“I get by with a little help from my friends” – EM & the US dollar

October 2025 – Emerging market (EM) fixed income has performed strongly over the past month. Year to date, the hard currency sovereign debt index has returned 11.7%. Recent weeks have also seen a surge in EM sovereign issuance – USD 43.5 billion in September, more than any other month this year and nearly triple what was issued in the same month in 2024. EM sovereigns have issued around USD 200 billion in total this year.