An aqueous coating composition comprising: (A) an emulsion polymer comprising as polymerized units, based on the dry weight of the emulsion polymer, (i) from 1.9% to 3.5% by weight of phosphorous-containing monomers, wherein the phosphorous-containing monomers comprise, (a) a phosphorous-containing (meth)acrylate, and (b) a phosphorous-containing surfactant or a salt thereof, wherein the phosphorous-containing surfactant has the structure of formula (I), R-O-(C m H 2m O) n -PO 3 H 2 (I), wherein R is a C 8 -C 22 branched or linear alkenyl group, m is an integer of from 2 to 4, and n is an integer of from 3 to 40; and wherein the weight ratio of phosphorous-containing (meth)acrylate to total phosphorous-containing monomers is in the range of 0.1 to 0.8; and (ii) from 0 to 1% by weight of an ethylenically unsaturated ionic monomer carrying at least one functional group selected from carboxyl, carboxylic anhydride, sulphonate, phosphonate, or combinations thereof; (B) a wax emulsion in an amount of from 1% to 10% by solids weight, based on the dry weight of the emulsion polymer; and (C) a pigment. (A) an emulsion polymer comprising as polymerized units, based on the dry weight of the emulsion polymer, (i) from 1.9% to 3.5% by weight of phosphorous-containing monomers, wherein the phosphorous-containing monomers comprise, (a) a phosphorous-containing (meth)acrylate, and (b) a phosphorous-containing surfactant or a salt thereof, wherein the phosphorous-containing surfactant has the structure of formula (I), R-O-(C m H 2m O) n -PO 3 H 2 (I), wherein R is a C 8 -C 22 branched or linear alkenyl group, m is an integer of from 2 to 4, and n is an integer of from 3 to 40; and wherein the weight ratio of phosphorous-containing (meth)acrylate to total phosphorous-containing monomers is in the range of 0.1 to 0.8; and (ii) from 0 to 1% by weight of an ethylenically unsaturated ionic monomer carrying at least one functional group selected from carboxyl, carboxylic anhydride, sulphonate, phosphonate, or combinations thereof; (i) from 1.9% to 3.5% by weight of phosphorous-containing monomers, wherein the phosphorous-containing monomers comprise, (a) a phosphorous-containing (meth)acrylate, and (b) a phosphorous-containing surfactant or a salt thereof, wherein the phosphorous-containing surfactant has the structure of formula (I), R-O-(C m H 2m O) n -PO 3 H 2 (I), wherein R is a C 8 -C 22 branched or linear alkenyl group, m is an integer of from 2 to 4, and n is an integer of from 3 to 40; and wherein the weight ratio of phosphorous-containing (meth)acrylate to total phosphorous-containing monomers is in the range of 0.1 to 0.8; and (a) a phosphorous-containing (meth)acrylate, and (b) a phosphorous-containing surfactant or a salt thereof, wherein the phosphorous-containing surfactant has the structure of formula (I), R-O-(C m H 2m O) n -PO 3 H 2 (I), wherein R is a C 8 -C 22 branched or linear alkenyl group, m is an integer of from 2 to 4, and n is an integer of from 3 to 40; and wherein the weight ratio of phosphorous-containing (meth)acrylate to total phosphorous-containing monomers is in the range of 0.1 to 0.8; and (ii) from 0 to 1% by weight of an ethylenically unsaturated ionic monomer carrying at least one functional group selected from carboxyl, carboxylic anhydride, sulphonate, phosphonate, or combinations thereof; (B) a wax emulsion in an amount of from 1% to 10% by solids weight, based on the dry weight of the emulsion polymer; and (C) a pigment. <EOS>