There are several topics of concern to investors. One of them is the refugee crisis.

International bonds of Uzbekistan and Pakistan came under pressure as investors prepared for the aftermath of the Afghan crisis, Spot reports with reference to the Financial Times (FT).

Pakistani dollar-denominated bonds lost about 1%. Uzbekistan’s dollar bonds maturing in 2030 fell by about a quarter percent.

“There are several topics of concern. One of them is the refugee crisis,” Uday Patnaik, head of developing country debt at LGIM, explained.

According to him, the fund recently reduced its holdings of bonds issued by Uzbekistan and Tajikistan.

The FT explains that the market’s main focus is on Afghanistan’s neighbors, as the country itself has no debt on the international market and the ousted government received most of its funding from donors such as the World Bank and the IMF.

Spot previously wrote that the situation in Afghanistan worried investors across the region, as the prospect of years of violence and waves of refugees creates new risks for neighboring countries.