Aqueous coating composition

An aqueous dispersion comprising:

• (A) an emulsion polymer with a Tg of −45° C. or more comprising, by weight based on the dry weight of the emulsion polymer,
• structural units of a polymerizable surfactant having the structure of formula (I):
• wherein each R1 is independently a phenyl group or a phenyl substituted alkyl group;
• m1 is 1, 2, 3 or 4;
• each R2 is independently an alkyl or a substituted alkyl;
• m2 is 0, 1, or 2;
• R3 is hydrogen or —C(R4)═CH(R5), wherein R4 and R5 are each independently hydrogen or a C1-C20 alkyl group;
• A represents an alkylene group or a substituted alkylene group, having 2 to 4 carbon atoms;
• n is an integer in the range of from 1 to 100;
• X represents hydrogen, —(CH2)a—SO3M, —(CH2)b—COOM, —PO3M2, —P(Z)O2M, or —CO—CH2—CH(SO3M)-COOM, wherein a and b are each independently an integer of from 0 to 4, Z represents a residual obtained by removing X from formula (I), and each M independently represents hydrogen, an alkali metal cation, an alkaline earth metal cation, NH4+, an aminium ion having an ethylenically unsaturated bond, an imidazolium ion having an ethylenically unsaturated bond, a pyridinium ion having an ethylenically unsaturated bond, a pyrrolidinium ion having an ethylenically unsaturated bond, or a piperidinium ion having an ethylenically unsaturated bond;
• provided that only one of R3 and X contains an ethylenically unsaturated bond;
• from 0.3% to 10% of structural units of an ethylenically unsaturated monomer carrying at least one functional group selected from an amide, ureido, carboxyl, carboxylic anhydride, hydroxyl, sulfonic acid, sulfonate, phosphoric acid, or phosphate group, or a salt thereof;
• from 3% to less than 30% of structural units of a C9-C3O-alkyl ester of (meth)acrylic acid;
• and
• from 65% to 95% of structural units of an additional ethylenically unsaturated nonionic monomer;
• and
• (B) more than 1% by solids weight of a wax, based on the dry weight of the emulsion polymer.