德银-新兴市场-金融业-新兴市场固定收入：流入量不断增长，但步伐较慢-20171004-deutsche bank-em fixed income inflows keep coming but with slower pace

《德银-新兴市场-金融业-新兴市场固定收入：流入量不断增长，但步伐较慢-20171004-deutsche bank-em fixed income inflows keep coming but with slower pace》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&Swaps4October2017ChristianWietoskaStrategistEMFixedIncome(+44)20754-52424christian.wietoska@db.comInflowskeepcomingbutwithslowerGuilhermeMaronepaceStrategist(+1)212250-8640**Thischartpackprovidesanupdateonforeignflowsinto

2、EMlocalbonds.Pleasenoteguilherme.marone@db.comthatwenowalsoincludeIndiaintheAsianregion.Whilethisincreasesthetotalamountofforeignholdingsinvested(foreignholdingsinIndiaatUSD72bn),itnoticeablyreducestheSwapnilKalbandeoverallshareofholdingsinthisregion,giventhelowshareofforeignholdin

3、gsinIndia.**StrategistInflowsintoEMfixedincomecontinuebutslowedoflateThetotalamountinvested(+65)64235925intothe18EMcountriesincludedinour“FixedIncomePositioning”Monitorhasswapnil.kalbande@db.comreachedUSD785bn(+93bnYTD),thehighestlevelinhistory.EvenexcludingIndia,EMlocalmarketssaw

4、furtherinflowsinrecentmonths,however,inflowsslowedAnkitJainsomewhatoflate(+2bnmominAugustvs5bninJulyandtheYTDpeakof14bnmominApril).Theshareofforeignholdingsisnowat16.1%(+1.2ppYTD).ResearchAssociate(+91)226181-1634FlowsintoEMregions:EMEAtopbutLatAmflop–whiletheshareofholdingsincrea

5、sedfurtheracrossEMEAandoflatealsoAsia,themomentumremainsankit.jain@db.comsubduedinLatAm.InEMEA,theshareofforeignholdingsreachedwith(28%/+4.2ppYTD)anewrecordhighrecentlydrivenbyflowsintoCzech,TurkeyandalsoHungary.InAsia,theshareremainsslightlyabove10%whichisbelowhistoricalpeaksbutcl

6、osetoit.AllcountriesbutMalaysiasawinflowsYTD.InLatAm,theshareofholdingsdeclinedfurtherandreachedwithnow17.6%thelowestlevelsinceJan-13.WhileflowsintoColombiaandPeruremainrobusttheycontinuetodeclineinMexicoandBrazil.DespiteUSD3.7bnYTDoutflows,thetotalamountinvestedbyforeignersremain

7、shighestinBrazil(132bn),followedbyMexico(116bn/+0bnYTD)andIndia(72.3bn/+20bnYTD).Thetotalamountinvestedbyforeignersremainscomparedtoitspeers’lowinRomania(6bn/+0.5bnYTD)andIsrael(8bn/+0.6bn).TheshareofholdingsishighestinCzech(46%/+15ppYTD),followedbyPeru(46%/+8ppYTD),Malaysia(40%/-

8、7ppYTD)andSouthAfrica(40%/