All Emerging Market Debt articles
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White papersQ1 2026 Emerging Markets Debt Review and Outlook
Emerging Markets (EM) entered Q2 2026 facing heightened geopolitical and macro uncertainty, driven by rising oil prices, shifting inflation dynamics and increased volatility in local markets. Despite these near-term challenges, resilient fundamentals, disciplined policy frameworks and attractive valuations continue to support EM’s longer-term income and diversification potential.
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VideoWhat Role Can Emerging Markets Debt Play in Institutional Portfolios?
Emerging markets debt (EMD) has grown significantly in breadth and depth over the past two decades, creating a more diverse opportunity set for institutional investors. Against a backdrop of changing trade dynamics, shifting commodity prices and divergent country fundamentals, the panel explores the role of careful selection, active management and bottom-up research when assessing the asset class.
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White papersEM debt: reading the shock and finding opportunities
Emerging markets debt performance is ultimately driven by a combination of global and domestic forces. Global and domestic conditions set the backdrop against which capital flows, borrowing costs, and currency dynamics are determined, while domestic policy credibility and market structure decide whether countries can absorb external shocks or amplify them.
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White papersCross Asset Investment Strategy - May 2026
Topic of the month - EM debt: reading the shock and finding opportunities
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White papersEM Corporate Debt vs EM Sovereign Debt: “Same same but different”
Many investors approach EM hard-currency debt primarily through sovereign bonds, often overlooking corporate credit. This bias reflects sovereigns’ greater liquidity, familiarity, and longer track record. Yet, while EM corporate credit has delivered comparable returns over time, it has historically produced a stronger risk-adjusted returns profile - making a compelling case for blending both asset classes in a well-diversified portfolio.
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White papersEmerging Market Debt Latest Commentary
Geopolitical turmoil in March reverses EMD gains.
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White papersWhat Does the Iran War Mean for Emerging Markets?
In a volatile period, we believe emerging markets’ stronger fundamentals will shine through the noise.
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White papersIran Conflict Update: Emerging Market Sovereign Implications
With more than four weeks having passed since the first strikes on Iran, markets are increasingly focused on whether, and how, this conflict ultimately comes to an end.
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White papersMetals rally provides extra shine to EM debt
Soaring gold and copper prices set to deliver a further boost to emerging market economies this year.
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White papersThe case for emerging market debt in seven questions
2025 was a strong year for emerging market investors. Faced with geopolitical turbulence and a challenging macroeconomic environment, emerging market debt (EMD) has proved resilient.
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White papersBeyond borders: a new framework for global fixed income investing
The old playbook for global fixed income - developed markets for stability, emerging markets for yield - is no longer the whole story. Fiscal discipline, institutional credibility and policy risk now vary as much within those categories as between them, opening up a more compelling and nuanced opportunity set for investors willing to look beyond traditional labels. Read the full piece to see how a fundamentals-first approach to global fixed income could strengthen your portfolio.
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White papersEM corporate debt: A misunderstood asset class
Emerging market corporate debt is a largely misunderstood asset class as general perceptions have not kept up with reality. Our Emerging Markets Fixed Income team looks at how the asset class has evolved over recent years and dispels some of the key myths surrounding it.
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White papersEmerging-Market Corporates: Renowned for Resilience
Emerging-market (EM) corporates have a track record of resilience across market cycles. For over a decade, EM corporate bonds have allowed for participation in rising markets, while exposing investors to less downside during market downdrafts. This is due to an especially pronounced inherent barbell structure that balances interest-rate risk with credit risk, providing independent sources of return that are negatively correlated to each other.
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White papersUnleashing the potential: Navigating local currency EMD with active management
EMD has become increasingly appealing to a broader investor base as the asset class has developed. Issuance has increased, thereby improving liquidity.
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White papersAI Meets EMD: Short-Term Match, Longer-Term Friction?
Artificial intelligence (AI) has the potential to provide a tailwind for commodity and manufacturing exporters in emerging markets. That said, the emerging market (EM) service sector’s lower contribution to Gross Domestic Product (GDP), as well as a lack of research and development, and the presence of infrastructure and AI private investment bottlenecks, could cap productivity gains over time versus developed markets. We explore the dynamics in this article.
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White papersEmerging market debt: strength and selectivity amid global shifts
Emerging market fundamentals remain robust, but broader global macroeconomic developments are leading us to a more selective approach to positioning portfolios.
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White papersEmerging market local-currency bonds continue to look bright in 2026
Despite our reduced conviction in a weaker USD for 2026, we believe emerging market (EM) local-currency bonds remain well-positioned. Ongoing disinflation in EM economies not only supports EM currencies but should also enable some EM central banks to cut interest rates in 2026. We believe EM FX can perform well even with a sideways USD given the healthy state of external accounts in most EM countries.
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White papersEmerging Market Debt Outlook: Enduring Strength
Emerging market debt had a strong 2025, supported by solid fundamentals and policy credibility. Though risks persist, we see continued opportunity as EM inflation falls, policy rates ease, and currencies remain undervalued. In a world of uncertainty, EM continues to offer value and diversification benefits. Find out why we’re optimistic about the months ahead.
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White papers2026 Emerging Market Debt Outlook: Strengths Endure
For all the shifts in macroeconomic risk factors that swayed market sentiment last year, most credit markets delivered on expectations for carry-driven returns in 2025. Emerging market (EM) debt was an exception, recording strong excess returns in addition to carry driven by supportive market technicals along with fundamentals that have withstood macroeconomic risks.
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White papersIn Credit Weekly Snapshot – Enough is enough
The Japanese yen was in the spotlight this week, with the exchange rate prompting ‘verbal intervention’ by the US and speculation that physical intervention – from both the US and Japan – will follow. Read on for a breakdown of fixed income news across sectors and regions.
