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Emerging Market Fixed Income 2022 Outlook

Emerging Market Fixed Income 2022 Outlook

🕔15:53, 17.Jan 2022

In this paper, we will discuss the outlook for emerging market (EM) fixed income in 2022 and the key themes investors are likely to focus on at the beginning of this year. A waning global growth momentum, rising inflation and

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Why invest in EM local currency debt?

Why invest in EM local currency debt?

🕔10:05, 14.Jan 2022

Disappointing US dollar bond returns in EM local currency debt has led to a decline in flows into the asset class over the past decade. In this paper, we discuss the key reasons to invest in EM local currency debt, some of the factors behind the recent weakness in the asset class returns and prospects for the asset class going forward. 

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Asia: Long road to reopening amidst stark regional divergences

Asia: Long road to reopening amidst stark regional divergences

🕔10:46, 22.Oct 2021

Travel restrictions have remained in place in Asia, as markets in Europe and North America have gradually moved towards reopening over the summer. This took place even against the backdrop of rising COVID-19 cases. The justification behind …

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EM Fixed Income: update on Evergrande

EM Fixed Income: update on Evergrande

🕔11:05, 4.Oct 2021

The dominant theme in emerging markets over the last few weeks has been Chinese corporate bonds, particularly high-yield issuers, which have cheapened markedly in recent months as the Chinese government tightened policies, particularly in the … Access the content here:

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Sustainable Investing in EM Sovereign Debt

Sustainable Investing in EM Sovereign Debt

🕔12:18, 29.Sep 2021

In this paper, we will take a closer look at why it is important to systematically evaluate material ESG risk factors in fundamental credit research across emerging market sovereigns. We go on to discuss the ESG framework we developed for

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Verschillen bieden kansen in opkomende markten

Verschillen bieden kansen in opkomende markten

🕔14:52, 27.Sep 2021

Zelden speelden in de opkomende economieën zulke krachtige en tegenstrijdige krachten. Dat zorgt voor veel verschillende kansen voor beleggers. Uitzonderlijk sterke en concurrerende economische krachten veranderen drastisch het landschap voor beleggers in opkomende markten (EM). Maar voor wie analytisch …

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ETFs in EM local debt: Do they work?

ETFs in EM local debt: Do they work?

🕔12:46, 31.Aug 2021

In recent years we’ve seen a surge of interest in exchange traded funds (ETFs) as a cost efficient and effective way to try and replicate market index performance. But are ETFs as effective as investors think? As part of our

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Podcast: Flash Update on EM Investment Grade Corporate Bonds

Podcast: Flash Update on EM Investment Grade Corporate Bonds

🕔11:56, 3.Jun 2021

Key takeaways: Emerging market (EM) investment-grade corporate bonds appear particularly attractive in a world of very low but rising interest rates This is even more true for non-USD investors, which benefit currently from very low hedging costs As a result,

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Is kwantitatieve versoepeling het nieuwe redmiddel geworden van de opkomende markten?

Is kwantitatieve versoepeling het nieuwe redmiddel geworden van de opkomende markten?

🕔16:28, 1.Jun 2021

De opkomende markten zijn vorig jaar, in volle Covid19-crisis, kwantitatieve versoepeling beginnen te verkennen. Betekent dit dat kwantitatieve versoepeling nu deel uitmaakt van de monetaire instrumenten? Wat zijn de voordelen en risico's? In het licht van de huidige economische crisis

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Emerging Markets: the hurdles blocking outperformance

Emerging Markets: the hurdles blocking outperformance

🕔15:25, 24.May 2021

While the attractiveness of emerging markets in the longer term isn’t in question, a number of obstacles could stop them from outperforming in the coming months. Covid reality Throughout last year, many EMs handled the pandemic much better than the

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Emerging Markets Should Largely Keep Pace With U.S. Rebound

Emerging Markets Should Largely Keep Pace With U.S. Rebound

🕔10:05, 21.May 2021

Yield curves may steepen as growth recovers.  EM growth recovered during the second half of last year, but most countries’ gross domestic product (GDP) remains below 2019 levels. The recovery has been led by exports and industrial production, which were

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Emerging Markets: Shaping the world of tomorrow

Emerging Markets: Shaping the world of tomorrow

🕔08:35, 17.May 2021

There is one main reason why you, as an investor, should consider Emerging Markets: Growth. People can be hesitant to invest in the region because of political, economic or social issues, but when approached in the right manner, with risk

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The Resilience of EM Corporate Debt

The Resilience of EM Corporate Debt

🕔13:15, 28.Apr 2021

Some investors view emerging markets in general as risky, and this perception sometimes carries through to emerging market (EM) corporate debt. But the downside experience in this asset class has been remarkably limited. Display 1 shows the losses suffered by

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EM: deze keer is het anders

EM: deze keer is het anders

🕔15:47, 8.Apr 2021

Als we dieper ingaan op vastrentende waarden uit opkomende markten ontdekken we variatie in spreiding, zowel over landen als over kapitaalstructuur.

