial crisis.