J P M O R G A N Global Markets Strategy 21 July 2026 EM Sovereign Credit Strategy At this rate, spreads can stay quite tight See page 29 for analyst certification and important disclosures. Emerging Market Research Ben Ramsey AC (1-212) 834-4308 benjamin.h.ramsey@jpmorgan.com J.P. Morgan Securities LLC Nishant M Poojary, CFA AC (44 20) 3493-3859 nishant.m.poojary@jpmorgan.com J.P. Morgan Securities plc Leonardo Tiago AC (1-212) 834-2479 leonardo.tiago@jpmorgan.com J.P. Morgan Securities LLC Fariha R Ahmmed ...