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    Insights   •   Emerging Market Debt

    Emerging Market Debt Commentary – November 2021

    Speculation around tighter US monetary policy, the emergence of a new coronavirus variant and country-specific political issues weighed on emerging market bond performance in November.

    Emerging market debt (in USD terms) recorded negative returns on US Federal Reserve Chair Jerome Powell’s more hawkish-than-expected congressional testimony in late November and as concerns mounted that the spread of the Omicron COVID-19 variant could have an adverse effect on global supply chains, thus delaying the recovery of travel- and tourism-dependent EM economies. EM hard currency inflows were modestly positive at $39m, while local currency outflows amounted to -$2.2bn last month.

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