HS-新兴市场-宏观策略-新兴市场利率：压力锅-2020.5.7.pdf

7 May 2020 THIS CONTENT MAY NOT BE DISTRIBUTED TO MAINLAND CHINA EM Rates Fixed Income Rates Pressure cooker Global Emerging Markets  Despite recent relief in risk assets, the temperature is rising for EM high yielders, pressured by worsening fiscal metrics…  …supporting our mildly bearish stance on sovereigns including South Africa, Turkey, Brazil, India and Indonesia; by contrast, we still prefer EM low yielders  We also highlight the looming risk of a negative credit migration in EM that we believe has only just started Andre de Silva, CFA Head of Global EM Rates Research The Hongkong and Shanghai Banking Corporation Limited Increasing pressure points in EM local rates andre.de.silva@.hk +852 2822 2217 Along with other risk assets, EM fixed income was helped significantly in April by central bank moves around the world. But pressures from deteriorating fiscal metrics, Pin Ru Tan