Emerging corporate credit markets posted a negative trend for a third month in a row. While volatility remained visible on US issues, the direction was still positive. They have accordingly tightened by around 20 bps over the period. A movement of similar scale was identified on emerging credit yields. Yield differentials on the corporate segment thus remained stable over the period, showing some resilience despite the less positive rate environment. In credit terms, high-yield bond issuers only slightly underperformed their investment grade counterparts. However, the Emerging regions all posted negative performances. Among the leading countries to which we are exposed, Brazil, Argentina and Nigeria held up better than the Ukraine and, in particular, Russia. The latter has been heavily impacted by the United States' new round of sanctions. The leading victim of these, the aluminium company, Rusal, dragged the whole market down in its wake. Nevertheless, after the initial fall, prices gradually appreciated throughout the second half of April. Easing tensions should help the price recovery to strengthen over the next few weeks. In sector terms, all segments closed the month in negative territory. While EdR Emerging Credit posted a negative performance, it once again outperformed the market. In general, the uncertain trend currently manifest in the USD yield curve is limiting market appreciation potential. Nonetheless, fund performance is still being supported by its exposure to high yield credit and more defensive duration, running at close to four years. Meanwhile, the external environment remains constructive, sustained by a positive trend in commodities, and the growth prospects offered by emerging economies. The outlook for profitable returns remains positive over the medium term.