Emerging Market Debt Indicator – April 2026

• Market overview: A positive month for the asset class, with improved appetite for risk boosting high-yield markets and US dollar weakness supporting EM currencies. • Top-down positioning: We increased our top-down risk target in reflection of signs of resilience to both global growth and sentiment towards emerging markets. • Africa: Higher fuel and fertiliser costs add inflationary pressure in Zambia, but buffers provide near-term resilience. Angola plans to use additional oil revenues to reduce external financing needs. The Democratic Republic of Congo successfully accessed international...