Morgan Stanley advises investors to buy selective junk-rated sovereign bonds in emerging markets, such as Angola, Nigeria, Mozambique, Ghana, Ecuador, and Ukraine, as the Fed may soon reach the final interest-rate hike of this cycle. Despite potential challenges, including a stronger USD and subdued global growth outlook, the strategists see opportunities in these high-yield sovereigns as they may offer attractive valuations and current yields. They also cautioned that additional banking sector issues in developed markets could impact market access for lower-rated credits.