Deliberating EM debt

Deliberating EM debt

Emerging market debt – navigating headwinds, eyeing the horizon

The headwinds facing EM debt today are cyclical and manageable, with mispricing and divergence across countries creating a fertile hunting ground for active investors. Crucially, the strength of structural tailwinds behind the asset class is undiminished.

5 minutes

21 Aug 2026

Deliberating EM debt

Global Frontier Debt: understanding – and navigating – an increasingly relevant asset class

Frontier markets are increasingly relevant for today’s portfolios, but expertise and conviction are vital for successful investment outcomes.

5 minutes

15 May 2026

Emerging markets

Boots on the ground: a different perspective on the IMF Spring Meetings

Three members of our EM Debt team went to Washington, DC – we asked them to share their highlights and pointers for investors, including a behind-the-scenes perspective on this important annual event.

10 minutes

29 Apr 2026

Deliberating EM debt

Emerging market debt: unlocking the full potential

Shifting asset class behaviour is forcing a rethink of allocation approaches and fuelling demand for greater diversification. In this context, emerging market debt is highly relevant, but implementation is key.

6 minutes

10 Apr 2026

Deliberating EM debt

EM debt: the evolution of an asset class

EM debt has become an important component of the global debt market. The transformation has resulted in robust credit quality across a highly diverse opportunity set that’s ripe with alpha-capture potential.

9 minutes

08 Apr 2026

Investment Institute

Podcast | Energy, geopolitics, and markets: reflections from Miami

Sahil Mahtani, Director of Ninety One’s Investment Institute, and Paul Gooden, Portfolio Manager for Global Natural Resources, discuss Venezuela and broader energy themes following the Goldman Sachs Global Energy Conference in Miami.

14 Jan 2026

Investment Institute

Podcast | Venezuela: on the ground in Caracas with International Crisis Group

Sahil Mahtani, Director of Ninety One’s Investment Institute, and Nicolas Jaquier, EM Fixed Income Portfolio Manager, are joined by Phil Gunson, Senior Analyst at the International Crisis Group, who is based in Caracas for an on-the-ground perspective on the rapidly evolving situation in Venezuela.

12 Jan 2026

Emerging Markets Corporate Debt

From the Middle East to Latin America, opportunities abound

Some areas of this increasingly mature asset class look expensive today. But a bottom-up perspective reveals plenty of opportunities across the globe, with enduring inefficiencies creating compelling value for investors.

5 minutes

12 Jan 2026

2026 EM outlook

Nearer the start of a multi-year cycle

Emerging markets outperformance tends to happen in multi-year cycles. The question for 2026 is whether we are closer to the end or the beginning of this EM cycle. There is strong evidence that it is the latter.

18 minutes

12 Jan 2026

Emerging Market Sovereign Debt

Market mispricing persists amid rising resilience

Increasingly relevant and in focus, EM debt has entered a more resilient and mature phase. But market inefficiencies continue to provide ample opportunity.

6 minutes

12 Jan 2026

EM Alternative Credit

An abundance of untapped opportunities

Structural growth drivers remain strong in this increasingly relevant – and in focus – part of the global private credit market. In addition, developments in the renewable energy sector and AI are giving rise to a new cohort of investment opportunities. The deal pipeline continues to expand across the EM universe.

5 minutes

12 Jan 2026

Investment Institute

Venezuela: scenarios and market implications

Maduro’s exit raises the chance of change, but power is likely to remain with the security state as the US opts for pressure and negotiation over regime overhaul. Markets appear ahead of reality, with any improvement in oil and debt outcomes likely to be slow and uneven.

5 minutes

07 Jan 2026

Deliberating EM debt

Right place, right time: EM local currency debt today

With global portfolios in flux, EM local currency debt deserves a second look. A decade-long structural evolution has reshaped the market and enhanced its investment appeal.

14 minutes

22 Aug 2025

Emerging markets

Tipping point: a turn in the US dollar cycle and what it means for emerging market debt

After more than a decade of US dollar dominance, the currency’s extraordinary rally may finally be peaking. For EM debt investors, a weaker dollar could mark a long-awaited shift from headwind to tailwind.

8 minutes

18 Jun 2025

Deliberating EM debt

Reframing fixed income: the old rules are no longer fixed

Peter Kent, Co-Head of Fixed Income, argues bond markets are in a new regime – ‘safe havens’ are no longer acting as such, and investors can no longer expect asset classes to behave as they have done historically. As a result, asset allocation approaches need a reboot, and portfolio diversification has never been such a virtue.

