LONDON (Reuters) - Two emerging market debt funds launched this week despite hefty outflows from the sector in March, saying they would seek to take advantage of sky-high premiums on bonds, overestimated default probabilities and underestimated recovery values.Swiss private bank Union Bancaire Privee (UBP) and William Blair Investment Management both announced new funds this week, and a lawyer told Reuters she was currently working on a new emerging markets hedge fund to launch in the third..