RUSH TRANSCRIPT Tom giles ░░░░░░░░ editor from bloomberg technology ░░░░░░░░ will catch up with ░░░░░░░░ and the rest of ░░░░░░░░ team We will get ░░░░░░░░ to the broader markets ░░░░░░░░ The senior portfolio manager ░░░░░░░░ 12 billion in emerging ░░░░░░░░ debt strategy Inc You ░░░░░░░░ being patient with us ░░░░░░░░ Let s start off ░░░░░░░░ the broader macro picture ░░░░░░░░ there is a lot ░░░░░░░░ talk about how emerging ░░░░░░░░ are basically being killed ░░░░░░░░ it s a lot ░░░░░░░░ macro issues or a ░░░░░░░░ dollar I have seen ░░░░░░░░ lot of folks come ░░░░░░░░ and saying there is ░░░░░░░░ lot of opportunity in ░░░░░░░░ or in debt And ░░░░░░░░ of the cranks we ░░░░░░░░ been talking about may ░░░░░░░░ be as severe as ░░░░░░░░ has already been priced ░░░░░░░░ That s right I ░░░░░░░░ emerging market debt would ░░░░░░░░ over 90 is a ░░░░░░░░ of bad news already ░░░░░░░░ in I think we ░░░░░░░░ pricing in aggressive fed ░░░░░░░░ are pricing in recession ░░░░░░░░ think these levels of ░░░░░░░░ you see the asset ░░░░░░░░ perform cry quite well ░░░░░░░░ it looks really cheap ░░░░░░░░ to U S Fixed ░░░░░░░░ alternatives And I think ░░░░░░░░ regard to emerging market ░░░░░░░░ certainly emerging market debt ░░░░░░░░ terms of the risk ░░░░░░░░ ratio look over the ░░░░░░░░ 20 years it has ░░░░░░░░ far superior to emerging ░░░░░░░░ equities There is a ░░░░░░░░ return over time But ░░░░░░░░ have to observe the ░░░░░░░░ in emerging market that ░░░░░░░░ Debts Taylor Are you ░░░░░░░░ peak dollar is behind ░░░░░░░░ Is that what it ░░░░░░░░ take Kristin I think ░░░░░░░░ has been very interesting ░░░░░░░░ look at the strong ░░░░░░░░ this year We have ░░░░░░░░ a stronger dollar versus ░░░░░░░░ market currencies The euro ░░░░░░░░ yen the sterling market ░░░░░░░░ think it s the ░░░░░░░░ that started hiking among ░░░░░░░░ markets real yields are ░░░░░░░░ of other markets and ░░░░░░░░ higher and more attractive ░░░░░░░░ you look at the ░░░░░░░░ of emerging market currencies ░░░░░░░░ year if you take ░░░░░░░░ some of the eastern ░░░░░░░░ related currencies that got ░░░░░░░░ down by the euro ░░░░░░░░ emerging market currencies have ░░░░░░░░ about flat Much better ░░░░░░░░ down 20 of the ░░░░░░░░ market That is because ░░░░░░░░ market central banks have ░░░░░░░░ well ahead of the ░░░░░░░░ Raising rates and being ░░░░░░░░ proactive And also better ░░░░░░░░ of trade after the ░░░░░░░░ Ukraine commodity shock Caroline ░░░░░░░░ you been a buyer ░░░░░░░░ all this volatility Have ░░░░░░░░ seen opportunity and want ░░░░░░░░ put it to work ░░░░░░░░ Definitely We have seen ░░░░░░░░ lot of opportunity in ░░░░░░░░ markets in a few ░░░░░░░░ areas We have seen ░░░░░░░░ in commodity oriented debt ░░░░░░░░ latin American currencies that ░░░░░░░░ performed much better Some ░░░░░░░░ those currencies versus shorting ░░░░░░░░ euro has worked out ░░░░░░░░ well We have opportunities ░░░░░░░░ high yield emerging market ░░░░░░░░ Those yields are well ░░░░░░░░ 10 I think a ░░░░░░░░ of the high yield ░░░░░░░░ risk off in the ░░░░░░░░ and high yield sovereign ░░░░░░░░ are trading in scenarios ░░░░░░░░ default risk I don ░░░░░░░░ think any of these ░░░░░░░░ will be default risks ░░░░░░░░ is a lot of ░░░░░░░░ in the high yield ░░░░░░░░ And I think also ░░░░░░░░ the emerging market corporate ░░░░░░░░ The emerging market corporate ░░░░░░░░ lower than their counterparts ░░░░░░░░ U S And Europe ░░░░░░░░ spreads in terms of ░░░░░░░░ It is quite attractive.