By Gustavo Medeiros, Ben Underhill
The Emerging View

EM Sovereign Debt: The ultra-marathon runner goes on

Inflation has peaked, the capex supercycle rolls on, and EM fundamentals keep improving. We explain why EM sovereign debt, yielding close to 7%, remains one of the most attractively valued asset classes today.

Subscribe to our insights

Subscribe and get notified as soon as we publish our content

The latest insights from our categories

Weekly investor research

The arrival of Kimi K3 tests investors’ faith in Jevons’ Paradox

Chinese open-weight model Kimi K3 raises questions over AI lab monetisation, testing investors’ faith in Jevons’ Paradox. The Korean memory stock unwind extends, US CPI turns negative and the Bank of Korea hikes for the first time in three years.
Weekly investor research

Hormuz hostilities and a memory stock correction

US-Iran hostilities push oil back to nearly USD 80 and Korean memory stocks fall in a positioning unwind. SK Hynix’s ADRs debut on Nasdaq, China’s central bank adds to gold, and Ukraine secures EUR 140bn in weaponry pledges at the Ankara NATO summit.
Video

WEBINAR: EM Sovereign Debt: The yields are all-right

Watch the replay of this insightful webinar where Gustavo Medeiros (Global Head of Research) and Christian Schniewind (Portfolio Manager for Emerging Markets Debt) discuss their views on EM sovereign debt dynamics.

Latest Insights

Economy and growth jigsaw on Indian flag
Video

India takes centre stage

Rashi Talwar Bhatia, Portfolio Manager for India Equity, and Gustavo Medeiros, Ashmore’s Global Head of Research discuss the opportunities present in the India Equity universe and their outlook for the second half of 2023 and beyond. 
Irish dancing
Weekly investor research

Dancing to the Fed’s rate hike ‘skip’

The benign macroeconomic backdrop and the US Federal Reserve (Fed) inclination to ‘skip’ this month’s rate hike are music to investors’ ears. Flows into credit products and Emerging Markets (EM) bond issuance have benefitted from improved sentiment.
Turkish flag flying in the sky
Weekly investor research

A welcome lull in policy uncertainty

In Türkiye, President Erdogan throws an olive branch to the market by appointing an old friend. OPEC+ oil production cuts cause barely a ripple on Brent crude prices, as global inflationary pressures show signs of abating. In the United States (US)...
Semiconductor manufacturing with 3d rendering robotic arms with silicon wafers
Live at the Sub-ICs

The semiconductor cycle is dead, long live the super cycle!

The health of developed market (DM) economies is in doubt with bank profitability stresses highlighting the impact of tight financial conditions on the real economy. This is prompting some to question whether enough downside risk is priced in DM equity...
Small (EM) is beautiful
Video

Small (EM) is beautiful

Patrick Cadell, Portfolio Manager for Emerging Markets Small Cap Equity and Gustavo Medeiros, Ashmore’s Head of Research discuss the opportunities present in the Emerging Market Small Cap Equity universe and the outlook for the second half of 2023 and...
Election voting card
Weekly investor research

EM elections: good result in Thailand, poor results in Türkiye

It was a good outcome in the Thai presidential elections in terms of fostering liberal economic reforms. In Türkiye, Erdogan won most votes but fell short of the 50% mark, leading to a 28 May run-off. Argentina’s inflation rose further. In Colombia, ...
Bank Negara Malaysia
Weekly investor research

We wish all central banks were steady as Bank Negara Malaysia

The US Federal Reserve (Fed) and the European Central Bank (ECB) hiked policy rates by 25 basis points (bps), in line with consensus. Bank Negara Malaysia also hiked by 25bps, but its track record suggests a much better management of macro stability...
Let's talk politics
Weekly investor research

Let’s talk about politics

Weak leading manufacturing indicators globally. Another bank bites the dust in the United States (US), where negotiations over raising the debt ceiling call for political compromise. Good news from Indonesian politics. Gustavo Petro reshuffled his...
Ashmore video
Video

'EM in 10' update - May 2023

Gustavo Medeiros, Ashmore’s Head of Research, answers some timely questions about recent events and performance in Emerging Markets for our 'EM in 10' monthly video review.
US Dollar bundles
Weekly investor research

EM local assets outperform on weak USD

Emerging Market (EM) stocks and local bonds outperformed last week due to a weaker US dollar, better-than-expected economic data from China, and lower inflation in Brazil and India. Argentina’s inflation increased further, partially due to the drought...
Ashmore video
Video

'EM in 10' update - April 2023

Gustavo Medeiros, Ashmore’s Head of Research, answers some timely questions about recent events and performance in Emerging Markets for our 'EM in 10' monthly video review.
Ship in port
Equities

Five reasons to buy Emerging Markets equities

Emerging Markets (EM) have faced a challenging environment over the past five years, due to a series of global shocks that have triggered elevated market volatility and led the MSCI EM equity benchmark to experience its most protracted drawdown in...