Low rates have received plenty of attention in developed markets as they’ve driven asset prices higher and bond yields lower. But it’s not just developed markets that benefit, explains John Malloy, Jr, Co-Head of Emerging & Frontier Markets at RWC Partners. Countries like Brazil, Russia, India and China now have interest rates in the mid-single digits, allowing consumers in those regions to access credit at a reasonable price.

“Consumers have access to credit, in terms of buying a car – getting a car loan, buying a house – getting a mortgage. We think that’s an enormous opportunity.”

With growing GDP and increasing access to banking, he says the growth could continue for a long time. In the video below, he outlines some of these opportunities, including one bank trading at just 5x earnings.

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