Uncovering Opportunities in Emerging Market Debt

Portfolio manager Samy Muadi highlights the attractive investment opportunities in emerging market debt and explains how T. Rowe Price’s experienced team goes beyond the numbers—leveraging deep research and local insights to uncover value for investors.

February 2026

Transcript

Emerging market bonds.Some people see it as an investment. I see it as an opportunity, an opportunity to generate the capital that's needed to finance infrastructure, create employment, and broaden the tax base in developing countries.

Emerging market bonds can be an engine for economic development. Unfortunately, it doesn't always work out that way. Sometimes the capital is squandered and the opportunity is lost. The unexpected is a daily occurrence in my profession and I can't do it alone. Emerging market investing is a team sport.

Welcome to the conference.

Hello? Hello. Can you hear me?

Hi, Sammy. We can hear you well.

Good. How's the weather in London?

Well, great. It's raining finally. Oh, well.

Welcome back. I'm curious to hear about your site visit.

It went very well. We found it to be insightful and it was good to be on the ground. Um, actually visiting the plant, it's made us feel more comfortable with our investment decision.

Yeah, I'd agree. Um, Cognitive diversity is essential to understanding emerging markets. Our team has 60 investment professionals from 23 nationalities, speaking 27 languages.

We make over 200 site visits a year on the ground.

Research, generating investment ideas that are debated by a diverse team leads to informed decision making. Ultimately, when you're investing in developing countries, you're not just buying into a business.

You're trying to solve complex challenges of society, business, politics, and culture. We focus on the details, not just the headlines. These countries won't grow without capital. The lives of thousands of people can be affected by a small investment in the corner of that country's industrial sector.

It takes a degree of intellectual humility to do this job, given the amount of unknowns. With the help of my team, I make these decisions on behalf of our clients every day, across hundreds of businesses spanning over 70 countries, and that's why I go beyond the numbers.

Samy Muaddi, CFA Head of Emerging Markets

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