# EM Lens: GMO’s Courmes Steers EM Local Bond Bulls

Page: https://stenobird.com/podcast/ficc-focus-4513680/em-lens-gmo-s-courmes-steers-em-local-bond-bulls
Text version: https://stenobird.com/podcast/ficc-focus-4513680/em-lens-gmo-s-courmes-steers-em-local-bond-bulls.md
Podcast: [FICC Focus](https://stenobird.com/podcast/ficc-focus-4513680)
Published: 2026-08-07T10:30:00+00:00
Episode link: https://traffic.megaphone.fm/BLM6555811995.mp3
Audio file: https://traffic.megaphone.fm/BLM6555811995.mp3
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JSON: https://stenobird.com/v1/public/podcasts/ficc-focus-4513680/episodes/em-lens-gmo-s-courmes-steers-em-local-bond-bulls
Duration seconds: 1592

## Resource

Emerging market local-currency government debt deserves a prominent place in global fixed income portfolios, as economic fundamentals remain resilient and the US dollar remains rich. Victoria Courmes, portfolio manager on GMO’s emerging country debt team, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the firm’s total return expectations through the second half of 2026. Courmes and Sassower identify undervalued sectors, explore alternative investment strategies and discuss the risk-return tradeoff in opportunistic frontier markets.

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## Transcript

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