This is the 6th annual review of global fixed income. The report provides an overview of bond markets in 106 EM countries and 26 developed economies. As of the end of 2016 the EM fixed income universe had grown to just over USD 20trn, or 20% of the global bond market. In addition, EM financial institutions are extending USD 30trn of domestic credit, so the total EM financing universe on the fixed income side now stands at approximately USD 50trn. This is equivalent to 27% of total global bond and loans finance. Yet, since EM countries account for nearly 60% of global GDP EM countries remain severely finance constrained. This simple fact alone suggests that EM fixed income offers a significantly stronger investment proposition than developed market fixed income.