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2 minutes to read by  A.Kettle, BlueBay Fixed Income Team Nov 28, 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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It was a challenging week for risk markets as uncertainty about the Federal Reserve’s (Fed) intentions at its December meeting, combined with concerns over AI valuations, drove equities lower. This resulted in the S&P 500 falling by -1.9% and the Euro Stoxx 50 declining by -3.1%, while emerging markets (EM) equities also lost -3.7%. The US rates curve bull steepened with 5-year yields down -11 basis points (bps) and 30-year yields down -4bps. 10-year US real rates were -3bps lower to end the week at 1.80%.

In EM credit markets, spreads widened by 10bps for corporates and 8bps for sovereigns, while total returns increased by +0.1% in both cases. In the corporate space, the real estate and transport sectors outperformed, while the industrials and consumer sectors underperformed. In the sovereign space the notable outperformers were Venezuela, Ukraine, and Senegal. The biggest underperformers were Argentina and Gabon.

In the EM local markets, returns were down -0.8% with foreign exchange (FX) contributing -0.9% and rates +0.1%. In the FX space, the Dominican peso outperformed, while the underperformers were the Brazilian real, South African rand and Colombian peso. Meanwhile, in the rates space, Turkey and the Dominican Republic outperformed, and Hungary and the Czech 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.

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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This material has not been reviewed by, and is not registered with any securities or other regulatory authority, and may, where appropriate and permissible, be distributed by the above-listed entities in their respective jurisdictions.

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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