Amid evolving global dynamics, we believe emerging market (EM) corporate debt offers compelling opportunities. The diversity of the asset class offers investors a wide spectrum on which to effectuate their views. But investors should navigate with caution. As we begin 2025, we believe the following themes will have the most impact on the asset class: negative net supply, U.S. policies, crude oil, the trajectory of interest rates and impact on financing costs, and improved default rates.