WisdomTree Emerging Markets Corporate Bond Fund

EMCB is an actively managed ETF with a focus on investment- and non-investment-grade corporate debt of emerging-market countries. The fund manager may invest using derivatives.

By Behnood Noei, CFA Director, Fixed Income In 2023, a dominant theme for markets was the return of income in fixed income. Fast-forward to 2024, and despite a significant rally in spreads and a fall in yields during the fourth quarter, we believe this theme is still alive and well.

Rising Titans: The Allure of Emerging Market Corporates

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In emerging markets valuations look attractive today after the losses across financial markets early this year. PIMCO's investment process is founded upon our macroeconomic outlook and our in-house country and credit research.

Spotting Opportunities And Risks Across The EM Investment Universe

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Performance of emerging markets local currency bonds has been negatively impacted by the U.S. dollar's strength since mid-year, despite the higher real yields and upside growth surprises in many emerging markets. Currency returns can be volatile, and external factors can have a bigger short-term impact on an emerging markets currency (EMFX) even if relatively attractive fundamentals may provide longer-term support.

Technical Tailwinds May Lift EMFX

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We review CEF market valuation and performance over the first full week of October and highlight recent market events. The CEF market took advantage of the rally in stocks and mostly shrugged off the continued rise in Treasury yields.

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International diversification for bond allocations is, in theory, an attractive concept, but in practice it's not working out so great in 2021 for US investors, based on a set of ETFs. A key headwind for foreign bonds is the rebound in the US dollar.

Foreign Bond ETFs Are Having A Tough Year

We have seen a sharp growth in the issuance of not only green bonds but also sustainability bonds and social bonds, which are closely related. When thinking about issuance outside of the corporate space, sovereigns and state-owned enterprises in Latin America are leading in that respect, with Asia closely following.

The Green Bond Potential In Emerging Markets

While emerging markets offer exciting opportunities, they also pose challenges that are significant and entangled. This is particularly relevant for investors in EM corporate bonds. Over the last few years, the emerging market corporate bond sector has grown enormously and generated compelling risk-adjusted returns.

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Emerging markets offer attractive alternatives to fixed income investors searching for yield amid the trillions of dollars of negative-, zero-, and low-yielding debt globally. Within emerging market hard currency investment grade bonds, we think it is prudent to be shorter duration or at least hedge the Treasury risk component, given the low yield per unit of duration today.

3 Segments, Multiple Opportunities In Emerging Markets

The WisdomTree Emerging Markets Corporate Bond Fund (EMCB) offers investors an actively managed strategy that invests in globally operating companies that are headquartered in emerging markets and issue debt in USD. EMCB offers considerably more yield (+172 basis points) than U.S. IG, but with far less duration (-3.8 years), while for U.S. HY, the yields are very similar with only one year more in duration.

Giving Credit Where It's Due

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There's something comforting about the list of the ETFs with the highest trading spreads.

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News for WisdomTree Emerging Markets Corporate Bond Fund ETF (EMCB)