This is the 7th annual review of the Emerging Markets (EM) fixed income asset class. The EM bond market now measures USD 24trn and accounts for 22% of global fixed income. Almost 90% of EM bonds are denominated in local currency and Asian markets continue to dominate the EM fixed income space. The corporate bond market is bigger than the government bond market. From the perspective of index representation, external debt remains the most diversified segment of the EM bond market, but EM fixed income as a whole remains extremely under-represented in the main fixed income benchmark indices. Case in point: the single largest EM bond market is China, which accounts for 48% of all EM bonds yet still does not feature in the main EM local currency benchmark index. The main growth drivers for the asset class are structural and on conservative projections, the asset class should grow to nearly USD 40trn in size over the next five years.