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1 minutes to read by  BlueBay Fixed Income team, P.Kurdyavko, CFA Jul 28, 2025

As the uncertain global macroeconomic backdrop appears likely to persist through 2025, the search for resilient investment strategies remains top of mind. Polina Kurdyavko, Head of BlueBay Emerging Markets, shares her expertise on investment approaches to emerging market debt that stand out as particularly compelling in today’s environment.

 Key takeaways:

  • The current market environment has renewed interest in alternative fixed-income strategies in emerging markets.

  • Private credit strategies that exploit the illiquidity premium in less liquid instruments and event-driven strategies that target volatility in emerging markets are well positioned to capitalize on this year’s opportunities.

  • The market opportunity for private credit in emerging markets lies in high quality illiquid hard currency loans that offer strong creditor protection. Investors that are able to take a longer investment horizon can further enhance returns by taking advantage of market dislocations and providing liquidity to forced sellers.

  • Market volatility may magnify inefficiencies and return dispersion, allowing opportunistic generation of alpha through both long and short positioning.

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