Bonds in emerging markets are at an inflection point—what changed after the 2025 rally, and what matters now for investors? In this conversation, Vanguard’s Daniel Shaykevich unpacks what drove returns, how the EM landscape has shifted, and where advisors should focus next. Tune in for a fast, practical take on EM bonds, emerging markets debt, and 2026 strategy.

00:00 – Why emerging markets bonds delivered in 2025
00:32 – Hard vs. local bonds: 2025 performance
02:20 – How capital inflows are shaping EM
02:54 – Can EM momentum continue in 2026?
03:33 – What the dollar means for EM
04:14 – Where advisors see EM opportunities now
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