Emerging market (EM) debt remains one of the most diverse and opportunity-rich segments within fixed income. The asset class encompasses both hard currency debt and local currency debt. Both segments offer exposure to emerging economies, but their drivers of return, valuation dynamics and attractiveness differ meaningfully.

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

Latin America's growth is rapidly evolving, primarily due to strong commodity exports, vast natural resources and an increasingly diverse economy. Nonetheless, political events could have significant impacts. Here are three key developments to watch.