An experienced and dedicated emerging markets debt team that complements our global fixed income capabilities.
Barings' dedicated emerging markets team manages over $6.6 billion in assets across corporates, sovereign, local debt and blended strategies. An integrated team of 20 seasoned portfolio managers, analysts and traders analyzes the sovereign debt of over 85 countries and the corporate debt of over 1000 companies.
Emerging Markets Local Debt
AUM: $2.9 billion (30 June 2020)
Our experienced portfolio management team combines a quantitative approach based on inflation targeting and export-based currency modeling with extensive macroeconomic and fundamental experience.
Emerging Markets Sovereign Debt
AUM: $2.6 billion (30 June 2020)
Our seasoned team combines fundamental analysis with quantitative modeling, backed by a rigorous risk management platform.
Emerging Markets Corporate Debt
AUM: $4 billion (30 June 2020)
Our integrated team combines bottom-up analysis with top-down macro insights, supported by one of the deepest credit research teams in the industry.
Emerging Markets Debt Blended Total Return
AUM: $821 million (30 June 2020)
Our global portfolio management team combines top-down asset allocation with bottom-up security selection to invest across our EM debt strategies in an unconstrained manner.
EMD: A Strong Tailwind, But Risks on the Horizon
Segments of the EM debt market have been bright spots in fixed income this year. Will EMs outperform DMs in the months ahead—or are the risks too great? It may come down to country and credit selection.View
Are EM Countries Able (and Willing) to Pay Their Debt?
Capitalizing on opportunities in EM debt will not only require traditional fundamental analysis to determine countries’ ability to satisfy their debt obligations, but also—and perhaps just as importantly—an understanding of their willingness to pay.View
The Crisis No One is Talking About
The migration patterns stemming from Venezuela’s economic collapse provide key ESG insights, especially for Colombia and other neighboring countries, and particularly when compared to the case of Syrian refugees in Turkey.View
Can EM Issuers Pay Their Debt—And Will They?
Emerging markets have been hit hard by COVID-19 but opportunities exist for investors able to navigate choppy waters. In this episode, Dr. Ricardo Adrogue assesses EM issuers’ ability to satisfy their debt obligations—and just as importantly, their willingness to do so.View
Three Reasons for EM Short Duration Debt
Emerging markets debt has shown much resilience despite facing its share of pandemic-induced difficulties. A short-dated approach, in particular, can provide an opportunity to pick up incremental yield and diversification, with less volatility.View
EMD: Further Room to Run?
Emerging markets debt rallied strongly in the second quarter—and while risks remain ever-present, the asset class may benefit from continued monetary stimulus and the potential for a sharper economic bounce-back in the second half of the year.View
ESG: The Intent Beyond the Income
ESG is playing an increasingly meaningful role in fixed income investing. At Barings, we formally integrate ESG across our corporate credit asset classes—but the way we apply our analysis is necessarily different due to the nuances of each market.View
ESG in Fixed Income: Progress Over Perfection
Fixed income investors have been slower to adopt environmental, social and governance factors, but change is afoot. Barings’ experts explain how fixed income managers can—and are—driving tangible change among corporate debt issuers—and why investors need to pay attention.View
The EM Default Picture: More Nuanced Than Headlines Imply
The coronavirus pandemic is creating short-term and long-term challenges for emerging markets (EMs). But not all sovereign and corporate issuers can be painted with the same broad brush, and placing too much weight on overly dire forecasts may result in missed opportunities.View
EM Debt: Downturns, Defaults & Diamonds in the Rough
Barings’ Omotunde Lawal and Cem Karacadag explain how COVID-19 is impacting the economies of emerging markets, and how lower oil prices and loose monetary policies may influence the future default picture.View
EM Short-dated Debt: A Diamond in the Rough?
COVID-19 and lower oil prices have led to indiscriminate selling across EM corporate debt, creating a potentially compelling opportunity in the shorter-dated, higher-yielding segment of the market.View
EM Debt: When Prices Decouple from Fundamentals
Dr. Ricardo Adrogué discusses how the global pandemic has impacted emerging markets, including implications for sovereign and corporate debt markets, as well as interest rates and currencies.View
EMD: Finding Fundamental Value Through the Storm
The rapid spread of COVID-19, the precipitous fall in oil prices and the related shock to the global economy have sent markets—including EMD—into a tailspin in recent weeks. In this piece, we explore the resulting challenges and discuss opportunities beginning to emerge.View
EM Local Debt’s Time to Shine?
Emerging markets (EM) local currency denominated debt may be poised to outperform.View
A Bright Spot in Higher-Yielding EM Corporate Debt
Many EM regions have been engulfed in uncertainty for weeks or months. While these situations certainly represent risks, we also continue to find value—often in globally diversified companies that have been unfairly punished by markets because of where they’re domiciled.View
2020: An Inflection Point for EM Currencies?
