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2 minutes to read by  A.Kettle, BlueBay Fixed Income Team Dec 12, 2025

Senior Portfolio Manager Anthony Kettle’s weekly BlueBay Emerging Market Debt commentary offers readers a concise yet wide-ranging macro overview. Kettle covers markets large and small, providing insight on how financial, political, and economic developments in one region affect markets elsewhere. Here is his latest insight.

Summary

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Risk markets consolidated this week as mixed US data prints, such as a weak ADP but a stronger jobless claims number, created a mixed macro picture. This resulted in the S&P 500 gaining +0.3% and the Euro Stoxx 50 gaining +1.0%, while emerging markets (EM) equities gained +1.4%. The US rates curve bear steepened with 5-year yields rising 11 basis points (bps) and 30-year yields rising 13bps. 10-year US real rates climbed 9bps to end the week at 1.85%.

In EM credit markets, spreads were -7bps tighter for corporates and -12bps tighter for sovereigns, while total returns were flat and up +0.1% respectively. In the corporate space, the pulp & paper and metals & mining sectors outperformed, while the telecommunications and real estate sectors underperformed. In the sovereign space, the notable performers were Zambia and Gabon. The biggest underperformers were Ukraine, Senegal, and Malaysia.

In the EM local markets, returns were up +0.4% with foreign exchange (FX) contributing +0.2% and rates +0.2%. In the FX space, outperformers were the South African rand, Uruguayan peso, and Chilean peso, while underperformers were the Colombian peso and Dominican peso. Meanwhile, in the rates space, Colombia, Turkey, and South Africa outperformed, while Brazil and the Dominican Republic underperformed.

Download this article for the full market highlights, market outlook, and latest performance.

Disclosure
This material is provided by RBC Global Asset Management (RBC GAM) for informational purposes only and may not be reproduced, distributed or published without the written consent of RBC GAM or its affiliated entities listed herein. This material does not constitute an offer or a solicitation to buy or to sell any security, product or service in any jurisdiction; nor is it intended to provide investment, financial, legal, accounting, tax, or other advice and such information should not be relied or acted upon for providing such advice. This material is not available for distribution to investors in jurisdictions where such distribution would be prohibited.

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In Canada, this material is provided by RBC GAM Inc. (including PH&N Institutional), each of which is regulated by each provincial and territorial securities commission with which it is registered. In the United States, this material is provided by RBC GAM-US, a federally registered investment adviser. In Europe this material is provided by RBC GAM-UK, which is authorised and regulated by the UK Financial Conduct Authority. In Asia, this material is provided by RBC GAM-Asia, which is registered with the Securities and Futures Commission (SFC) in Hong Kong.

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Opinions contained herein reflect the judgment and thought leadership of RBC GAM and are subject to change at any time. Such opinions are for informational purposes only and are not intended to be investment or financial advice and should not be relied or acted upon for providing such advice. RBC GAM does not undertake any obligation or responsibility to update such opinions.

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© RBC Global Asset Management Inc., 2025
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