Summary

• The Iran conflict already has some permanent implications, elevating China, Latin America, much of Africa, while challenging the Gulf, and undermining Europe.
• EM bonds proved resilient once initial war-driven volatility settled, mirroring the early-2025 tariff selloff pattern where EM ultimately rallied.
• EMBX offers an attractive 30-day SEC yield of 5.6%.

The Iran war reshaped global dynamics, boosting EM commodities exporters and CNY as key anchors for emerging market stability.

The VanEck Emerging Markets Bond ETF (EMBX) was down 4.18% in March, compared to -4.41% for its benchmark, the 50% J.P. Morgan Government

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