With the financial crisis more than a decade behind us, the global financial system seems poised to begin re-leveraging. This process, which would likely take years to play out, would provide a source of funding for EM currencies, and represent a significant tailwind.View
EM Debt: Warding Off Headwinds with Active Management
Ricardo Adroguè, Head of Global Sovereign Debt and Currencies, addresses the many risks facing the global economy—specifically China, Argentina and the Middle East—and explains why active management is critical to performance.View
ESG for Sovereigns: One Size Does Not Fit All
ESG has risen to the forefront of many investment strategies over the last decade. At Barings, our EM Sovereign Debt team takes a country-by-country approach, assessing ESG factors in the context of sustainability and—ultimately—creditworthiness.View
EM Debt: Navigating the Geopolitical Noise
From the Middle East to China to Argentina, investors face no shortage of geopolitical risks and negative headlines. But is there still value to be found across emerging markets? Dr. Ricardo Adrogué weighs in.View
Emerging Markets Debt: Taking a Hard (Currency) Stance
EMD performance was muted in Q3, but valuations remain attractive and emerging economies are growing at a measured pace. We continue to favor hard currency assets, which are benefitting from lower rate expectations.View
Emerging Markets Sovereign Debt: Does Active Management Pay?
The performance of EM Sovereign Debt can—and does—vary widely from country to country. Barings’ Cem Karacadag explores how an active approach can be key to selecting the most attractive opportunities, while also avoiding the bad apples.View
Fixed Income: Upending the Conventional Approach
Michael Freno, Head of Global Markets, shares his view on where value can still be found in fixed income, despite the uncertain current environment—and why investors may need to look beyond traditional indexes in high yield, investment grade and emerging markets debt.View
EM Debt: Cautious Optimism
EMD asset classes—particularly local currencies—came out of the gate strong in the second quarter, driven by central bank stimuli and favorable monetary policy expectations.View
Fixed Income: Looking Beyond the Index for Late-Cycle Value
Head of Global Markets, Mike Freno, sheds light on how the Barings’ teams are finding value outside of traditional indexes across high yield, investment grade credit and emerging markets debt.View
Assessing the Countries Making Headlines Across EM Debt
As emerging markets continue to dominate world news, Barings’ Ricardo Adrogué weighs in on the trade frictions with China, Venezuela’s evolving status as a political hotspot, and why he has high conviction in Mexico.View
Tempering Enthusiasm for Mexico’s Corporate Bond Market
Omotunde Lawal, Head of EM Corporate Debt, reports back from a recent trip to Mexico, where the Barings team conducted on-the-ground research through meetings with a wide variety of corporate issuers, economists and ratings agencies.View
EM Debt: Investing with Cautious Optimism
Sovereign debt outperformed in Q1 as geopolitical headlines continued to garner attention and commodities rallied. Risks remain for the asset class but some notable headwinds have now become tailwinds.View
Monetary Policy’s Effect on EM Debt
Rate expectations have changed materially across emerging and developed markets in the first quarter of 2019. What does this mean for emerging markets debt? Barings’ Ricardo Adrogué weighs in.View
EM Debt: Navigating a Shifting Macro Backdrop
After a rocky 2018, the picture may be brightening for emerging markets debt. From rising rates to trade wars, some of last year’s headwinds look to be receding, at least for now. Barings’ Ricardo Adroguè and Omotunde Lawal highlight opportunities they’re currently seeing.View
EM Debt—A Brightening Picture?
Barings’ Ricardo Adroguè and Omotunde Lawal highlight opportunities they’re seeing from Mexico and Brazil to more challenged geographies like Turkey and Argentina—and provide insight into how they’re thinking about political hotspots like Venezuela.View
Is it Time to Consider a Blended Approach to EMD?
How can investors tap into the diverse opportunities within EM debt? Ricard Adrogué, Head of Emerging Markets Debt and Omotunde Lawal Head of Emerging Markets Corporate Credit Research, weigh in.View
Making Sense of Today's EM Debt Environment
Dr. Ricardo Adrogue, Head of Barings' Emerging Markets Debt Group, discusses risks and opportunities in today's dynamic landscape - and how investors can seek to navigate it.View
Can Emerging Markets Withstand Global Monetary Tightening?
Global central banks have stopped easing, with tightening likely to follow. Is the time to invest in EM behind us, or can these markets thrive as monetary conditions tighten? Ricardo Adrogué, head of Barings' Emerging Markets Debt Group, weighs in.View
EM Local Debt: Focused on Fundamentals
Barings' combination of quantitative and qualitative analysis and tools provide a comprehensive and rigorous framework for investing in emerging markets local debt. In this Viewpoint, we give readers an inside look into our investment process.View
VIDEO: Finding Value in Local Currency Bonds
Head of Emerging Markets Debt, Dr. Ricardo Adrogué explains why the Barings team currently favors local currency bonds.View