When investors think about fixed income, their attention is often drawn to developed market government bonds, investment grade debt or high yield debt. Emerging market corporate debt, by contrast, remains a relatively underexplored segment of global bond markets.

Over the past several years, cruise operators have delivered remarkably resilient operating and financial performance despite geopolitical instability, including US tariff uncertainty, conflicts in Ukraine and the Middle East, broader economic uncertainty and higher energy costs.

Brazil’s election is fast becoming a referendum on fiscal credibility. A tightening Lula–Bolsonaro race comes amid investor anxiety over debt sustainability, high rates and the direction of economic policy.