 More of the same required. In our year ahead outlook, we laid out the case for a more cautious portfolio given the expected tightening in global financial conditions and consensus positioning. As we head into the second half of the year, we expect this will remain the case, as a mix of headwinds and tailwinds mean the case for differentiation will remain important.

 Frontier economies are once again likely to approach multilateral agencies for support. For those that have existing IMF programs, the new Resilience and Sustainability Trust, which does not count towards countries’ normal access limit, may be an option. We are still awaiting further progress with the G20’s Common Framework, which is arguably delaying the conclusion of bond restructuring in Zambia and its commencement in Ethiopia.