德意志银行-新兴市场固定收益市场-20170802-deutschebank-emfixedincome：whatthebetastocoreratesaretellingus.pdfVIP

Deutsche Bank Markets Research Emerging Markets Rates Date Gov. Bonds Swaps 2 August 2017 Christian Wietoska Strategist EM Fixed Income (+44) 20 754-52424 christian.wietoska@ What the betas to core rates are telling Guilherme Marone Strategist us (+1) 212 250-8640 guilherme.marone@ This chart pack provides an update on sensitivity in EM local bonds to 10Y UST  Betas for 10Y EM bonds to US-treasuries experienced a sharp increase Swapnil Kalbande post the US-election outcome in Nov-16. By looking into the 90d rolling Strategist betas for the regions - EMEA, LatAm and Asia - we see record high levels (+65 ) 6423 5925 in Q4-16, followed by a sharp decline in the following months, as late swapnil.kalbande@ betas are slowly grinding higher again across all three regions.  Betas to US rates are significantly higher during bearish periods. In particular, high-yielders (South Africa, Mexico, Turkey, Brazil) are