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Going beyond “active vs. passive” in EM debt

Going beyond “active vs. passive” in EM debt

🕔12:59, 31.Mar 2021

These are promising times for emerging markets (EM) debt, as we see a number of macro factors aligning in a broad tail wind for the sector. EM economic growth is leading the global recovery, yet EM is the only major sector with broadly attractive valuations. In developed markets, while rates have backed up from their extreme lows at the start of the year, monetary policies continue to anchor core …

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UBP: A happy and sustainable 3-year anniversary

UBP: A happy and sustainable 3-year anniversary

🕔10:21, 12.Mar 2021

UBP’s EM Sustainable Corporate Bond strategy was launched three years ago. Since then, the sustainability …

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Unearthing opportunities among EM corporate debt issuers

Unearthing opportunities among EM corporate debt issuers

🕔10:27, 8.Mar 2021

By nature, the emerging credit market has lower exposure to Covidsensitive sectors (retail, airlines, hospitality, etc.) than its developed markets (DM) peers. This may partly explain why the 2020 default rate …

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Op volle kracht vooruit voor de opkomende markten?

Op volle kracht vooruit voor de opkomende markten?

🕔16:30, 8.Feb 2021

Na een krimp in 2020 – zij het veel minder dan in de ontwikkelde markten – verwachten we dat de reële bbp-groei in de opkomende markten sterk zal stijgen in 2021, waardoor de kloof met de ontwikkelde markten nog groter wordt. De groei zal gestuurd worden door de regio …

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Water, Frontier Debt and more in our Best Read of Last Week

Water, Frontier Debt and more in our Best Read of Last Week

🕔12:06, 4.Feb 2021

OpinioPro readers found the BNP Paribas AM article the most interesting this week. The article discusses how the switch of many economies ‘’from a depletive to a sustainable model created a wide range of investment opportunities in many areas including water’’. The three main water-related investing …

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Full steam ahead for emerging markets?

Full steam ahead for emerging markets?

🕔08:18, 3.Feb 2021

Full steam ahead for emerging markets? Five reasons why we believe the EM GDP growth differential with developed markets should widen in 2021 After contracting in 2020 – albeit far less than developed markets – we forecast real GDP growth

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EM local bonds shine in a low-yield world

EM local bonds shine in a low-yield world

🕔11:08, 26.Jan 2021

The stars are aligning for emerging market local debt. The asset class may have been in the doldrums since the global financial crisis, but it is now poised to outperform thanks to a raft of positive factors – from emerging markets’ solid economic fundamentals and undervalued …

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Investing in EM corporate bonds for income and diversification

Investing in EM corporate bonds for income and diversification

🕔16:00, 6.Jan 2021

Using credit in asset allocation  Investing in EM corporate bonds for income and diversification  In asset allocation, emerging market (EM) corporate bonds can be used to help investors achieve a range of objectives, in a range of market environments. In

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Credit investing roadmap for 2021

Credit investing roadmap for 2021

🕔13:02, 14.Dec 2020

Outlook If, like a modern-day Rip Van Winkle, you had magically slept through 2020 and then looked at the year-to-date credit returns, you might have thought: “Quite a boring year, then”. Dramatic selloffs have been largely retraced by equally dramatic

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Five Reasons Why Investors Should Consider EM Local Bonds

Five Reasons Why Investors Should Consider EM Local Bonds

🕔13:24, 7.Dec 2020

T. Rowe Price Insights on Global Fixed Income  With investors struggling to find much‑needed yield for their portfolios, we believe a strong opportunity remains within emerging market (EM) local bonds. The yields on offer from a number of EM local

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Emerging market exchange rates: cheap or value traps?

Emerging market exchange rates: cheap or value traps?

