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《德意志银行-新兴市场-金融市场-新兴市场固定收益：问题在哪里？-20170904-emea fixed income：what’s the issue？：4-8sep-deutsche bank》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、DeutscheBankMarketsResearchEmergingMarketsRatesDateGov.Bonds&Swaps4September2017ChristianWietoskaStrategistEMEAFixedIncome(+44)20754-52424christian.wietoska@db.comWhat'stheissue?:4-8SepAnkitJainResearchAssociate(+91)226181-1634ankit.jain@db.comThisreportpro
2、videsaweeklyupdateonupcomingissuancesinEMEAlocalbondmarkets.Whileweprovidedetailsonissuances,wealsoevaluatetheattractivenessofbondsonauctionbasedonourDBvaluationmodels.Inaddition,weincorporateacross-countryanalysisonlocalbonds,summarizingrecentauctionsaswel
3、lasexplainingtheissuancemix/strategyforeachcountry.Thereportwilldevelopovertime,andweareplanningtoincorporatemoreEM(EA)countrieswithinthenextpublications.Fornowwecoverthefollowingcountries:Czech,Hungary,Israel,Poland,Russia,SouthAfricaandTurkey.ReportOutlin
4、eInformationonissuancesoverthecomingweekacrossEMEADetailsonpreviousissuancesandcross-countrycomparisononlocalmarketissuancesYTDCountrysectionwithbondsissuesYTDrelativeto‘16,asset/maturitybreakdown,grossissuances/redemptionprofileandbondvaluationtablesWee
5、klyissuancesinlocalbonds:Israelwillissuethreefixedbonds(Nov-22–ILS250mn,Mar-27–250mn,andMar-47–150mn)aswellasonelinker(May-27–200mn)onMonday.Valuation:AmongthefixedbondsMar-27andMar-47lookattractivewhileNov-22isnotyetrankedinourmodelduetolackofhistoricalda
6、ta.SouthAfricawillissuethreefixedbondsthisTuesday;Feb-31(ZAR900mn),Mar-32(900mn)andFeb-48(850mn).OnFridaytheyfollowwiththreelinkers;Jan-25,Mar-29andMar-46–allat500mn.Valuation:Basedonourvaluationmodels,wefindthatR207,R2035andR2040arecurrentlythemostattract
7、ivebondsonthecurvewhileR2023,R209andR214arerich,inparticular.AmongthebondsonauctionR213istradingat“fairvalue”,R2035isveryattractiveparticularlycomparedtoR209whileR2048isrichcomparedtofairvaluebutcheapcomparedtorecentweeksimplyingapickupof3bp.Russiawillissu
8、eonWednesdaythisweek.However,moredetailswillonlybeannouncedonTuesday.Atlastweek’sauctionsRussiaissuedonefixedbond(Sep-26)andonefloater(Nov-22).Interestwasreasonablystrongforbothbonds(2.6xfloaterand2.9x
