Emerging Markets

Commentary Library


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.

09 December 2021 PDF
Fixed Income
Emerging Market Debt Market Commentary – October 2021

.Emerging market bonds experienced a month of largely flat-to-negative returns amid rising US Treasury yields and as currency weakness dragged on local currency EM debt. Accelerating monetary policy normalisation was also a factor as central banks responded to inflation pressures, although Turkish debt weakened as a surprise rate cut stirred concerns about policy direction when inflation is still rising.

05 November 2021 PDF
Emerging Market Debt
Emerging Market Debt Market Commentary- Q3 2021

Emerging market debt (in USD terms) experienced a sharp sell-off in the third quarter, particularly so in September.

11 October 2021 PDF
Emerging Market Debt
Emerging Market Debt Commentary - August 2021

Emerging market debt (in USD terms) posted a modestly positive overall return in August as worries related to the possibility of early monetary policy tightening by the US Federal Reserve eased following the Fed chairman’s dovish speech at the central bank’s annual Jackson Hole symposium.

13 September 2021 Article
Emerging Markets
Emerging Market Debt Commentary - July 2021

Emerging market debt (in USD terms) recorded modest moves in July as worries related to regulatory crackdown in China and a recent surge in infections from the Delta variant of coronavirus were balanced by reduced expectations of the US Federal Reserve (Fed) going ahead with an earlier and more aggressive normalization of monetary policy.

10 August 2021
Emerging Markets
Emerging Market Debt Commentary - Q2 2021

Emerging market debt (in USD terms) delivered positive returns in the second quarter as the recovery in global economic growth continued to aid EM countries. Even as concerns about China growth and COVID-19 infections in Asia intensified during the quarter, higher growth in EM countries, a weaker dollar (dollar Index at -0.85% in Q2 2021) and lower US Treasury yields (10-year US Treasury at -27 bps lower in Q2 2021) underpinned the good performance.

10 July 2021
Emerging Markets
Emerging Market Debt Commentary – May 2021

Emerging market debt (in USD terms) generated positive returns in May, even as EM investors appear increasingly cautious about near-term sentiment and a relatively less supportive rates backdrop.

09 June 2021
Emerging Markets
Emerging Market Debt Commentary – April 2021

Emerging market debt (in USD terms) experienced a good April, supported by a partial retracement in cross-market volatility, improvement in EM currencies’ carry-to-vol ratios, and stabilization in US rates.

07 May 2021