Uncovering Alpha Opportunities in Emerging Market Corporates

PGIM Fixed Income

June 2019

In a late-cycle environment where investors’ ongoing search for yield has compressed credit spreads across a range of sectors, the nuances in emerging market corporate bonds have continued to present compelling opportunities. Yet, the characteristics of many EM companies often make the fundamental analysis process different and more challenging than the evaluation of developed market corporates. This paper touches upon the market opportunity across EM corporates and follows with examples of how global investors with in-depth knowledge of local business practices, politics, and corporate culture can take advantage of the idiosyncratic opportunities presented by EM corporate bonds.

 

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