9 minutes

06 Jun 2025

Deliberating EM debt

Tailwinds and opportunities in EM hard currency debt

A variety of dynamics point to a stronger investment case and good entry point into the asset class.

9 minutes

21 May 2025

Talking tariffs

Trump unleashes trade policy, shakes markets, adapts the rules, sets a course

Trump’s sweeping trade reset marks the largest US tariff escalation in nearly a century. Ninety One’s Investment Institute unpacks the policy shift, outlines scenario-based outcomes, and explores what it means for markets.

10 minutes

14 Apr 2025

Deliberating EM debt

EM corporate debt: A compelling and complementary asset class

EM corporate debt can bring distinct benefits to portfolios, making it a valuable addition to US high-yield credit allocations.

6 minutes

25 Mar 2025

Deliberating EM debt

Blurred lines: the EM’ification of DM

A shift in volatility in developed markets means asset allocators face a new reality.

9 minutes

26 Feb 2025

Talking tariffs

Decoding tariffs: A framework for investors in EMD

With tariffs becoming an increasingly unpredictable tool of US economic policy, Sangeeth Sewnath, Head of Americas, sits down with our experts Thys Louw and Sahil Mahtani to discuss how investors should approach tariff risk.

14 minutes

13 Feb 2025

Deliberating EM debt

Tackling tariff risks

With US trade tariff-related uncertainty now top-of-mind for investors, Thys Louw and Aurelie Martin present our proprietary framework for assessing sovereign vulnerability, and explain how tariff-related market volatility could present investment opportunities.

5 minutes

05 Feb 2025

Hidden GEMS

Hidden GEMs: How to stop worrying and learn to live with (if not love) tariffs

Alan Siow, Co-Head of Emerging Market Corporate Debt, explains why a new US tariff regime, while potentially creating some turbulence, need not be the existential threat that some might fear. This too shall pass.

4 minutes

12 Dec 2024

Elections

The year of the ballot

Elections often move markets. This year, eight of the world’s 10 most-populous nations go to the polls in the same year for the first time ever. FX markets are often the best way to express views or hedge positions in and around elections, and FX volatility presents a source of potential alpha. We have produced this piece to help investors navigate this year. The year of the ballot.

25 minutes

22 Nov 2024

US election 2024

What the US election means for emerging markets investors

A shift in gear or more of the same? Portfolio managers Archie Hart and Thys Louw consider the implications of Trump’s election victory for emerging markets and discuss what it means for investors.

5 minutes

07 Nov 2024

Deliberating EM debt

Introducing Ninety One’s Sovereign Biodiversity Index

Measuring government performance on nature and biodiversity

9 minutes

16 Oct 2024

Notes from the road

Notes from the road: Brazil’s corporate credit market

While opportunities abound for investors, Kevan Flynt Salisbury finds that selectivity is increasingly key in this evolving investment landscape.

5 minutes

Updated: 03 Oct 2024

Elections

The year of the ballot: a mid-year snapshot

Dubbed the "Year of the Ballot," numerous emerging market elections have now been concluded, notably South Africa, India, and Mexico. Given that elections often move markets, Ninety One emerging market specialists, Malcolm Charles and Nicolas Jaquier take stock to assess their impact on the markets.

13 minutes

24 Jul 2024

Hidden GEMS

Hidden GEMs: Africa’s frontier markets have further to run

Since Thys Louw, Emerging Market Fixed Income Portfolio Manager, discussed a renewed focus on frontier market debt earlier this year, the asset class has staged a remarkable turnaround – especially African markets. But it’s not too late to take advantage of some compelling investment opportunities. Thys outlines recent developments in the asset class and shares his thoughts on where to find the best opportunities.

4 minutes

25 Jun 2024

Notes from the road

Notes from the road: Quality pays in Mexico’s corporate credit market

A research trip to Mexico by analyst Antonio Luiz Gomes highlights favourable dynamics – at home and abroad – that are lifting some of Mexico’s leading companies to create compelling corporate credit investment opportunities.

6 minutes

21 Jun 2024

Notes from the road

Notes from the road: Central and Eastern Europe is ripe for relative-value investing

Roger Mark shares insights gained from his recent trip to Central and Eastern Europe, where broad macroeconomic trends appear positive. An increasingly diverse outlook for monetary policy, coupled with country-specific dynamics, creates a rich hunting ground for active investors.

4 minutes

05 Jun 2024

Deliberating EM debt

A role for EM sovereign debt after a decade of US high-yield dominance

Typically considered by asset allocators to belong to the same risk bucket as emerging market sovereign debt, the US high-yield market’s relative allure has increased. But the caveat ‘past performance is not a reliable indicator of future returns’ is particularly valid in this case – as the following analysis of valuations, fundamentals and market technical dynamics reveals.

