Skip to main content
TOOLS
Login to access your documents and resources.
Welcome to Nuveen
Select your preferred site so we can tailor your experience.
Select Region...
  • Americas
  • Asia Pacific
  • Europe, Middle East, Africa
location select
Select Location...
  • Canada
  • Latin America
  • United States
  • Australia
  • Hong Kong
  • Japan
  • Mainland China
  • Malaysia
  • New Zealand
  • Singapore
  • South Korea
  • Taiwan
  • Thailand
  • Other
  • Abu Dhabi Global Market (ADGM)
  • Austria
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Ireland
  • Italy
  • Luxembourg
  • Netherlands
  • Norway
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • Other
location select
Fixed income

Developed and emerging markets converge, creating long-term opportunities

Anders Persson
Chief Investment Officer, Head of Global Fixed Income
Tony A. Rodriguez
Head of Fixed Income Strategy
Train on a historic arched viaduct amid fall foliage, aerial view
Listen to this insight
~ 12 minutes long

One of our four 2026 global fixed income themes explores the blurring between developed and emerging markets. Political, fiscal and institutional risks once reserved for emerging economies increasingly apply to developed markets, while many emerging nations have strengthened their fundamentals — expanding opportunities for fixed income investors. 

Key takeaways:

Download our full report

Related article

FIXED INCOME WEEKLY COMMENTARY Steady Fed, resilient growth, tighter spreads
With the Fed on hold and GDP surprising higher, credit markets remained resilient and spreads continued to compress.
Insurance investing From punitive to proportionate: Solvency II reforms explained
Upcoming Solvency II reforms are set to transform European insurers' approach to securitised assets by aligning capital charges with actual credit risk for the first time in decades. The U.S. market offers compelling opportunities for insurers seeking enhanced yield, diversification, and stronger capital adjusted returns.
Alternative credit Cutting through the noise: What credit markets are actually telling us
Nuveen credit experts share insights on CLO markets, AI disruption, private credit defaults and the most compelling opportunities for 2026. Read the Q&A.

Contact us

Castle.Proxies.IPersonProxy?.Name
  • London
  • Abu Dhabi
  • Amsterdam
  • Copenhagen
  • Frankfurt
  • Hong Kong
  • Tokyo
  • Luxembourg
  • Madrid
  • Milan
  • Paris
  • Shanghai
  • Singapore
  • Stockholm
  • Sydney
  • Vienna
  • Zurich

Endnotes

Sources

Inflation: U.S. Bureau of Labor Statistics Consumer Price Index for All Consumers. Employment: Bloomberg, L.P., Bureau of Labor Statistics, Nuveen. Global debt and yields: Bloomberg, L.P.

The views and opinions expressed are for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition. Any changes to assumptions that may have been made in preparing this material could have a material impact on the information presented herein by way of example. Performance data shown represents past performance and does not predict or guarantee future results. Investing involves risk; principal loss is possible.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. For term definitions and index descriptions, please access the glossary on nuveen.com. Please note, it is not possible to invest directly in an index.

Important information on risk

Investing involves risk; principal loss is possible. Debt or fixed income securities are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, dollar roll transaction risk, and income risk. As interest rates rise, bond prices fall. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity, and differing legal and accounting standards. These risks are magnified in emerging markets. Preferred securities are subordinate to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk. Certain types of preferred, hybrid or debt securities with special loss absorption provisions, such as contingent capital securities (CoCos), may be or become so subordinated that they present risks equivalent to, or in some cases even greater than, the same company’s common stock. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments. Non-investment-grade and unrated bonds with long maturities and durations carry heightened credit risk, liquidity risk, and potential for default.

Municipal bond income is generally exempt from regular federal income tax and may be subject to state and local taxes, based on the investor’s state of residence, as well as to the federal alternative minimum tax (AMT). Capital gains, if any, are subject to tax. Income from municipal bonds could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Please contact a tax advisor regarding the suitability of tax-exempt investments as this information should not replace a client’s consultation with a financial/tax professional regarding their tax situation. Nuveen and its investment specialists do not provide tax advice

Any investment in collateralized loan obligations or other structured vehicles involves significant risks not associated with more conventional investment alternatives. CLO liquidity risk is when during periods of limited liquidity and higher price volatility, a CLO issuer’s ability to acquire or dispose of Collateral Obligations at a price and time that the issuer deems advantageous may be severely impaired. Loan risk is the lack of an active trading market for certain loans may impair the ability of the strategy to realize full value in the event of the need to sell a loan and may make it difficult to value such loans.

Senior loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Nuveen, LLC provides investment solutions through its investment specialists.

This information does not constitute investment research as defined under MiFID.

Back to Top