🕔09:19, 1.Dec 2020

Investment Insights Over the past decade, emerging market (EM) currencies have weakened significantly and local currency bond investors have seen little exchange rate returns. In fact, EM exchange rates (FX) have been a major source of volatility … Key Takeaways

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The View from EMEA

The View from EMEA

🕔07:54, 18.Aug 2020

Global Asset Allocation Year-to-date growth stocks have outperformed value by over 30%, not only in the downturn given their defensive characteristics, but also during the recovery. While growth stocks have …

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Strong Recovery Puts Chinese A Shares in the Spotlight

Strong Recovery Puts Chinese A Shares in the Spotlight

🕔09:56, 15.Jul 2020

Multi-Asset Solutions Weekly Strategy Report  China has been leading other major emerging market (EM) equity markets, staging a strong recovery from March’s lows. China’s CSI 300 Index (of onshore stocks traded in Shenzhen and Shanghai) has more than fully recovered

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Economic and Political Backdrop

Economic and Political Backdrop

🕔10:11, 26.May 2020

Weekly Market Recap Stocks started last week strong, helped by news of encouraging early test results for a possible coronavirus vaccine. Moderna Therapeutics announced that its …

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Rebuttal to Carmen Reinhart and Kenneth Rogoff’s proposal that Emerging Markets suspend debt payments

Rebuttal to Carmen Reinhart and Kenneth Rogoff’s proposal that Emerging Markets suspend debt payments

🕔14:49, 22.May 2020

Market Commentary This is not the first time that Carmen Reinhart has cried wolf. As recently as May 2018, she argued in a Bloomberg interview that rising US inflation and US rate hikes would sink EM, because “more than two-thirds

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Status update: Coronavirus and EM fixed income in 2020 and beyond

Status update: Coronavirus and EM fixed income in 2020 and beyond

🕔13:59, 22.May 2020

Market Commentary As of 27 April 2020, eighteen times more people have died from coronavirus per million of population in developed countries (DMs) than in Emerging Markets (EM). This is partly due to measurement problems, but there may also be

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Technical solutions exist but the conflict is about principles

Technical solutions exist but the conflict is about principles

🕔13:17, 12.May 2020

Research & Strategy Insights Most continental European countries have by now relaxed the conditions of their lockdown to some extent or are about to do so. We continue to expect a much better second half of 2020, but we are

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Nordea AM – Webinar – Uncovering value in Emerging Market Debt

🕔16:30, 21.Apr 2020

Webinar – Uncovering value in Emerging Market Debt The dramatic global liquidity and confidence shocks related to the spread of COVID-19 and the decline in oil prices caused a fast and intense sell-off: a market combination impacting especially emerging markets’

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Finding a balance between easing central banks and an uncertain scenario

Finding a balance between easing central banks and an uncertain scenario

🕔15:50, 6.Aug 2019

Investment Insights | Market Stories​ Macro themes We see 4 key themes underpinning the case for a constructive view on EM: (1) the most important is the Fed acting preventively to prolong the cycle and the impact on the USD;

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EM macro strategies benefit from the FED tailwind

EM macro strategies benefit from the FED tailwind

🕔15:06, 13.Jun 2019

The Weekly Brief Last week Lyxor Cross Asset Research team addressed the positive performance of CTA strategies during the market downturn, which started a few weeks ago and dragged global equities nearly -6% lower in May. This fact is nonetheless

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Emerging Corporate Debt Fundamentals – How High Is The Risk?

Emerging Corporate Debt Fundamentals – How High Is The Risk?

🕔14:03, 3.Oct 2018

Emerging Debt Insights The financial press has given much attention to the rise in corporate debt in emerging countries. The conventional narrative states that abundant liquidity in the aftermath of the Global Financial Crisis (GFC) accompanied an investment boom that

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Tactical retreat from emerging market assets

Tactical retreat from emerging market assets

🕔02:03, 28.Jun 2018

Regional View – EM Emerging market stocks have been a victim of the noise and uncertainty that have dominated headlines this year. Several emerging countries have been in the midst of consequential elections where the surrounding sentiment is not always

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US-biased global growth: EM pain as dollar gains

US-biased global growth: EM pain as dollar gains

🕔02:03, 28.Jun 2018

UBS House View One trend in global data over the past month has been a return of US economic exceptionalism. The Citi Economic Surprise Index is now running at minus 27 globally, and plus 10 for the US. As it

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