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Please be aware that the integration of Credit Suisse and ��ţ�� creates a unique opportunity for fraudsters to contact our clients purporting to be from our organisation or selling fake investment schemes from our entities. This could be a means to get information from our clients or to trick clients into sending money to a new account. Please be vigilant if you are contacted by an unknown party. ��ţ�� and Credit Suisse entities will never contact you by email or telephone with new bank account details.

Additionally, fraudsters are contacting members of the public using ��ţ�� or other bank’s branding regarding fake investment schemes, including fake ISAs. Please be vigilant if you are contacted by an unknown party with investment opportunities.

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The Financial Conduct Authority (FCA) has a range of hints and advice to avoid becoming a victim of fraud. This includes only dealing with financial firms that are authorised by the FCA. You can to ensure they are, and when conducting your due diligence before an investment, consult the .

Advice on staying safe online can be found at www.ubs.com/cybersafe

What to do if you have become a victim of fraud

If suspect you are a victim of fraud, please report this to the UK police via , and report fake ��ţ�� investments via our UK telephone number +44 20 7567 80000.

Asset Management

EM Fixed Income: Bye Bye Globalization, Hello Stagflation

A look at the themes impacting Emerging Markets Fixed Income over Q1 2022: Russia’s war in Ukraine, accelerating inflation and de-globalization

Fixed income 18 Apr 2022 2 min read

Federico Kaune

Head of Emerging Markets Fixed Income

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Key takeaways

Emerging markets fixed income delivered negative total returns in Q1, mostly reflecting the Russian invasion of Ukraine and higher global inflation.
Global inflation reached levels not seen since the 1970s due to higher food and energy costs.
The Russian invasion of Ukraine exacerbated these shocks as together these two countries account for around 25% of the global trade in grain while Russia produces 11%/21% of the oil /gas in the world.
EM central banks are far more advanced in their tightening cycles vs developed markets as they responded earlier to imported inflation pressures and the depreciation of their currencies in 2021. However, the recent commodity shocks are likely to require further hikes to contain inflation expectations and second round effects.