10 minutes

23 May 2024

Deliberating EM debt

Frontier markets move to the fore

With compelling valuations and strengthening fundamentals, frontier markets are starting to move back onto asset allocators’ radars as the external backdrop improves. Careful navigation is key, but the potential rewards are substantial.

14 minutes

10 Apr 2024

Elections

Turkey – a more measured election response bodes well for the economic outlook

After local elections deliver a heavy blow to the incumbent party, Roger Mark reflects on President Erdoğan’s surprisingly conciliatory tone and apparent ongoing commitment to orthodox policymaking, and considers what this means for fixed income investors.

5 minutes

09 Apr 2024

Notes from the road

Notes from the road: something for everyone in Latin America

Whether it’s the strong structural story of Brazil or the alpha potential from Argentina’s reforming economy, Nicolas Jaquier finds a compelling case for these two contrasting debt markets.

8 minutes

04 Apr 2024

Deliberating EM debt

The role of EM debt in multi-sector credit strategies

An allocation to multi-sector credit does not automatically give investors the exposure to EM debt that they want or need.

5 minutes

10 Jan 2024

Deliberating EM debt

Global fixed income allocations already include EM debt – why allocate separately?

The most widely followed global fixed income index includes emerging markets, but asset allocators looking to get full and meaningful exposure to the structural opportunity may need something different.

7 minutes

10 Jan 2024

Deliberating EM debt

Weighing passive and active approaches to EM debt investing

Emerging market debt remains an asset class in which asset allocators favour an active management approach, but the passive versus active debate continues. This piece looks at the key considerations – relating to returns, fees and sustainability.

9 minutes

10 Jan 2024

Notes from the road

Notes from the road: India gears up for a greater global role

Mark Evans’ latest trip to India confirms a positive and stable economic picture, with impressive growth looking set to continue. With index inclusion imminent, Indian fixed income assets are poised (deservedly) for a bigger role in investors’ portfolios.

5 minutes

20 Nov 2023

Deliberating EM debt

EM sovereign emissions measurement: a different perspective

Common approaches among asset allocators risk preventing progress towards net zero and missing out on a structural investment theme

5 minutes

02 Nov 2023

Deliberating EM debt

EM sovereign debt: taking stock of the sustainable bond market

Nicolas Jaquier and Peter Eerdmans chart the evolution of the EM sovereign debt market – where EM issuers are increasingly pushing boundaries – and provide insights and pointers for investors.

5 minutes

01 Nov 2023

Hidden GEMS

Don’t dismiss EM debt

A disappointing decade in some areas of the asset class has left asset allocators questioning the investment case for EM debt. Grant Webster, Co-Head of Emerging Market Sovereign & FX, provides an analysis of two contrasting decades and suggests that asset allocators should not dismiss the asset class.

5 minutes

07 Aug 2023

Elections

A new era for Nigeria

While much remains to be done, Nigeria’s new administration is beginning to lay the groundwork for a more prosperous and sustainable future. Thys Louw explores the implications for debt investors.

3 minutes

21 Jun 2023

Elections

Turkey at a crossroads

Grant Webster and Roger Mark look at how markets have reacted to uncertainty around this month’s historic elections in Turkey and find a more nuanced outlook for fixed income investors than recent market moves imply.

6 minutes

10 May 2023

Emerging perspectives

Notes from the road: Colombia and Peru

Nicolas Jaquier reports on his recent trip to Colombia and Peru, where political risks are receding and sustainable finance opportunities are emerging.

5 minutes

29 Mar 2023

Emerging perspectives

Notes from the road: Brazil and Mexico

Christine Reed’s recent trip to Brazil and Mexico revealed a deep contrast in local sentiment and highly divergent outlooks.

3 minutes

06 Mar 2023

Emerging perspectives

Notes from the road: Africa

In the wake of a bruising year that took yields and credit spreads to historic highs in Africa’s debt markets, Thys Louw’s recent trip uncovers an increasingly diverse landscape.

7 minutes

20 Feb 2023

Elections

Brazil election result: initial takeaways for EM debt investors

Ninety One’s Latin America specialists reflect on the election outcome and considerations for investors.

2 minutes

01 Nov 2022

Emerging markets

Notes from the road: Sri Lanka

With Sri Lanka’s economic woes evolving into both a humanitarian and political crisis, Mark Evans shares insights gained on his recent trip to the country.

4 minutes

06 Apr 2022