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2 minutes to read by  BlueBay Fixed Income team, A.Kettle, CFA Dec 5, 2025

Senior Portfolio Manager Anthony Kettle’s weekly BlueBay Emerging Market Debt commentary offers readers a concise yet wide-ranging macro overview. Kettle covers markets large and small, providing insight on how financial, political, and economic developments in one region affect markets elsewhere. Here is his latest insight.

Summary

It was a robust week for risk markets, as the probability of a US Federal Reserve (Fed) cut in December increased alongside improving sentiment in the tech space. Additionally, there was renewed hope of some progress around the Russia and Ukraine peace process. This resulted in the S&P 500 gaining +3.7% and the Euro Stoxx 50 gaining +2.8%, while Emerging Markets (EM) equities also gained +2.5%. The US rates curve experienced a bull flattening, with 5-year yields falling -2 basis points (bps) and 30-year yields declining -5bps. 10-year US real rates fell -4bps to end the week at +1.76%.

In EM credit markets, spreads were -2bps tighter for corporates and -4bps tighter for sovereigns, while total returns were up +0.3% and +0.4% respectively. In the corporate space, the industrials and transport sectors outperformed, while the utilities and real estate sectors underperformed, with the latter impacted by further concerns around the Chinese real estate market. In the sovereign space, the notable performers were Ecuador and Ukraine, with the latter benefitting from hopes of a peace deal. The biggest underperformers were Senegal, Colombia, and Oman.

In EM local markets, returns were up +1.2%, with foreign exchange (FX) contributing +0.9% and rates +0.3%. In the FX space, outperformers were the Colombian peso and South African rand, whereas the Turkish lira underperformed. Meanwhile, in the rates space, Turkey, South Africa, and Poland outperformed, whereas Indonesia and Colombia underperformed.

Download this article for the full market highlights, market outlook, and latest performance.

Horizons Expanded: Harness emerging market opportunities across asset classes.

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