No rate change, but plenty to unpack beneath the surface.

Emerging market debt (EMD) is increasingly recognised as a compelling asset class for investors seeking diversification, yield, and growth potential. Over the past decade, emerging markets have undergone significant transformation, marked by improved policy frameworks, enhanced resilience to external shocks and a convergence in credit quality towards developed markets.

Latin America and the Caribbean are experiencing renewed economic importance, driven by strong commodity exports, growing demand for critical minerals, and shifting global trade and investment dynamics. Spanning from Mexico and the Caribbean to Argentina and Chile, the region benefits from vast natural resources and increasing geopolitical relevance, positioning it for sustained growth despite global uncertainty.