Investors in EM equities may worry they're doubling up by investing in EM debt. That isn't the case, though, with EM bonds drawing on sovereign credit cycles and local currency dynamics that move independently from equities. The foundation has never been stronger, with emerging market economies having recently navigated geopolitical shocks, inflation, and developed-market turbulence. With improving fiscal discipline and economies benefiting from long-term structural themes, EM debt has the resilience to underpin a compelling income opportunity.