T. Rowe Price has added a new fixed income offering, the Emerging Markets Corporate Bond Fund (TRECX), to its suite of emerging markets bond funds.

The fund will have exposure to over 30 countries in Asia, Latin America, Europe, the Middle East, and Africa and will bet on investment-grade bonds as well as bonds of any credit quality. Mike Conelius will manage the fund.

The net expense ratio is estimated to be 115 basis points for Investor Class shares and 125 bps for Advisor Class shares.

"Given the enormous investment opportunity in emerging markets debt, we think most U.S. investors are underexposed to the sector,” stated Cornelius. “But that will likely change in the coming years as emerging markets continue to evolve and constitute a larger slice of the investable bond universe.”

T. Rowe managed $13.3 billion in emerging markets bond strategies as of March 31.

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