Why Investment Grade Emerging Market Debt for Life General Accounts

September 18, 2026

At PPM, we see an elegant solution for life and annuity insurance companies seeking to improve product pricing and profitability – Investment Grade (IG) Emerging Market (EM) debt. This publicly traded and liquid segment of the EM universe is rated by the three major rating agencies and allows an opportunity for significant pickup over comparable US corporate credit allocations. All-in yield and spread levels are similar to those attainable in the IG Private Credit space. Counterintuitively, this income pickup is generated with a risk, volatility, impairment and capital charge profile similar to, if not better than, US corporate credit opportunities.

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