and stephen caprio.f you take the map of emerging markets and take a look at how credit has performed in emerging markets, you will struggle to spot the red. it's just green across the screen. brian, pessimism around emerging markets and then, bang, load up on e.m. why has this become the consensus trade, brian, so quickly in the last few months? brian: well, one, i think we've seen better growth prospects around the world. there's better opportunity there. i would stress in the fixed income markets, spreads there are getting relatively tight so i am not sure there's a lot more upside in terms of price but good coupon clipping opportunities, i think. kathy: yeah, i think i would be a little bit cautious to tell you the truth. it's had a big run since the end of last year as the spreads are very, very tight. now almost back to the lowest since 2014. and there's a lot of question marks around global growth. if we get to the trade barriers coming in, that's not going to be great for e.m. jonathan: jpmorgan,