March 01, 2018
Emerging Markets Debt 2018 Outlook - Strong fundamentals should continue to drive EM High Yield
We remain constructive on EM Corporate High Yield (HY) due to stable fundamentals, relatively attractive yields, low default rates and potential for further spread tightening.
Nevertheless, we realise that the market may be vulnerable to increased official interest rates and the unwinding of QE. However, our base case scenario is that these factors are well-known and will continue to be implemented steadily and predictably to minimise market disruption.
We continue to be highly selective and concentrate on defensive and cash-generative sectors, such as Telecommunications.

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