Today, investors can easily buy bonds issued in a variety of emerging market (EM) currencies and choose from a broad selection of issuers. Over the last three years, for example, investors could buy World Bank bonds denominated in some 20 different EM currencies. More investors are buying local currency government bonds as well. Even retail investors in some countries have embraced the variety of EM currencies offered – although the ‘flavour of the month’ has changed along the way. This was not always the case and, although it is a fairly new phenomenon, it is here to stay. Emerging bond markets are no longer the next frontier.