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2 minutes to read by  A.Kettle, BlueBay Fixed Income Team Oct 23, 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 recovered this week as positive news around trade and a supportive earnings backdrop outweighed lingering concerns around the US regional bank space. This resulted in the S&P 500 gaining +1.7% and the Euro Stoxx 50 gaining +1.4%, while emerging markets (EM) equities lost -0.3%. The US rates curve bull steepened with 5-year yields 3 basis points (bps) lower and 30-year yields 1bp lower. 10-year US real rates were 2bps higher to end the week at 1.74%.

In EM credit markets, spreads were 4bps wider for corporates and 4bps tighter for sovereigns, while total returns were up +0.2% and +0.6%, respectively. In the corporate space, the pulp & paper and metal & mining sectors outperformed, while infrastructure and banks underperformed. In the sovereign space the notable performers were Venezuela, due to increased US pressure on the Maduro regime, Bolivia and Ukraine. The biggest underperformers were Argentina, ahead of the midterm elections, along with Mozambique and Gabon.

In the EM local markets, returns were up +0.7% with foreign exchange (FX) contributing +0.4% and rates +0.3%. In the FX space, outperformers were the Colombian peso, Peruvian sol, and Polish zloty, and underperformers were the Chilean peso, Dominican peso, and South African rand. In the rates space, Indonesia and Romania outperformed, while Thailand and Turkey 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.

RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), and RBC Global Asset Management (Asia) Limited (RBC GAM-Asia), which are separate, but affiliated subsidiaries of RBC.

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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Any investment and economic outlook information contained in this material has been compiled by RBC GAM from various sources. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. RBC GAM and its affiliates assume no responsibility for any errors or omissions in such information.

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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Past performance is not indicative of future results. With all investments there is a risk of loss of all or a portion of the amount invested. Where return estimates are shown, these are provided for illustrative purposes only and should not be construed as a prediction of returns; actual returns may be higher or lower than those shown and may vary substantially, especially over shorter time periods. It is not possible to invest directly in an index.

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© RBC Global Asset Management Inc., 2025
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