They stated five reasons they were bullish on EM debt:
Emerging economies were driving the rebound in global economic growth: EM economies did not shut down to the degree that occurred in developed-market economies in the face of COVID-19 in 2020, and neither were they are shutting down as aggressively now;
EM debt assets had lagged the rally in developed-market assets: Despite the positive growth differentials, EM debt assets lagged the recovery in a number of developed market assets in 2020;
The macro environment was very favourable for EM debt: Further, they believed we were seeing one of the most favourable macro environment for EM debt in decades;