CurrenciesCurrencies
+4+4
What currency strength means for sovereign creditworthiness

What currency strength means for sovereign creditworthiness

Have a weaker dollar and the Covid inflation hangover eroded EM competitiveness?

Paul Della Guardia
Paul Della Guardia
El SalvadorEl Salvador
+1+1
This EM is most-improved on sovereign risk metrics in 2025

This EM is most-improved on sovereign risk metrics in 2025

Hint: this country exchanged some debt in 2023 and has since secured an IMF deal.

Paul Della Guardia
Paul Della Guardia
SovereignDebtSovereignDebt
+1+1
EM sovereign debt risks are highest in this country

EM sovereign debt risks are highest in this country

The Sovereign Stress Tracker covers 43 market-access emerging-frontier markets

Paul Della Guardia
Paul Della Guardia
EMDEsEMDEs
+1+1
Which ESG Factors Matter to EM Sovereign Bond Investors?

Which ESG Factors Matter to EM Sovereign Bond Investors?

Hint: it's not the "E", or the "S", but the "....

Paul Della Guardia
Paul Della Guardia
Trade uncertainty to leave lasting scars

Trade uncertainty to leave lasting scars

The IMF-World Bank Spring Meetings have concluded on a somber note.

Paul Della Guardia
Paul Della Guardia
InflationInflation
+4+4
Tariffs poised to re-ignite U.S. inflation

Tariffs poised to re-ignite U.S. inflation

Trump's levies could send U.S. inflation 1.4 percentage points higher.

Paul Della Guardia
Paul Della Guardia
AdvancedEconomiesAdvancedEconomies
+2+2
The time for geographic diversification is now

The time for geographic diversification is now

U.S. Treasuries lose their safe haven status amid a secular rotation away from U.S. assets

Paul Della Guardia
Paul Della Guardia
CurrenciesCurrencies
+1+1
The Trump Slump begins

The Trump Slump begins

The U.S. tariff bazooka rips through global markets as investors flock to havens

Paul Della Guardia
Paul Della Guardia
DeglobalizationDeglobalization
+2+2
Auto tariffs further dent U.S. exceptionalism

Auto tariffs further dent U.S. exceptionalism

DXY and SPX are both down again but don't tend to stay down together for long.

Paul Della Guardia
Paul Della Guardia
UAEUAE
+3+3
Investors search for trade war havens

Investors search for trade war havens

Allocators eye tariff spat hedges but spare U.S. and Canadian government bonds.

Paul Della Guardia
Paul Della Guardia
DeglobalizationDeglobalization
+3+3
The Times They Are a-Changin'

The Times They Are a-Changin'

EM sovereign debt will no longer be the exclusive focus of this newsletter.

Paul Della Guardia
Paul Della Guardia
AEsAEs
+4+4
The role reversal in emerging and mature markets

The role reversal in emerging and mature markets

Blundering policy volatility has receded in many EMs but increased in the G7.

Paul Della Guardia
Paul Della Guardia
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