德意志银行-新兴市场信贷-em debt technicals monitor-june2017-20170706-deutschebank.pdfVIP

Deutsche Bank Markets Research Emerging Markets Credit Date Sovereigns 6 July 2017 Jayant Gupta Hongtao Jiang Strategist Strategist EM Debt: Technicals Monitor (+1) 904 271-3885 (+1) 212 250-2524 jayanth.gupta@ hongtao.jiang@ June 2017 Summary: Technical conditions are strong for the EM credit markets underpinned by Inflows keep coming in hard currency strong inflows and likely better supply/demand balance during the rest of the funds, added USD5.2bn in June year. EM sovereign sold USD14bn during the month, bringing YTD issuance to EM debt fund flows (% AUM) USD107bn. We have revised our full year issuance volume forecast from 2.0 USD118bn to USD142bn. EM hard currency funds took in USD5.2bn (3 AUM) in June, bringing YTD inflows to USD25bn (16% AUM). 1.0 Inflows keep coming in 0.0 The weekly inflows streak of EM hard currency funds continued in June, extended to 26 weeks. EM hard currency funds took in about USD5.2bn (3% -1.0 AUM) during the month, while local and blended currency fun