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.

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Weekly investor research

Falling oil prices bring nominal rates lower and real rates higher

Falling oil prices are pulling inflation expectations and nominal rates lower, while resilient US growth lifts real rates higher. We also cover dramatic semiconductor volatility, record Korean chipmaker capex and Vietnam's expansionary fiscal plans.
Weekly investor research

Oil down and risk assets up as US/Iran deal approaches

Risk assets rally and oil falls as a US/Iran deal nears. The ECB delivers its first rate hike in three years, US CPI lands in line as jobs surprise higher, Korean exports jump 46% year on year, and S&P upgrades Argentina to 'B-'.

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Weekly investor research
Weekly investor research

Habemus trade deals

The signing of the phase one trade deal between the United States (US) and China and the ratification of USMCA by the US Senate reduced tail risks and boosted short term market sentiment.
Weekly investor research
Weekly investor research

Delightful diversification

Often underappreciated, the benefits of diversification in external debt were richly on display in 2019, when the asset class returned 15% despite significant volatility in a number of EM countries, including Argentina.
Emerging view
The Emerging View

The 2020-2024 EM fixed income outlook

Following another year of strong returns, EM fixed income has outperformed developed bond markets by a significant margin over the past four years.
Market commentary
Market Commentary

The opportunity of EM real estate

Lower interest rates in the aftermath of the Global Financial Crisis are increasing the affordability of real estate while rendering conventional liquid fixed income in developed economies (DM) less attractive.
Emerging view
The Emerging View

Argentina Q&A

Argentina once again finds itself in the grip of financial turmoil.
Emerging view
The Emerging View

The case for EM local currency debt

The establishment of local bond markets has been the single most important structural change in Emerging Markets (EM) in the past quarter of a century.