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Three Lessons We’ve Learned in Emerging Markets So Far

Samy Muaddi, CFA®, Head of Emerging Markets
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      The early 2020 volatility taught us that bad news can become good news for emerging markets (EM) corporate bonds. Understanding central banks’ ability to provide market liquidity can help investors make informed decisions about re-entering EM. We believe it is important to be early following downturns and that security selection will be essential.

      Key Insights

      • The early 2020 volatility revealed that we should not underestimate central banks’ ability to help ensure market liquidity, which is a positive for emerging markets.
      • We believe emerging market corporate bonds offer attractive long-term opportunities and that it is important to be early into the asset class following downturns.
      • Ongoing volatility is expected. However, we anticipate greater discrepancy between strong and weak credits in EM, meaning security selection will be essential. 

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      This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

      The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

      Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

      The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.  

      It is not intended for distribution to retail investors in any jurisdiction.

      202005-1181827

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