October’s emerging market debt commentary offers a clear view of how easing global policy and firmer macro data shaped returns across hard- and local-currency markets
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Hard-currency sovereign spreads tightened to multi-year lows as the Fed’s second consecutive rate cut supported risk appetite and compressed yields across high-yield issuers
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Local-currency debt delivered modest gains, lifted by benign inflation and improving rate-cut expectations, though FX performance lagged on renewed dollar strength
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Country-level dispersion remained wide, with Peru, Chile, and Indonesia outperforming while Thailand and Central Europe struggled under political and FX pressure
For a deeper read on positioning, flows, and the policy path shaping EM’s next leg, explore the full report.
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