In a year that remains challenging and shows no real trend, the markets for emerging corporate debt marked time in October after posting a good September. Risk aversion became a little more marked with an uptrend in the dollar index and US bonds. In addition, a slight decline in raw materials was noted which did not help general sentiment. Yields on emerging corporate bonds rose by 15 bps. The rise was less pronounced on US bonds, and yield spreads widened slightly as a result over the period. On the credit market, despite being in the red, high yield issuers modestly outperformed their investment grade counterparts. Differences were noticeable at the regional level. While the high-yield segment in Latin America and Europe closed the month in positive territory, Asia, Africa and the Middle East posted negative performances. Looking at the leading countries to which we are exposed, Turkey continued to improve and closed the month with a performance of around 2%. Brazil also stood out with a positive performance of 1.5%, supported by the prospect of Jair Bolsonaro's election as president and the establishment of a liberal-oriented economic programme more likely to reassure investors. Meanwhile, the Ukraine ended the month in positive territory, in contrast to Argentina. Given this environment, EdR Emerging Credit's performance was slightly negative on Class A paper in USD, but it came out moderately above that of the market itself. In general, the external environment remains constructive, supported by the good results companies are reporting. Profitability expectations remain positive over the medium term horizon, with an asset valuation that remains attractive, particularly in the high yield segment.