秘鲁：外国对公共债务的敞口在5月份趋于稳定.pdfVIP

FOCUS | EM Please refer to important information and MAR disclosures at the end of this report 08 J uly 2019 EM STRATEGY Peru: Foreign exposure in public debt stabilises in May KEY MESSAGES Non-residents’ exposure to Soberanos curve Foreign investors’ exposure to PEN nominal rates in May We have updated our study of non-residents’ exposure to was almost flat at USD14.3mn DV01 increasing just 0.4%. the Soberanos curve with data until May 2019. The PEN Peru’s pension fund system reduced its exposure to the appreciated by 2.3% against the USD between April and Soberanos curve by 3.2%. Since the peak in March 2018 of May and foreign investors’ exposure to PEN nominal rates USD8.8mn DV01, their exposure has come down by 30.7% remained almost flat at USD14.3mn DV01, increasing by or USD2.7mn DV01. only 0.4%. On a y/y basis it rose 60.2% from USD8.9mn Foreign investors’ medium-term exposures increased in May DV01 (Fig. 1). by 1.6% to USD6.66mn DV01 while short- and long-term Although foreigners’ largest exposure was to long-term exposures remained flat bonds (53%), the